1. First Bank Nigeria Plc is to finance the multi-billion fabrication and construction yard of Kaztec Engineering Limited, a subsidiary of Chrome Group. The project is located at the Snake Island, Lagos.
2. First Bank’s Group Executive, Institutional Banking Group, Bashirat Odunewu, toldThe Nation that the bank was impressed with some of the jobs done by Kaztec for some oil exploration and production companies.
3. She said Firstbank would finance the project, but did not state to what tune and couldn’t confirm if the bank was financing it alone. She said the bank is financing the Chrome Group’s power firm, the Enugu Electricity Distribution Company.
4. Chrome Group’s Business Development & Head Communications, Dr. Edwin Ndukwe, said: “The Snake Island project is being done in phases, phases 1-4. Phase 1 is the fabrication yard, while Phase 2 is the pipe rolling and pipe coating yard. Phase 3 is the drydock yard, where we will be doing the refurbishing and rehabilitation works for boats, tug boat, barges and other marine vessels. The Phase 4 is the logistics base. Right now we are still in the Phase 1. We are anticipating the end of this year for the completion of phase 1. There is work ongoing at the moment, which is establishing the concrete yard, the workshops, the blasting and paint shops, which are all under construction now. By next year, we will be moving into the pipe laying and pipe coating stage.”
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