Union Bank of Nigeria Plc says it has signed a N4bn agreement to finance the Egboama Gas Plant, which is owned by PNG Gas Limited.
The bank said the loan facility would provide the required funding for the refurbishment and upgrade of the gas plant, which is located in Delta State.
A statement from the bank quoted its Executive Director, Corporate Banking, Mr. Emeka Okonkwo, as saying that the project would boost the domestic use of gas in the country.
He said, “Union Bank is pleased to be supporting PNG with the financing of Egboama plant, which is expected to produce about 101 tons of liquefied petroleum gas per day.
“This project will no doubt enhance efforts towards increasing domestic utilisation of gas in the country and reducing dependence on oil.”
According to it, in addition to producing 101 tons of liquefied petroleum gas per day, the Egboama gas plant is also expected to produce 38 tons of propane gas per day, 750 barrels of natural gas liquids as well as 25 million standard cubic feet of lean gas per day.
The lean gas would be piped into the national gas grid to support power generation, it said.
Union Bank is a key player in oil and gas financing and is resolute in promoting and developing industries in the sector as part of its transformation programme.
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc is one of Nigeria’s long-standing and most respected financial institutions and has a network of over 320 branches across Nigeria.
A new Board of Directors and management team had been appointed to Union Bank late 2012 and in 2013 the bank embarked upon a transformation programme, designed to firmly re-establish it as one of Nigeria’s leading financial institutions.
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