Nigeria LNG Limited (NLNG) has reached another major milestone with the exportation of its 4000th cargo of Liquefied Natural Gas (LNG) from its Bonny Island Terminal in Rivers State to Mamara LNG Terminal in Turkey, which also received the Company’s historic 3000th cargo, three years ago.
The cargo shipped on board one of NLNG’s chartered vessels, LNG Sokoto, is sold to Botas Petroleum Pipeline Corporation, and is estimated to arrive its destination by May 14. Dr Kudo Eresia-Eke, General Manager, External Relations disclosed in a statement that NLNG exported its first cargo on October 9, 1999, to Montoir LNG Terminal, France, and has since grown to what has been described as Africa’s largest single private sector industrial investment, safely and reliably supplying about seven percent of total world LNG demand. According to him, the Company has plans to expand its production capacity at its six-train plant complex, the fourth largest LNG plant in the world, from 22 million tonnes per annum (mtpa) to some 30 mtpa. He indicated that these plans are expected to stimulate upstream gas development of the country’s vast gas resources and attract about US$15 billion of foreign direct investments in the upstream alone as well as another US$10 billion in the construction of the trains.
Mr. Tony Attah, Managing Director and Chief Executive said he was excited about this milestone which would not have been possible without the shared vision to build a better Nigeria. Monetising the country’s gas resources He attributed the feat to adherence to core values of Integrity, Teamwork, Respect, Excellence and Caring; the commitment of staff; and the cooperation from Government and Shareholders as well as other stakeholders including loyal customers. “This milestone is coming at a crucial time. It symbolises many things. It signifies that NLNG remains a successful company. At 4000th cargo, we have shown the world that NLNG is a world-class company, safely and reliably delivering clean energy to its customers. Secondly, and most importantly for Nigeria, it shows that it is time for gas; it is time to encourage this success story.
This is the time to unleash the country’s gas potentials through catalysts like Trains 7 and 8 to spur industrial and economic transformation. “NLNG is a success that we need to sustain as an inspiration to the country. It has generated US$90 billion in revenues as well as paid US$5.5 billion in taxes. The Company has generated US$13 billion for the Federal Government through feedgas purchases and US$15 billion in dividends. While monetising the country’s gas resources, the Company has contributed to the reduction in gas flaring from about 65% before it commenced operations to less than 20% today. “In addition, NLNG has contributed significantly to the domestic LPG industry, supplying some 40% of the cooking gas available to Nigerian homes and businesses. This intervention continues as part of strategies and initiatives aimed at deepening the availability and usage of cooking gas in the country.” “In the Niger Delta region, NLNG has committed more than US$200 million to Corporate Social Responsibility projects especially in the areas of capacity building and infrastructure development.
The Company is ready to further commit some N60 billion to see the Bonny-Bodo road come into reality and also commit N3 billion annually for 25 years to transform Bonny into a destination of choice. All these are achieved with a management staff made up entirely of Nigerians and a workforce which is 95% indigenous,” he added. From an initial investment of some US$2.5billion, NLNG has grown into a US$15.6 billion investment with an asset base of about US$11billion. It currently processes for export and domestic use, more than five trillion cubic feet of associated gas which previously would have been flared, to liquefied natural gas (LNG) and natural gas liquids (NGLs), thereby helping to preserve the environment and support Nigeria’s economic growth. Since the start of operations in 1999, the Company has established a global reputation for being a reliable supplier as well an inspirational business model for Nigeria. Currently, NLNG has in its chartered fleet, 23 LNG vessels, including of six new vessels, constructed in South Korea, which replaced six old vessels. NLNG is owned by four shareholders, namely, the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation, NNPC (49%), Shell Gas BV, SGBV, (25.6%), Total Gaz Electricite Holdings France (15%), and Eni International N.A. N. V. S.àr.l (10.4%).
Source: VanguardPrevious Next
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