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\nESSO Nigeria is an affiliate ExxonMobil, an international operating company and the shorebase facility is valued at $23m and will include an administrative building, warehouses, and other storage areas.
\nSpeaking at the event held on Thursday at LADOL base, Lagos, the Executive Secretary of NCDMB,\u00a0Engr\u00a0Felix\u00a0Omashola\u00a0Ogbe congratulated ESSO and LADOL on the project, and reaffirmed the Board’s commitment to working with ind
\nustry players to deepen capacity development in the country’s upstream supply chain.
\nHe\u00a0praised LADOL\u2019s track record of consistency, tenacity and forward-looking momentum, and noted that the qualities had been evident over many years of close engagement with the facility.
\nHe situated the groundbreaking within the broader context of the ongoing global logistics crisis triggered by instability in the Middle East, noting that supply chain disruptions had driven up costs from Singapore to\u00a0Eko\u00a0Hotel and across markets in the United States, sparing no economy.
\nThe Executive Secretary who was represented by his Senior Technical Adviser, Engr\u00a0Austin\u00a0Uzoka noted that LADOL\u2019s emergence as a credible deep offshore base represented a direct and tangible response to vulnerability in the logistics sphere of the Nigerian oil and gas industry.
\n\u201cToday, we\u2019re pleased that Nigeria has an alternative\u201d he stated, drawing a parallel between the completion of the Dangote Refinery and the expansion of LADOL, and harping that Nigeria\u2019s supply chain was measurably stronger than it was 10 years ago.
\nThe NCDMB chief urged ESSO\u2019s leadership to adopt a front-end-loaded payment structure in its contractual arrangements with LADOL, arguing that timely and adequate funding from the client side would enable the facility to complete the project without recourse to bank loans at cut-throat interest rates.
\nHe noted that cash flow constraints had become a recurring challenge for Nigerian suppliers across the industry, with many approaching the Board for funding support precisely because payment timelines from operators were not aligned with project delivery demands.
\n\u201cI would like to encourage you to pay LADOL more. Make sure that it is front-end-loaded, so they can have money to finish this on time without having to go to the banks and pay high interest rates to get the job done.\u201d
\nHe emphasized that supply chains are at the bedrock of national development and that the NCDMB, as the agency mandated to grow capacity in Nigeria\u2019s oil and gas industry, will continue to deepen its partnership with both the LADOL and ESSO to build more capacity within the country.
\nHe\u00a0described ESSO as a measured and deliberate operator that moved decisively once committed, expressing confidence that the groundbreaking\u00a0signalled\u00a0the commencement of a project that will be delivered on schedule.
\nHe further charged that ESSO Nigeria to remain committed to the utilizing the Nigerian capacities and capabilities on delivering the project.
\nThe Chairman and Managing Director ExxonMobil affiliates in Nigeria, Mr. Jagir Baxi had earlier indicated that the project reflects an important milestone investment by ESSO Nigeria in its 70-year long partnership with the country. The project also underscores the company\u2019s steadfast commitment to enhance Nigeria\u2019s deepwater offshore operational capabilities. The structures will be constructed predominantly by Nigerian companies, thereby supporting local job and development of expertise in engineering, construction and commissioning, the company\u2019s chief executive added.
\nThe ceremony was attended by representatives of the Bank of Industry, leadership of ESSO Nigeria, the LADOL management led by Dr. Amy\u00a0Jadesimi, as well as officials from the Nigeria Customs Service, the Nigeria Immigration Service, and other relevant government agencies.<\/p>\n","protected":false},"excerpt":{"rendered":"