OTI Greentech AG To Expand Activities In African LNG Market

OTI Greentech AG To Expand Activities In African LNG Market

OTI Greentech subsidiary VTT Maritime West Africa develops technical concept for virtual pipeline to supply liquefied natural gas (LNG)

- Concept focuses on supplying private and public sector in Nigeria with natural gas

- Project is related to Nigerian government's electricity initiative aimed at increasing portion of gas in electricity production

Berlin, 5 September 2017 - OTI Greentech AG (WKN A0HNE8), an international environmental engineering and technology services group listed on the Düsseldorf Stock Exchange, today announced its intention to expand its activities in the Nigerian LNG market by having VTT Maritime West Africa develop a technical concept for a virtual gas pipeline. In addition to the extraction of gas, this project comprises the logistical solution for transport and supply to deliver natural gas to potential customers from the private and public sector. The aim pursued by OTI Greentech with this project is to position itself as a competent partner for both the Nigerian government and private enterprises.

Nigerian natural gas is of key importance for the African and international markets because Nigeria holds the world's ninth-largest gas reserves with significant potential for developing the market and supplying its own population with electricity. Since Nigeria's electricity supply from the grid is currently insufficient and unstable, the country is largely dependent on producing electricity with diesel-powered generators. The Nigerian government is currently pushing the use of natural gas as a cost-efficient and more environmentally friendly option for the supply of electricity.

Nigeria has set itself the goal of boosting output to 20,000 megawatts by 2020, which is why major investments are set to be made in this sector. Neighbouring countries such as Benin also plan to expand their electricity production over the next years using gas-fired power plants because they have a more favourable carbon footprint than other fossile-fuel based sources of energy.

Drawing on the support of consultants, VTT Maritime West Africa is currently in the planning and preparatory stage of this project. Planning comprises preparing a detailed investment plan including a feasibility study and reviewing the project's cost-effectiveness. Assuming that financing of the project is secured and the project plan will be implemented successfully, the construction of the virtual pipeline could by completed in the second half of 2018.

Johnny Christiansen, OTI Greentech's CEO, comments: "The Federal Republic of Nigeria intends to make substantial investments into its infrastructure. We want to utilise our expertise and our local subsidiary VTT Maritime West Africa to benefit considerably from this development. Our technical concept surrounding liquefied natural gas positions us as a prime point of contact for practical technological solutions."

About OTI Greentech AG:

OTI Greentech provides advanced engineering services, project management and a wide range of product and technology solutions to the Maritime, Infrastructure and Oil & Gas sectors worldwide. OTI Greentech's surfactant based patented technology provides innovative sustainable and cost-efficient solutions for various industrial cleaning challenges, with potential for application in land remediation. Through its group companies, VTT Maritime and RADA Engineering & Consulting, OTI Greentech has more than 30 years of experience providing engineering services and project management on complex maritime operations and infrastructure projects in Northern Europe, as well as carrying out inspections of vessels globally. A full range of products, technology solutions and services are provided to the global shipping industry in all major ports via Uniservice Unisafe. The OTI Greentech group currently has over 100 employees in Europe, USA and West Africa. OTI Greentech AG is listed on the Düsseldorf Stock Exchange (WKN A0HNE8). OTI Greentech's corporate headquarters are located in Berlin, Germany.

 

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