Nigerian firms reap more than $10m from NLNG vessel contracts

Several Nigerian companies taking part in the supply of products for building Nigeria Liquefied Natural Gas (NLNG) Limited’s six new ships, stand to reap about $10 million in revenues.
NLNG via its subsidiary company, Bonny Gas Transport (BGT) Limited, in 2013, contracted the building of the new vessels to South Korean shipbuilders, Samsung Heavy Industries (SHI), and Hyundai Heavy Industries (HHI), and successfully leveraged to include a unique local content clause that enables the concerned Nigerian firms to benefit from substantial vessel construction material export contracts.
Paints and Coatings Manufacturers Nigeria (PCMN) Limited is among the key local company – beneficiaries, and on its part has already shipped 66,000 out of an agreed 388,000 litres of paint, to Samsung Heavy Industries shipyard in South Korea.
Other companies that have also already exported products to South Korea include Berger Paints Nigeria plc, which has exported 33,000 of its 83,000-litre quota, worth over $1 million, and Metec West Africa, which has exported 210 tons of anodes, valued at $2.5 million.
Nexans Kabelmetal Limited, OBIanother notable beneficiary, recently shipped 180,000 metres of cables costing over $1 million to the South Korean shipyards, according to Temi Okesanjo, NLNG’s general manager, shipping, saying “the achievements recorded by Nexans Kabelmetal, Berger Paint Nigeria plc, Metec West Africa and other Nigerian manufacturers, add to the success of our vessel acquisition project. The benefits from this project do not stop at exports. For example, Berger Paints and Kumkang Korea Chemicals Ltd (KCC), a South Korean company, and technical partner to HHI, will exchange staff in a special technology transfer programme.