CHROME, 2 others in LNG Partnership

Nigeria’s Minister for Energy (Gas) Hon Emmanuel Olatunde Odusina has commended Chrome, Korea Gas Corporation (KOGAS) and Addax Petroleum Corporation (ADDAX) on their joint work to develop natural gas resources into LNG for export as well as the development of local electrical power generation projects.

Mr Michael OKO, the Bayelsa State Government representative confirmed that the state had provided 641 hectares of land for the project and that they were fully prepared to assist the consortium and provide full support.

The Consortium members are currently putting together a Project Development Agreement to provide the rights, duties and obligations of each party for the project. The consortium plans to complete the Project Development Agreement before first quarter 2009, achieve a Final Investment Decision by fourth quarter 2009 and deliver first LNG by fourth quarter 2013.

Background

Korea Gas Corporation (KOGAS), is the world’s largest natural gas importer and is the designated natural gas importer for Korea .  It is expanding its business scope upstream to include gas exploration, production and liquefaction. Addax Petroleum Limited (ADDAX) is an international oil and gas exploration company with an established, successful presence in Nigeria.

About Chrome Group

Chrome Group, which employs 800 people was founded by Sir Emeka Offor in 1990 an is a leading multibillion dollar conglomerate based in Abuja, Nigeria. It has significant interests in the oil and gas sector with additional interests in the bio- fuel, petroleum trading as well as logistics and dredging service arenas.

Key projects have included the turnaround maintenance (TAM)for the Port Harcourt refinery- Nigeria's largest oil refinery.

In addition to its commercial business activities, the group engages in an active Corporate Social Responsibility (CSR) programme and is actively engaged in youth education and employment programmes.

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Val Oji

Group Chief Communications Officer
0803 719 0145, 0802 506 5686