SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?

Magnartis Finance & Investment Limited

  • LOGIN
  • Home
  • About
    • About Us
    • Management Team
    • Directors
  • Services
    • Stockbroking
    • Portfolio Management
    • Corporate Finance
    • Advisory Services
  • Projects
  • Download
  • Contact
  • Open an account
  • Home
  • $3.3bn Egina FPSO Project Faces Delivery Challenges
  • Capital Market News
  • $3.3bn Egina FPSO Project Faces Delivery Challenges
 

$3.3bn Egina FPSO Project Faces Delivery Challenges

$3.3bn Egina FPSO Project Faces Delivery Challenges

by magna / Thursday, 16 October 2014 / Published in Capital Market News

There are serious concerns that the Egina oil field start up may further experience delay due to seeming challenges facing the company which was awarded the $3.3 billion Egina Floating, Production, Storage and Offloading (FPSO) project, the SAMSUNG Heavy Industries (SHI).

The company flagged off the facility in Lagos last week, two years behind schedule and LEADERSHIP learnt that the SHI had submitted a $300 million cost variation to the investment arm of the Nigerian National Petroleum Corporation (NNPC), the National Petroleum Investment Management Services (NAPIMS), for the engineering work of the Egina FPSO project.

The company is not certain when it is going to set up a yard in Bayelsa and also admitted it still has not trained any welder or fitter for the execution of the Nigerian content component of the work, but was planning to do so in the future.

Speaking at the ceremony, the group general manager of the NAPIMS, Mr Jonathan Okehs, noted that the project which is set to hire over 1,500 welders would also create over 50,000 employment through direct and indirect jobs.

Source : Leadership

About magna

What you can read next

North Sea producers appeal to UK to scrap 30% charges
The Wall Street Journal: Serena Williams makes history with Wimbledon win, her 22nd Grand Slam title
Price gouging: FG shuts Ascon, Integrated, Mobil, Oando, Sahara, etc depots

Market Capitalization

[visualizer id="161"]

Newsletter Subscription


 

About Us

Magnartis Finance & Investment Ltd (“Magnartis”) is a Dealing Member of The Nigerian Stock Exchange with expertise in Stockbroking and Trade Execution Services.

Download

  • FGN Savings Bond Subscription Form
  • Mandate For Ebonus
  • Cscs Clients Authorization Form For Change Of Bank
  • Cscs Client Bank Update Form
  • Account Opening Form KYC

Research

  • Daily Price List
  • Daily Market Summary
  • Weekly Market Summary
  • Special Reports

Contact Info

16, Boyle Street, Onikan, Lagos, Nigeria

Office Number:
01-4538066

E-mail:
info@magnartis.com

  • GET SOCIAL

© 2014 Magnartis Finance & Investment Limited. All Right Reserved

TOP