N57bn Egina Vessel Development Project Approved By NPA

The stage appears set for the development of a $350m (about N57bn) Egina vessel platform integration in Lagos following the final approval of the project by the Nigerian Ports Authority.

The project, which is being handled as a joint venture with Korea-based Samsung Heavy Industries and an indigenous organization, Lagos Deep Offshore Logistics service provider, is for the integration of a fabrication production storage and off-take vessel, otherwise known as FPSO platform.

A statement on Tuesday, quoted the Managing Director of LADOL, Dr. Amy Jadesimi, as saying “the NPA planning approval for the FPSO Quay for integration dated October 8, 2013, was the latest of the series of approvals from the authority.”

She said the organization had to sign 19 separate agreements with Samsung over three years with the active involvement of seven separate Nigerian and international lawyers, financial advisors and consultants.


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