Hyundai Heavy says it is not planning shipyard in Nigeria

According to media reports, South Korean shipbuilding giant Hyundai Heavy Industries Co. has no plans to build a multibillion dollar shipyard in Brass, Nigeria.

Yesterday, the office of Nigerian President Goodluck Jonathan issued a release following a meeting with Mr. Jai-Seong Lee, the President and Chief Executive Officer of Hyundai Heavy Industries. of South Korea, at the State House on Thursday, September 15, President Jonathan. It said that Mr. Jonathan  welcomed the decision by Hyundai Heavy Industries to establish a multi-billion dollar shipyard at Brass, Bayelsa state, noting that its completion next year will significantly boost Nigeria’s economic development and create plenty of jobs for the local population.

The statement said that Mr. Johnson told Mr. Lee: “Hyundai has a long-standing relationship with Nigeria. You have always played a key role in our economy, especially our oil industry. We appreciate what you have done and are elated by your latest investment in the shipyard at Brass.”

Today, though, Hyundai Heavy spokesman Kim Moon-ju  is reported as saying that the company has no such plan. It is, however, building a small pipe-manufacturing factory in Bayelsa.

September 16, 2011