Falcon Secures N19.41 Billion Funding for State-of-the-Art 15,000 Metric Ton LPG Storage in Rivers

InfoStride News reported on December 4 that Falcon Corporation has successfully secured a debt facility of N19.41 billion from the Nigeria Infrastructure Debt Fund (NIDF) for the development of a cutting-edge 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty in Port Harcourt, Rivers State, Nigeria.

The NIDF commitment is specifically directed towards financing the construction of an initial 10,000 metric ton LPG storage facility and a dedicated jetty in Rivers State. The project is structured in two phases, with the first phase focusing on the construction of a 10,000 metric ton spherical tank, featuring two tanks capable of holding 5,000 metric tons each, along with the development of a dedicated jetty and related infrastructure.

Following the completion of the first phase, the subsequent stage of development aims to add an additional 5,000 metric tons of storage capacity. The overall timeline for the LPG project indicates a full completion and commissioning by the fourth quarter of 2024. Falcon Corporation emphasized in its statement that the project has achieved significant milestones, reaching a 65% completion rate as of October 2023, with completed construction of the jetty, shoreline protection, and progress in various engineering, procurement, and construction (EPC) activities and installations.

Mrs. Audrey Joe-Ezigbo, Deputy Managing Director and Co-Founder of Falcon, expressed the company’s commitment to the growth and advancement of Nigeria’s domestic gas industry. She highlighted their expanding investments across the gas industry value chain, from the downstream sector to midstream investments, positioning for an intended upstream play. The project’s objective is to ensure the availability of LPG, deepen its market penetration, and contribute to mitigating ecosystem damage and greenhouse emissions caused by the use of traditional fuels.

The President of the Nigeria Liquefied Petroleum Gas Association (NLPGA), Felix Ekundayo, noted in August 2023 that the country’s LPG infrastructure has experienced remarkable growth, increasing from 60,000 metric tons in 2007 to an impressive 1,500,000 metric tons today. This underscores the significant developments in the LPG sector and highlights the importance of initiatives such as Falcon Corporation’s project in further advancing the industry.