Falcon Corporation Limited has announced the successful conclusion of an N19.41 billion loan from Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) as part of its growth ambitions.
The loan proceeds would go towards building a dedicated jetty and a 15,000 metric tonne liquefied petroleum gas (LPG) storage facility at Rumuolumen, Saipem/Aker Base Road, Port Harcourt, Rivers state.
An additional 5,000 metric tonnes of storage will be developed later. The project, which is currently in its advanced stage, is being carried out in two phases. The first phase focuses on building a 10,000 metric tonne spherical tank (comprising of two 5,000 metric tonnes tanks), a dedicated jetty, and other related infrastructure.
Prof. Joe Ezigbo, the company’s managing director, stated:”We continue to be unwavering in our efforts to contribute to nation-building through gas development. We purposefully sited our LPG facility close to important gas sources and accessible waterways. The Project will enable and improve LPG distribution and procurement in a more direct manner, which will significantly reduce the expenses associated with traditional delivery and storage. As our customers and communities shift to cleaner fuel sources on a broader scale, we foresee considerable societal advantages beyond economic gains, including as job development, income growth, health improvements, and environmental sustainability.”
The company is growing throughout the gas industry value chain, according to Audrey Joe-Ezigbo, co-founder and deputy managing director, who stated that the company is still dedicated to the development and growth of Nigeria’s domestic gas industry.
“With a strong focus on its use for power and cooking, we are fully aligned with the nation’s aspirations to leverage gas for industrialization and our primary energy transition fuel,” he stated.
The decision, according to Chapel Hill Denham CEO Bolaji Balogun, would not only result in a rise in domestic LPG consumption but also contribute to the accomplishment of a crucial sustainable development goal: lowering carbon emissions, air pollution, and habitat loss caused by the more than 30 million households that use firewood for cooking.