Samsung Gets Forbes Award, Earmarks Nigeria as Investment Center

Samsung Heavy Industries Nigeria (SHIN) has received the Forbes’ Best of Africa Offshore Oil and Gas Facilities Development Award in Dubai, United Arab Emirates (UAE).

Samsung Gets Forbes Award, Earmarks Nigeria as Investment Center

Delivering his remark at the Forbes Oil and Gas Roundtable session of the Africa-UAE Trade Investment Forum on November 21, SHIN, Representative Mr. Youngkwon Lee appreciated Nigeria’s effort to support foreign investors.

He noted that with all the major oil and gas projects expected to come on stream in the coming years; the future is well lit for Samsung in Nigeria and Africa in general.

These include the Bonga Southwest Project, HA project, Agbami FPSO project and many others coming on stream in the coming years.

Lee thanked Forbes for the award as he recalled that the company’s partnership with Africa started over 20 years ago during the execution of Shell’s Sea Eagle FPSO in Nigeria.

“This was shortly followed by the Shell Bonga Main FPSO, which was hailed at the time to produce over 200,000 barrels of crude a day, the first of its kind in Nigeria. “Following these two major milestones Samsung further went on to work on the ExxonMobil East Area as well as the Bonny Gas transport LNG carrier,” he said.

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Lee disclosed that it was in recognition of Nigeria’s limitless potentials that SHI of Korea made an investment of over $300million in Nigeria in 2014 to construct the SHI-MCI yard, a world-class fabrication and integration facility in Lagos Free Trade Zone to carry out the in-country aspect of Egina FPSO project as well as other large scale offshore projects in Nigeria.

According to him, this successful venture with NNPC and Total enabled SHI to engage thousands of Nigerians, directly and indirectly, and also train them in its world-class training Welding Qualification Centre (WQC).

“Samsung believes in the future of Africa; we have a Pan African vision; Nigeria is a key element in this vision looking at its centralised location and the access to serve markets in the West African region and beyond. Africa in particular has among the biggest youth population in the world with the biggest natural resources reserves. Our intention and goal is to turn our yard as the African hub for ship building, repair, and maintenance; Youth Empowerment including, capacity training and development,” Lee explained.