Gas King, Julius Rone’s Giant Strides

Amidst the global current economic headwinds, especially the uncertainty hovering over the oil and gas terrain around the world, a situation that has led many businessmen to gnash their teeth, Julius Rone, remains one Nigerian businessman playing a very significant role in bridging the gap and creating new waves of transformation and renaissance in the gas sector.

Rone is undoubtedly a huge testament to having faith in oneself. The Delta State-based business mogul has remained focused and committed to his vision of championing the LNG in the country.

The serial entrepreneur has established himself as a businessman of note who holds a special place among the class of businessmen in Africa; he is blessed with unparalleled disposition, unequalled business wisdom and ingenuity to see opportunities where others see failure. 

Surely, 2024 has been an eventful and blissful one for the Delta State-born. He is ending the year a happy man with strings of success stories to his credit.

A few weeks ago, in a groundbreaking development, UTM Offshore Limited secured a $350m loan with the African Export-Import Bank for the finance of the project considered the first and most remarkable in the gas industry.

Many would recall September 2024 when Rone was granted a construction licence by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to build Nigeria’s inaugural floating liquefied natural gas (LNG) facility. The project, expected to produce 2.8 million metric tons of LNG annually, aligns with the government’s objectives for gas expansion and utilisation of Nigeria’s proven gas reserves. 

It was revealed that UTM was initially authorised to construct a facility with a capacity of 1.2 million tons per annum in 2019, but this was later enhanced to 2.8 million tons due to rising demand for LNG in the market.

Without a doubt, Rone’s uncommon daring spirit and survival instinct have made him overcome the teething challenges.