LNG

Nov 11 (LNGJ) - Italian energy engineering company Saipem and South Korea’s Daewoo Engineering and Construction Co. have signed a strategic agreement for cooperation on targeted worldwide opportunities with specific emphasis on the LNG sector.

   Daewoo in joint venture with Saipem have already been nominated as preferred bidders for the engineering, procurement and contract for the Nigeria LNG Train 7. Saipem and Daweoo said the strategic alliance will enhance and capitalize on synergies and establish a key player capable of delivering in the global LNG construction sector.

   “This strategic agreement with Daewoo will leverage our distinctive competencies in high-end projects, particularly in LNG, and our proven operational experience to support the corporate goals of our customers around the world,” said Maurizio Coratella, Chief Operating Officer of the Saipem Onshore Engineering Division.

French energy major Total will make a final investment decision on the Nigeria liquefied natural gas expansion project to build a seventh Train by the end of the year and said that its acquisition of Mozambique LNG assets fits well into its growth strategy.

Nigeria LNG Ltd., the operator of world’s fifth-largest LNG export plant at Bonny Island on the Niger Delta, is in talks with major banks for $10 billion in project financing for the new seventh liquefaction Train.

The countdown to the start of the expansion project for Nigeria’s liquefied natural gas plant, with the building of a seventh Train, has started after the signing of the first accord on LNG after the February re-election of President Muhammadu Buhari that ended months of indecision.

French energy major Total said it expected to approve plans for increased oil and gas activities in Nigeria in the coming months and is also hoping to help increase Nigeria’s liquefied natural gas production with the long-awaited Train 7 expansion.