sitemaps.org/schemas/sitemap/0.9/sitemap.xsd BrandArena: Ardova commends Stanbic IBTC’s support for LPG storage project

Monday 24 January 2022

Ardova commends Stanbic IBTC’s support for LPG storage project


AP LPG terminal, a fully owned subsidiary of Ardova PLC, on Wednesday, 19 January 2022, performed the groundbreaking ceremony for the construction of a 20,000 metric tonne Liquified Petroleum Gas (LPG) storage terminal at the project site in Ijora, Lagos. The ceremony signified the official commencement of construction activities which is expected to be completed in December 2022.

Upon completion, the project will be the largest LPG storage facility in the nation and will ease some of the existing bottlenecks in the value chain for the supply of cleaner and more efficient energy for domestic use (cooking gas) in Nigeria, amongst other strategic benefits.

Olumide Adeosun, Group Chief Executive Officer, Ardova PLC, expressed his appreciation to Stanbic IBTC Infrastructure Fund for its commitment to the project and noted that the importance of having formidable partners for project development, planning, execution, and investment support cannot be overemphasised. 

“We are pleased to have the support of the Stanbic IBTC Infrastructure Fund for its pioneering role in a transformational project within the LPG value chain, which will undoubtedly accelerate the various energy transition initiatives currently underway at Ardova PLC. This support has helped us commence construction of this 20,000 metric tonne LPG storage terminal, which is expected to bring efficiency and reliability of LPG supply to Nigerian consumers as well as create long term value for our shareholders; and for this, we are thankful”.

He noted further that “Beyond the cleaner energy premise, approximately 600 direct jobs will be created during the construction of the project and there is a multiplier effect of about additional 1,400 indirect jobs that will be created during the construction period after which it settles to about 250-300 jobs once the project becomes operational.

Oladele Sotubo, Chief Executive, Stanbic IBTC Asset Management, noted in his remark that “Across the globe, cleaner energy investments have continued to be the focus. Given the environmental sustainability benefits of this project, Stanbic IBTC Infrastructure Fund’s investment philosophy is properly aligned, hence the support for the 20,000 metric tonne Liquified Petroleum Gas (LPG) storage facility terminal”.

A portion of the first Tranche of the N100 billion Stanbic IBTC Infrastructure Fund, which closed in August 2021, was used to part finance the LPG storage terminal.

Sotubo went on to express his gratitude to Ardova for partnering with Stanbic IBTC Infrastructure Fund and used the opportunity to also commend all the Tranche 1 investors, including institutional investors such as Trustfund Pensions, Veritas Glanvills Pensions, NPF Pensions, Fidelity Pensions, Crusader Sterling Pensions, Agip CPFA, Progress Trust CPFA, AIICO Insurance, and other High Networth Individuals (HNIs), for the confidence reposed in the fund. He pointed out the impact their investment is making in terms of solving some of Nigeria’s infrastructure bottlenecks, creating jobs while earning returns. “As an organisation, we remain committed to bridging Nigeria’s infrastructure deficit through the provision of investment capital needed to develop projects”, he added”.

The Stanbic IBTC Asset Management Chief Executive highlighted that the Stanbic IBTC Infrastructure Fund remains dedicated to meeting the investment needs of its clients, providing them with the right investment vehicles, opportunities and professional investment services needed to achieve their financial objectives. He urged institutional investors such as pension fund administrators, insurance companies and asset managers to explore the unique opportunities of the Stanbic IBTC Infrastructure Fund in meeting their long-term financial goals.

Stanbic IBTC Infrastructure Fund remains committed to funding infrastructure projects with competitive return profiles, sustainable environmental practices, and the potential to positively impact the economy.

8 comments:

  1. I lost my job few months back and there was no way to get income for my family, things was so tough and I couldn't get anything for my children, not until a met a recommendation on a page writing how Mr Bernie Wilfred helped a lady in getting a huge amount of profit every 6 working days on trading with his management on the cryptocurrency Market, to be honest I never believe it but I took the risk to take a loan of $800 and I contacted him unbelievable and I was so happy I earn $12,500 in 6 working days, the most joy is that I can now take care of my family I don't know how to appreciate your good work Mr. Bernie Doran God will continue to bless you for being a life saver I have no way to appreciate you than to tell people about your good services.
    For a perfect investment and good strategies contact Mr Bernie Doran via WhatsApp :+1(424)285-0682 or Telegram : @Bernie_doran_fx or Email : Bernie.doranfx01@gmail.com

    ReplyDelete
    Replies
    1. I lost a huge chunk of my life savings to some faux crypto investment website which I read their reviews online not knowing I was only tricked out of my money. After few weeks I was referred to a charge back team who recovers stolen, lost and missing digital assets. They are regulated and approved by the International Monetary Fund and it’s no other but REMOTESPYTECH (@) gmailcom they were able to recover my funds completely without hassle or hidden fees. Send a mail to this team now!!!

      Delete
  2. I lost my job few months back and there was no way to get income for my family, things was so tough and I couldn't get anything good check my web site 토토사이트

    ReplyDelete
  3. I don't know how to appreciate your good work Mr. Bernie Doran God will continue to bless you for being a life saver I have no way to appreciate you than to tell people about your good services. come my web site 안전놀이터

    ReplyDelete
  4. Nice article, Your article is maximum helpful. Your blog is very nice, such useful information you are sharing. I really like your blog. Financial Advisors Financial Counseling Columbus Financial & Success Coach Money Coach Click Here

    ReplyDelete
  5. Just awasom. Nice Post. Great information thanks for sharing. I found a lot of interesting information here. A really good post, very thankful and hopeful that you will write many more posts like this one. Great websites!
    Satta king fast
    Satta result

    ReplyDelete
  6. Nice Post. Great information thanks for sharing. I found a lot of interesting information here. A really good post, very thankful and hopeful that you will write many more posts like this one. Great websites! Wealth Coaching Columbus Financial & Success Coach Personal Financial Coach Click for more information

    ReplyDelete
  7. Do you need help on how to recover your lost, stolen or missing digital assets. Contact Remotespytech(@)gmailcom to get them recovered completely with no hidden costs..

    ReplyDelete