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Shareholders of the Nigeria LNG Limited have taken the long-awaited final investment decision on the company’s Train 7 project.
The NLNG made the announcement on Friday via its Twitter handle.
The NLNG is jointly owned by the Federal Government, represented by the Nigerian National Petroleum Corporation (49 per cent), and three international oil companies, namely Shell (25.6 per cent), Total (15 per cent) and Eni (10.4 per cent).
The Train 7 project, which has been delayed for over 10 years, aims to increase the company’s production capacity from 22 metric tonnes per annum to about 30 MTPA, and will form part of the investment of over $10bn including the upstream scope of the LNG value chain, according to the company.
The Group Managing Director, NNPC, Mr Mele Kyari, was quoted as saying, “We have decided to proceed with Train 7 project today. It is an important day. It is a show of confidence that investors can put money into this project.”
“We shall build more trains and increase Nigeria’s LNG capacity to match our peers around the world,” the Chairman, NLNG Board of Directors, Chief Dr. Osobonye LongJohn, was quoted as saying.
The Managing Director, NLNG, Mr Tony Attah, was quoted as saying that the company had been bringing huge value to Nigeria through taxes and dividends.
“With Train 7, the value will grow,” he added.
The PUNCH reported on Monday that Federal Government and other shareholders of the NLNG failed to take FID on the Train 7 project last week.
The NNPC boss, Kyari, disclosed late last month that the FID would be executed in December.
On December 13, the corporation announced the signing of a Gas Supply Agreement between it and major gas producers for the Train 7 project, a condition precedent for the NLNG to take the FID.
Kyari was quoted as saying that with the agreement in place, all was set for the take-off of the project, adding that the FID on the project would be taken the following week (last week). (Punch)
The NLNG made the announcement on Friday via its Twitter handle.
The NLNG is jointly owned by the Federal Government, represented by the Nigerian National Petroleum Corporation (49 per cent), and three international oil companies, namely Shell (25.6 per cent), Total (15 per cent) and Eni (10.4 per cent).
The Train 7 project, which has been delayed for over 10 years, aims to increase the company’s production capacity from 22 metric tonnes per annum to about 30 MTPA, and will form part of the investment of over $10bn including the upstream scope of the LNG value chain, according to the company.
The Group Managing Director, NNPC, Mr Mele Kyari, was quoted as saying, “We have decided to proceed with Train 7 project today. It is an important day. It is a show of confidence that investors can put money into this project.”
“We shall build more trains and increase Nigeria’s LNG capacity to match our peers around the world,” the Chairman, NLNG Board of Directors, Chief Dr. Osobonye LongJohn, was quoted as saying.
The Managing Director, NLNG, Mr Tony Attah, was quoted as saying that the company had been bringing huge value to Nigeria through taxes and dividends.
“With Train 7, the value will grow,” he added.
The PUNCH reported on Monday that Federal Government and other shareholders of the NLNG failed to take FID on the Train 7 project last week.
The NNPC boss, Kyari, disclosed late last month that the FID would be executed in December.
On December 13, the corporation announced the signing of a Gas Supply Agreement between it and major gas producers for the Train 7 project, a condition precedent for the NLNG to take the FID.
Kyari was quoted as saying that with the agreement in place, all was set for the take-off of the project, adding that the FID on the project would be taken the following week (last week). (Punch)
