LADOL bars Samsung heavy industries from Lagos Free Zone
SHI is the operator of a fabrication and integration yard (SHI-MCI yard) in the zone, which was used to integrate the Egina Floating Production Storage Offloading (FPSO) vessel, which has sailed away to the 200,000 barrels per day Egina oilfield.
The SHI-MCI yard is a joint venture between LADOL and SHI, with SHI having 70 per cent stake and LADOL 30 per cent.
The yard is the only one of its kind in Africa, designed to make Nigeria a hub of FPSO fabrication in the continent.
With the current development, it is being feared that SHI will lose over $300m of investments if sacked from the island, as it will be difficult for the Korean firm to remove fixed assets in the yard.
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