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NLNG Seeks Fresh Investment to Stay Ahead in Global Gas Business


News » Politics
Nigeria

July.30.2014

The Nigeria LNG Limited (NLNG) has stated that it must continue investing in the expansion of its capacity to supply Liquefied natural gas to the global market in order to stay competitive in the global gas business.

NLNG in a statement signed by its General Manager, External Relations, Kudo Eresia-Eke, noted that having successfully moved from being the 10th largest supplier of LNG globally to the eighth position currently, a lot more investment is needed to sustain the momentum.

The statement, which was issued after the visit of the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr. AndrewYakubu, to the NLNG plant, explained that it was imperative that the company "increased its production in order not to lose market share".

According to the statement, the NNPC GMD was received by the Deputy Managing Director, NLNG, Mr. Isa Mohammed Inuwa, and other members of the company's senior management team, where Inuwa stated that “Yakubu's visit to NLNG today, the first of its kind by a sitting NNPC Group Managing Director, is a privilege and demonstrates his rare commitment to success and development by a key stakeholder."

The General Manager, Production, NLNG, Chima Isilebo, at the event gave an overview of the NLNG's production performance as well as the challenges it is facing in the global LNG market.

Isilebo highlighted the fact that, "In line with the federal government's vision of generating as much revenue from gas as from oil, NLNG starting out with a Base Project of only two trains with a capacity for about six metric tonnes of LNG per annum now produces 22 million metric tonnes of LNG with progressive plans for a seventh train, expected to raise production to about 30 million tonnes."
Speaking after a guided tour of the plant, the statement noted that Yakubu expressed satisfaction with the significant contributions of NLNG to Nigeria's economy and global reputation as a reliable energy supplier.

"With the success of NLNG on Bonny Island, doubts about Nigeria being able to successfully drive a project of this scale from construction through to operation has been paled into insignificance. NLNG should constantly engage its regulators to ensure its glowing records of achievement of prompt delivery and meeting its contractual obligations to its numerous customers around the world is clearly understood and appreciated," he said.

Nigeria LNG Limited is the most significant arrow-head of the federal government’s continuing efforts to eliminate gas flaring and derive value from the country’s 187 trillion cubic feet of proven gas reserves. Official statistics indicate that Nigeria's gas flaring profile, previously one of the highest in the world has further reduced from 25 to 11 per cent.

NLNG is owned by four shareholders, namely, the Federal Government of Nigeria, represented by the NNPC (49 per cent),  Shell Gas BV, SGBV, (25.6 per cent), Total LNG Nigeria Limited (15 per cent), and Eni International (N.A,) N. V. S. a. r. l (10.4 per cent).

Article Credit: Thisdaylive

Updated 4 Years ago
 

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Tags:     Nigeria LNG Limited     Kudo Eresia-Eke     NNPC     Mr. AndrewYakubu     Mr. Isa Mohammed Inuwa     Chima Isilebo

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