Firm secures N19.41bn to build 15,000 LPG facility

Falcon Corporation Limited has successfully secured a N19.41 billion facility from the Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF).

The proceeds of the loan are earmarked for the development of a state-of-the-art 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty situated in Rumuolumeni, Saipem/Aker Base Road, Port Harcourt, Rivers State, Nigeria.

The project, which has reached an advanced stage, is being carried out in two (2) phases, with the initial phase focusing on the construction of a 10,000 metric ton spherical tank (consisting of 2 tanks, each with a capacity of 5,000 metric tons), a dedicated jetty and other associated infrastructure, which is to be followed by the development of an additional 5,000 metric tons of storage at a later date.

Managing Director of the company, Prof. Joe Ezigbo, in a statement yesterday disclosed that, “At Falcon, we consider our investments in the gas industry as a national service first. This is why over the past, almost thirty years, we have continued to expand our footprints within the industry, despite the various challenges within the environment.

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Chief Executive Officer of Chapel Hill Denham, Mr Bolaji Balogun, said, “Chapel Hill Denham is pleased to support the integrated LPG infrastructure in Rivers State as this will not only increase domestic LPG consumption but also help in achieving one of the critical sustainable development goals aimed at reducing carbon emissions, air pollution, and habitat loss resulting from the use of firewood for cooking by more than 30 million households…”