• About Us
  • Privacy Policy
No Result
View All Result
Express Day
  • Home
  • NEWS
    • Politics
    • Health
    • Education
    • Crime
    • Judiciary
    • Environment
    • Science & Technology
  • BUSINESS
    • Finance
    • Insurance
    • Agriculture
    • Aviation
    • Energy
    • ICT
    • Maritime & Transport
  • INVESTIGATIONS
  • ENTERTAINMENT & ARTS
  • SPORTS
  • en English
    ar Arabiczh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanha Hausaig Igboit Italianko Koreanla Latinpt Portugueseru Russianes Spanishsw Swahiliyo Yorubazu Zulu
Express Day
No Result
View All Result
Home BUSINESS

NNPC, Shell, Total, Eni take FID on multi-billion dollars NLNG Train 7 project

ExpressDay by ExpressDay
December 27, 2019
in BUSINESS, Oil and Gas
0
NNPC, Shell, Total, Eni take FID on multi-billion dollars NLNG Train 7 project
0
SHARES
18
VIEWS
Share on FacebookShare on Twitter

By Anthony Isaac

 

After many years in the making, the shareholders of Nigeria LNG Limited (NLNG) took the Final Investment Decision (FID) for its Train 7 Project, which will increase its production by 35% and its competitiveness in the global LNG market.

The shareholders are the Nigerian National Petroleum Corporation (49%), Shell Gas B.V.  (25.6%), Total Gaz Electricite Holdings France (15%), and Eni International N.A. N.V. S.àr.l (10.4%).

The partners signed the long-awaited deal in Abuja on Friday, for the project that would in the long run generate about $20 billion in revenue to the Federation and create about 12,000 direct jobs in the country.

The decision allows the expansion to increase the capacity of NLNG’s six-train plant from the extant 22 Million Tonnes Per Annum (MTPA) to 30 MTPA, with the award of contracts for the engineering, procurement and construction activities to follow the closure of bank and Export Credit Agency (ECA) financing, and the finalization of some key supporting commercial agreements expected in early 2020.

The actualisation of the Train 7 Project comes as NLNG celebrates 30 years of its incorporation and 20 years of safe and reliable operations since exporting its first LNG cargo in 1999. 

The project which is expected to be completed in five years with first LNG rundown expected in 2024.

Speaking shortly after the deal was announced, MD/CEO of NLNG, Mr. Tony Attah, the project would boost Nigeria’s economy by creating massive employment opportunities in Nigeria.

He explained: “Train 7 is the crux of a growth agenda which will ensure the Company’s position as the 5th major supplier of global LNG is maintained, increasing value to its Shareholders and other stakeholders, as well as further reducing the gas that would otherwise have been flared, in fulfilment of its vision of ‘being a global company, helping to build a better Nigeria’”.

He further remarked that “over 12, 000 jobs will be created during the peak of construction, trade and commercial activities within the Niger Delta region equally receiving a boost as a result.  The Project will also support the development of local engineering and fabrication capacity in the country. Other opportunities for local content include procurement, logistics, equipment leasing, insurance, hotels, office supplies, aviation, haulage, and many more.”

He disclosed that additional indirect jobs would be created with most fabrication yards coming back on-stream.

He said the projects would additional values for Nigeria stating that as at today “we have seven billion dollars in taxes and we have issued more $15 billion in dividends to government through the shareholding by NNPC”.

Also speaking at the event, the Group Managing Director of NNPC, Mr. Mele Kyari described the decision as historic.

He said: “This is a very great day for our country. It does two things for us, one, this Train-7 FID. We and our partners Total, Shell and Eni have decided to proceed the FID for NLNG Train-7 today.

“What this means is that we are going to put in place a project that will ultimately deliver at least $20 billion of net revenue to the Federation, it will create at least 10000 direct jobs and it will also create 40,000 indirect jobs for this country.

“It also signifies that there is renewed confidence of international investors, particularly our partners which we have known for a very long time, to still agree to put money into this country, so that we can lift the up and make it go forward”.

He said the decision has demonstrated that investors’ confidence in Nigeria is back.

He noted that for NNPC, the project meets its desires to ensure that things are done right, transparently and accountable to its shareholders which include the over 200 million Nigerians.

He said executing the project serves the interest of Nigerians, “it creates employment and prosperity which is what we are known for”.

He noted that the project has opened a gateway for the partners to more projects that would add value to the country in the upstream of the gas sector, especially in the mid-stream processing initiatives.

Representatives of Shell, Total and Eni at the event expressed delight at the decision, saying it would boost Nigeria’s position in the liquefied natural gas space.

Like this:

Like Loading...

Related

Previous Post

Will history be kind to Buhari as he wished?

Next Post

SEC: Tackling Ponzi Scheme challenge, the Kano example

ExpressDay

ExpressDay

Next Post
WHY WE ENCOURAGE SECURITIES LENDING – SEC

SEC: Tackling Ponzi Scheme challenge, the Kano example

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • Trending
  • Comments
  • Latest
Rector becomes Giwa of Auchi Sacred Kingdom

Rector becomes Giwa of Auchi Sacred Kingdom

January 7, 2023
Buhari demands justice for Omobolanle Raheem killed by police

Murder of Lagos Lawyer: We Also Demand Justice for Edo 5 — Barrister Asunogie

January 2, 2023
Group blasts Omo-Agege’s aide over lies against Ogboru’s alliance with Okowa

Oddiri’s campaign of calumny can’t change Deltans’ love for Ogboru – Okotie-Eboh

January 21, 2023
Second interpreter of “Papa Ajasco” role, Ogunrombi, dies

Second interpreter of “Papa Ajasco” role, Ogunrombi, dies

January 15, 2023
Auchi Poly: Echoes of a Transformational Administration

Auchi Poly: Echoes of a Transformational Administration

January 26, 2023
159 Nigerians renounce citizenship in 2022 – FG

159 Nigerians renounce citizenship in 2022 – FG

January 26, 2023
Auchi Poly: Echoes of a Transformational Administration

Auchi Poly: Echoes of a Transformational Administration

January 26, 2023
IGP Baba’s Welfare Drive And The Changing Face Of NPF

IGP Baba’s Welfare Drive And The Changing Face Of NPF

January 26, 2023

Recent News

Auchi Poly: Echoes of a Transformational Administration

Auchi Poly: Echoes of a Transformational Administration

January 26, 2023
159 Nigerians renounce citizenship in 2022 – FG

159 Nigerians renounce citizenship in 2022 – FG

January 26, 2023
Auchi Poly: Echoes of a Transformational Administration

Auchi Poly: Echoes of a Transformational Administration

January 26, 2023
IGP Baba’s Welfare Drive And The Changing Face Of NPF

IGP Baba’s Welfare Drive And The Changing Face Of NPF

January 26, 2023

Follow Us

Browse by Category

  • Agriculture
  • Aviation
  • BUSINESS
  • Crime
  • Economy
  • Education
  • Energy
  • ENTERTAINMENT & ARTS
  • Environment
  • Feature
  • Finance
  • FOREIGN
  • Health
  • ICT
  • Insurance
  • INTERVIEW
  • INVESTIGATIONS
  • Judiciary
  • Maritime & Transport
  • Metro
  • NEWS
  • Oil and Gas
  • OPINION
  • PHOTO NEWS
  • Politics
  • Science & Technology
  • Security
  • SPORTS
  • TOP STORIES
  • Tourism

Recent News

Auchi Poly: Echoes of a Transformational Administration

Auchi Poly: Echoes of a Transformational Administration

January 26, 2023
159 Nigerians renounce citizenship in 2022 – FG

159 Nigerians renounce citizenship in 2022 – FG

January 26, 2023
  • About Us
  • Privacy Policy

© 2022 Express Day

No Result
View All Result
  • Home
  • NEWS
  • BUSINESS
  • INVESTIGATIONS
  • ENTERTAINMENT & ARTS
  • SPORTS

© 2022 Express Day

%d bloggers like this: