- Union Bank of Nigeria Plc says it has signed a N4bn agreement to finance the Egboama Gas Plant, which is owned by PNG Gas Limited.
- The bank said the loan facility would provide the required funding for the refurbishment and upgrade of the gas plant, which is located in Delta State.
- A statement from the bank quoted its Executive Director, Corporate Banking, Mr. Emeka Okonkwo, as saying that the project would boost the domestic use of gas in the country.
- According to it, in addition to producing 101 tons of liquefied petroleum gas per day, the Egboama gas plant is also expected to produce 38 tons of propane gas per day, 750 barrels of natural gas liquids as well as 25 million standard cubic feet of lean gas per day.
- The lean gas would be piped into the national gas grid to support power generation, it said.