Home Business News Samsung's investment in Nigeria's oil & gas sector revealed

Samsung’s investment in Nigeria’s oil & gas sector revealed

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Over $400 million has been invested into Nigeria’s oil & gas sector by Global shipbuilding firm, Samsung Heavy Industries (SHI). The commitment by Samsung Heavy Industries is said to be tax revenue and investment.

This investment has been ongoing since the company was awarded the contract to build the Floating Production Storage Offloading (FPSO) unit for the 200,000 barrels of crude oil per day Egina deepwater field.

In a report in September 2018, Nairametrics had reported LADOL ejected Samsung Heavy Industries (SHI) Nigeria Limited from the LADOL Free Zone in Lagos, citing “unremedied and material breaches of sublease covenant”.

Despite the intervention of the Federal Government in the Samsung Heavy Industries and LADOL dispute, the situation is yet to subside, and according to a Daily Trust report, it might jeopardize further investments.

Samsung Heavy Industries has reportedly deposited $100 million of tax revenue, while $300 million of investment has been made into SHI-MCI-FZE, in addition to training, educating and employing thousands of Nigerian.

About Samsung Heavy Industries (SHI)

SHI is one of the largest shipbuilders in the world and one of the “Big Three” shipbuilders of South Korea.

The core subsidiary of the Samsung Group, South Korea’s largest conglomerate, focuses on the engineering, procurement, construction, commissioning and the delivery of -transportation ships for the commercial industry, topsides modules, drilling and floating production units for the oil and gas sector, gantry cranes for fabrication yards, digital instrumentation and control devices for ships, and other construction and engineering services.

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