Petron Energy Partners with WeldHouse Ltd to develop and operate a modern Fabrication Yard in Akwa Ibom State, Nigeria.
The Yard will have the capacity to engineer, fabricate, integrate, install and commission all petroleum production facilities for oilfields (offshore and onshore), refineries and petrochemical plants for companies such as Shell, ExxonMobil, Chevron, Total and Agip. Nigeria and other countries in the Gulf of Guinea have many offshore oilfields yet to be developed and Governments in the region are encouraging the establishment of refineries and petrochemical plants. Nigerian Government has enacted a Nigerian Content Law where all oilfield, refinery and petrochemical plant owners are under obligation to have their production facilities fabricated in Yards located in-country. WeldHouse Fabrication Yard will be the first in Nigeria and the region to fully meet the oilfield fabrication needs of the region. The Yard is located on a 2300 feet (700m) by 2300 feet (700m) land having 2300 feet (700m) river-front on the west bank of Cross River. The Yard is located 8 nautical miles up the river from Atlantic Ocean with an average water depth of 9 meters.
PETRON ENERGY LLC is excited to provide the financial structure to establish the Yard and take the first entrant and pioneer company advantages in the high-end fabrication business in the oil rich Nigeria and the Gulf of Guinea region. The investment fits strategically into PETRON ENERGY LLC’s energy industry portfolio. PETRON ENERGY LLC explores, distributes, markets, produces, refines, and transports crude oil natural gas, transportation fuels, petrochemical products, power generation; and other energy products; Securing the Nation’s future Energy.
For investing in the Yard, PETRON ENERGY LLC holds a 65% profit taking interest in WeldHouse Ltd and will also exercise full control of the Fabrication Yard finances, while WeldHouse will be responsible for managing the Yard’s engineering construction and operations.
To commence the Yard development, JD Engineering of Ulsan, South Korea is being engaged to provide all aspects of engineering for the Yard including layout design, conceptual & detailed design, fabrication equipment detailed specifications and construction engineering definitions. JD Engineering has satisfactorily completed similar engineering works in the recent past using its rich corporate experience and competencies. Major Engineering, Procurement and Construction companies such as Hyundai and Samsung are partners of JD Engineering.
"This decision demonstrates our commitment to further developing energy opportunities outside United States of America. We are pleased to have secured a very large parcel of land at a location having appropriate natural water depth all the way to the Atlantic Ocean. Other locations along the Nigerian coastal rivers would cost almost 10x as much to dredge the waterway and develop same Yard." said Isaac S Udotong, President and CEO, Petron Energy.
"When completed, this project is expected to create an enormous multiplier’s effect in the local economy of Nigeria," said Steven Yagi, operating partner of Petron Group LLP.
“The Fabrication Yard enhances our abilities to serve and grow our current client base in Africa. Our customers are enthusiastic about this venture’s ability to deliver durable cost-effective structures,” said Richard Stone of Petron Group LLP.
“At last, the corporate desire of all oilfield and petroleum plant owners to meet the statutory requirement of in-country fabrication of high-end petroleum production facilities will be actualized by the WeldHouse Fabrication Yard” said Aniefiok (Ani) Udott , Managing Director of WeldHouse Ltd and former staff of SHELL
FROM CNN.
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