NLNG not funding Badagry Dockyard, says BSMEC

The Badagry Ship Repair and Maritime Engineering Company (BSMEC) has responded to the ongoing controversy which trailed its recent decision to site a $1.5bn Dockyard project in Badagry, Lagos State.

Speaking in Lagos on behalf of the consortium, Dr. Taiwo Afolabi, who is BSMEC Chairman as well as Chairman of participating company, Sifax Logistics and Marine Services Limited, denied the insinuation that NLNG is funding the project.

“BSMEC is the sole owner of the Badagry Dry Dock Project and no one else. BSMEC is made up of five different successful Nigerian companies who came together as core investors to form Badagry Ship Repair and Maritime Engineering Company, which is a joint venture between Sifax Logistics and Marine Services Ltd., Energy Nature Limited, GMT Energy Services Limited, Japaul Oil and Maritime Services PLC and SIVC Infrastructure DMCC (Sahara Group Limited).

“Nigeria LNG is not a part of the consortium and is not an investor in the construction of the dry dock project. To be clear, the Badagry Dry Dock will be used for the maintenance of a wide range of oil and gas related vessels including very large crude carriers (VLCCs), Offshore drilling rigs, Offshore support vessels, in addition to large LNG carriers”.

It is also planned to be a hub to be used for dry docking vessels from other West Africa countries.

According to Afolabi, the choice of location was made on a purely business interest basis, taking into account several factors considered important to investors.

He added that the project is in line with the government’s drive for Nigerian Content and will create capacity for Nigeria and help address capital flight.

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