A Chinese energy company, Wen Advisor has indicated interest to invest in Nigeria’s Compressed Natural Gas – power vehicle scheme, to drive President Bola Tinubu administration’s energy transition project.
The Managing Director of the company, Haikuo Weng stated this on Tuesday during a meeting with the Permanent Secretary, Federal Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella.
This is contained in a statement by John Ameh, the media aide to the permanent secretary, on Wednesday in Abuja.
Weng said that he was in Nigeria with his team to explore possible areas of investment in the CNG-powered vehicles project.
He said that to develop a CNG pump station, it was necessary to ascertain whether local buses in Nigeria currently use Liquefied Natural Gas (LNG) or the CNG.
The manager pledged to introduce CNG buses with competitive pricing to achieve ‘Green Transportation Solutions’ in the country.
“To assist Nigeria in its energy transition efforts in the transportation sector, We are here to assess the potential for establishing natural gas refuelling stations”.
Responding, Ella said that Nigeria offered huge business potentials for investment in CNG vehicles, adding that investment opportunities in the use of the natural gas industry are enormous in the country.
He said that President Tinubu’s policy on gas infrastructure development tallies with global best practices in the use of cleaner energy for environmental sustainability.
The statement also quoted, Mr Kamoru Busari, the Director, Upstream Department in the ministry, as expressing government’s readiness to provide an enabling environment for investment to thrive.
It will be recalled that President Bola Tinubu directed all Ministries, Departments and Agencies (MDAs) to promote use of CNG vehicles.
The measure is in furtherance of Nigeria’s effort for transition to cleaner energy as CNG-enabled vehicles are considered to produce lower emissions, thereby safeguarding the environment.
The policy also seeks to present a more affordable alternative for Nigerian energy consumers.(NAN)
