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NLNG mulls 2018 for N4.575trn Train 7 FID

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NLNG mulls 2018 for N4.575trn Train 7 FID

From an initial investment of about $6 billion, NLNG has grown into a $15.6 billion investment with an asset base of about $11 billion

The Final Investment Decision (FID)  on Train 7 expected to gulp $15billion (about N4.5.75 trillion) would be taken in 2018, New Telegraph has learnt.

The Nigeria Liquefied Natural Gas (NLNG), prospective owner and operator of the train, said this in document sighted by New Telegraph.

The company, according to the document, had already told investors and stakeholders at the World LNG Summit in Portugal the steady progress it is making towards “achieving Final Investment Decision (FID) on its Train 7 Plus (7+) project during 2018.”

This phase of the company’s strategic growth programme will on completion upscale NLNG’s annual production capacity from the current capacity of 22 mtpa to 30 mtpa.

“With Nigeria’s proven reserves of about 192 trillion cubic feet of natural gas, and another 600 trillion cubic feet in potential, this milestone development is coming at a crucial time. I am excited about this development, which would not be possible without the support of our Board and shareholders, the shared vision within our company of helping to build a better Nigeria; our core values of Integrity, Teamwork, Respect, Excellence and Caring; the commitment of our staff; and the cooperation from Government and other stakeholders including our loyal customers,” Managing Director and Chief Executive Officer of Nigeria LNG Limited, Mr. Tony Attah, had earlier said during the Portugal Summit.

“This milestone would symbolise many things. We have consistently shown the world that NLNG is a world-class company, operating out of a globally strategic country, safely and reliably delivering clean energy to its customers. Secondly, and most importantly for Nigeria, it shows that it is time for gas; This is the time to unleash the country’s gas potential through catalysts like Trains 7 Plus to spur socio economic transformation.”

Attah had earlier said that his company would raise $15 billion dollars investments from the Train 7.

NLNG, Attah said, according to a statement issued by General Manager, External Relations, Kudo Eresia-Eke : “remains a success and we are determined to sustain our status as an inspiration to Nigeria. The company has generated $90 billion in revenues as well as paid $5.5 billion in taxes to the government. The company has also has helped monetise the country’s gas resources and significantly contributed to reducing gas flaring from 65% to less than 20%.”

NLNG runs an integrated plant on Bonny Island where its current six liquefaction trains share common facilities including storage tanks, shipping capacity and loading jetties with a gas intake of 3.5 billion standard cubic feet of natural gas per day.

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