The Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni have signed the Front End Engineering Design (FEED) contract of Train 7 of the Nigeria Liquefied Natural Gas Ltd (NLNG).
The NNPC Group Managing Director, Dr. Maikanti Baru, who expressed the corporation’s readiness to support the NLNG’s Train-7 project during the event in London, noted the contributions of the NNPC to the success of the company through its equity participation and shareholders loan.
“Through critical interface with relevant Government agencies, we have played a pivotal role in the actualization of Trains 1 to 6 (T1-T6). Given the success of T1-T6, NNPC is therefore fully committed and aligned with Government aspirations to replicate the success of this project. Therefore, our current focus is to kick start T7,” Baru noted.
Describing the NLNG as a jewel in the crown of Nigeria as well as a very strategic investment for the nation, Dr. Baru stated that the NLNG would continue to act as a catalyst for nation-building for years to come.
He said the prompt servicing of shareholders’ loan with accelerated repayments did not only demonstrate NLNG’s credit worthiness, but that it had also reiterated its robust financial position.
Dr. Baru, who lauded President Muhammadu Buhari and Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, for their support, also commended the efforts Shareholders, the IOCs and the NNPC Finance & Accounts as well as Gas & Power Directorates for working hard towards achieving the feat recorded so far.
“Your sacrifices, faith in Nigeria and unflinching support in providing the required financing and technical support for the NLNG is commendable. It is our hope that this relationship opens a new vista of opportunities for all the Shareholders to play more active roles in the Midstream Oil & Gas business in Nigeria,” the NNPC GMD added.
He also disclosed that the NLNG has generated revenues of more than US$25 billion to the Nigerian government comprising dividends of circa US$17 billion and taxes of US$7.2billion.
The event also witnessed the commemoration of the successful repayment of $5.45bn shareholders loan for Trains 1-6 by the NLNG Shareholders
The NLNG T7 expansion project aims to increase NLNG production capacity from 22 MPTA to over 30 MTPA by the debottlenecking of T1-6 and the addition of train -T7 and associated infrastructure at an estimated cost of US$4.3 billion.
The target Final Investment Decision (FID) date is fourth quarter 2018.
The event also witnessed the commemoration of the successful repayment of $5.45bn shareholders loan for Trains 1-6 by the NLNG Shareholders.