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Union Bank Finances N4bn Gas Plant Project

By on May 5, 2015

Union Bank of Nigeria Plc has signed a N4 billion agreement to finance Egboama Gas Plant owned by PNG Gas Limited.

A statement from the bank explained that the facility would will provide the required funding for the refurbishment and upgrade of gas plant located in Delta State.

Commenting on the agreement, the Executive Director, Corporate Banking at Union Bank, Mr. Emeka Okonkwo said Union Bank was pleased to support the PNG with the financing of Egboama plant, which is expected to produce about 101 tons of liquefied petroleum gas per day.

The project, according to him, would enhance efforts towards increasing domestic utilisation of gas in the country and reduce dependence on oil.

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. Union Bank is a key player in oil and gas financing and is resolute in promoting and developing industries in the sector as part of its transformation programme. Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank of Nigeria Plc is a household name and one of Nigeria’s long-standing and most respected financial institutions. The bank has an extensive network of over 320 branches across Nigeria.

In late 2012, a new board of directors and Executive Management team were appointed to Union Bank and in 2013 the bank embarked upon a transformation programme, designed to firmly re-establish it as one of Nigeria’s leading financial institutions.

The bank currently offers a variety of banking services to both Individual and corporate clients including current, savings and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing and trade finance

 

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