Home Energy Rungas signs agreement with German firm for $50m cylinder company

Rungas signs agreement with German firm for $50m cylinder company

Rungas Limited a subsidiary of African Liquefied Petroleum Gas Equipment Company and its German partner, Kautex Maschinenbau, have signed an agreement to establish a $50 million composite cylinder manufacturing company at the Lekki Free Trade Zone in Lagos,
The signing ceremony  held at the Boardroom of the Lagos Ministry of Energy and Mineral Resources (MEMR) with the Commissioner, Taofiq Ajibade Tijani, Representative of the Nigerian National Petroleum Corporation (NNPC) Retail Limited, Omonibo Tari in attendance.
The Chairman of Rungas, Mr. Olanrewaju Runsewe, said  MEMR was chosen for the event because Lagos State is the advocate for use of LPG in Nigeria with its Eko Gas project.
He said the construction of the composite cylinder firm is expected to start next month and to be completed within 15 months with a target production of 500,000 cylinders per year.
Runsewe said FirstBank, United Bank for Africa (UBA), Bank of Industry (BoI), and Nigerian Content Development and Monitoring Board (NCDMB), are funding the project.

NO COMMENTS

Leave a Reply