Falcon Corporation Secures N19.41 Billion Facility for LPG Storage Facility and Jetty Expansion

 

n a significant stride towards its expansion objectives, Falcon Corporation Limited proudly announces the successful closure of a N19.41 billion facility from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF). The funding injection is earmarked for the ambitious development of a cutting-edge liquefied petroleum gas (LPG) storage facility and a dedicated jetty in Rumuolumen, situated along the Saipem/Aker Base Road in Port Harcourt, Rivers State.

The project, currently in an advanced stage, unfolds in two strategic phases. The initial phase is dedicated to the construction of a 10,000 metric ton spherical tank, consisting of two 5,000 metric ton tanks, along with a dedicated jetty and associated infrastructure. The subsequent phase will witness the expansion of storage capacity by an additional 5,000 metric tons, reaffirming Falcon Corporation's commitment to robust and scalable infrastructure development.

Speaking on the monumental achievement, the Managing Director of Falcon Corporation, Prof. Joe Ezigbo, expressed the company's dedication to nation-building through gas development. He highlighted the strategic positioning of the LPG facility in proximity to major gas sources and navigable water routes, emphasizing the project's potential to revolutionize LPG procurement and distribution.

Prof. Ezigbo asserted, "The Project is set to facilitate and enhance more direct procurement and distribution of LPG, which will dramatically lower conventional delivery and storage costs. Beyond economic gains, we anticipate significant social benefits, including job creation, income growth, health improvements, and environmental sustainability as our customers and communities transition to cleaner fuel options on a larger scale."

Deputy Managing Director and co-founder, Audrey Joe-Ezigbo, echoed the company's commitment to the growth and advancement of Nigeria’s domestic gas industry. She emphasized Falcon Corporation's expansive approach across the gas industry value chain, aligning with the nation’s aspirations to leverage gas for industrialization and as a primary energy transition fuel.

Audrey Joe-Ezigbo stated, "We are fully aligned with the nation’s aspirations to leverage gas for industrialization, and our primary energy transition fuel, with a strong focus on its use for power and cooking."

Commenting on the strategic partnership, Chief Executive Officer of Chapel Hill Denham, Bolaji Balogun, underscored the transformative impact of the expansion on domestic LPG consumption. He emphasized the alignment with critical sustainable development goals, aiming to reduce carbon emissions, air pollution, and habitat loss resulting from the use of firewood for cooking by more than 30 million households.

Bolaji Balogun remarked, "This move by Falcon Corporation will not only increase domestic LPG consumption but also play a crucial role in achieving sustainable development goals related to reducing carbon emissions, air pollution, and habitat loss. We are proud to support Falcon Corporation in this transformative journey."

With the successful closure of the N19.41 billion facility, Falcon Corporation is poised to propel the nation towards a cleaner, more sustainable energy future, marking a significant milestone in its mission to lead the charge in the development of Nigeria's domestic gas industry.