The company’s Head of Gas and Power Investments, Steven Brann, disclosed this yesterday while also noting that this move became imperative as global energy demand approaches its peak.
Brann expressed optimism that liquified natural gas and the acquisition of other assets would help Vitol achieve growth, just as the demand for cleaner-burning fuel is expected to rise in coming years.
Meanwhile, though details are not readily known about Vitol’s ongoing talks with Nigerian stakeholders over the possible monetization of the country’s flared gas, Vitol currently operates in Nigeria where it distributes liquefied petroleum gas (LPG) by truck.
The company is also hoping to help Nigerian companies “switch fuel inputs, converting from diesel to trucked LNG or LPG.”
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Why is Vitol’s proposed monetization of Nigeria’s flared gas important?
Unfortunately, not only does this trend result in economic losses for the country, it also constitutes health hazards while contributing to global warming. Despite agitations from different quarters to get the problem solved, no concrete steps have been taken until now.
Below are some of the ways Vitol’s engagement could help solve the problem: