THE DON!! Dangote Buys Gas Firm In The Netherlands [SEE]

October 17, 2016 7:00 AM

146

0 Shares

CAPE TOWNSOUTH AFRICA, 06MAY11 - Aliko Dangote, President and Chief Executive Officer, Dangote Group, Nigeria, during the African Fellowship Programe with Young Global Leaders announcement at the World Economic Forum on Africa 2011 held in Cape Town, South Africa, 4-6 May 2011. Copyright (cc-by-sa) © World Economic Forum (www.weforum.org/Photo Matthew Jordaan matthew.jordaan@inl.co.za — CAPE TOWNSOUTH AFRICA, 06MAY11 – Aliko Dangote, President and Chief Executive Officer, Dangote Group, Nigeria, during the African Fellowship Programe with Young Global Leaders announcement at the World Economic Forum on Africa 2011 held in Cape Town, South Africa, 4-6 May 2011.
Copyright (cc-by-sa) © World Economic Forum (www.weforum.org/Photo Matthew Jordaan matthew.jordaan@inl.co.za

Amidst the severe economic meltdown in Nigeria, Aliko Dangote, Africa’s richest man and owner of Dangote Industries Limited, is still spreading his tentacles.

Dangote has just bought a gas company, Twister BV, in the Netherlands in his determined effort to meet Nigeria’s gas needs at a time when the oil production has drastically dropped as global price increases.

The management of the Dangote Industries Limited made the latest development known in an statement issued by Dangote on Sunday.

According to the statement, Twister BV which used to be owned by Shell Technology Ventures Fund 1, provides robust solutions in natural gas processing and separation to the upstream and midstream oil and gas sectors.

Its separation capabilities were designed to augment production and streamline processes to capitalise on high-yield gas processing for maximising revenues.

The statement said: “This was an important acquisition for us. Twister’s cutting-edge gas processing technology is fundamental to delivering our strategy to u nlock about three billion cubic feet per day of gas in order to meet Nigeria’s gas needs.”

The Chief Executive Officer, Twister, John Young, said, “We are delighted by the confidence that the DIL and First E&P have shown in Twister to be their core provider of gas separation solutions.

“After very thorough due diligence, our technology has been recognised as a key enabler to reduce gas project costs, which is crucial in the current environment; we are excited to be part of the Dangote family of companies.”

According to the statement, based on sophisticated patented technology, Twister gas plants are typically cheaper to build and operate, compared to alternative technologies, and deliver better performance levels. The company has customers in Nigeria, Malaysia and South America.

It said, “The acquisition complements DIL’s portfolio of investments in the upstream, midstream and downstream segments of the oil and gas sector. The company will help design and build the gas plants, which will be critical in processing gas from oil fields for transportation via Dangote’s planned sub-sea pipeline for ultimate consumption by various industries and power plants.”

Got a news tip/information for us? Email info@thesheet.ng

BBM Channel: C0042057A

Like us on Facebook @ www.facebook.com / The Sheet

This is a 2015 Copyright of thesheet.ng. You may wish to request express approval from thesheet.ng to republish.