Hyundai Heavy Industries To Build Four Ships For NLNG
Nigeria Liquefied Natural Gas Limited (NLNG) and Hyundai Heavy Industries (HHI) today signed shipbuilding contracts for the construction of four LNG vessels for transportation of additional volumes of gas from its 4th and 5th trains, also known as NLNG Plus.
Each of the vessels will have a capacity of 141, 000 cubic metres. They will be delivered between November 2004 and March 2006.
Already, HHI is building three other ships for the NLNG Train 3 expansion project. They are LNG Rivers and LNG Sokoto, which will be delivered in June and August next year, respectively. While the third, LNG Bayelsa will be handed over in February 2003.
Contracts for these new four LNG carriers will be subject to Final Investment Decision (FID) for NLNG Plus which is expected to be approved by Shareholders of NLNG during first quarter 2002. .
NLNG, which requires another four ships in addition to the HHI ships for the NLNG Plus is currently finalising the acquisition of these ships with shortlisted yards and owners. The decision about the acquisition strategy (direct ownership or long term charter) of these additional four vessels will be taken at the end of January 2002.
The Managing Director of NLNG, Mr. Andrew Jamieson, said " the purchase of four of the eight ships required for NLNG Plus prior to the effective FID date shows the commitment of the Company and its Shareholders to this further expansion of the NLNG project. This has been possible also because of the advanced stage of the negotiation of the sale of the NLNG Plus volumes and that of the EPC contract.The acquisition of these four ships and that of the other four to be acquired within 1st quarter 2002 will make the NLNG fleet one of the largest amongst the major LNG projects in the world."
The NLNG project has currently seven ships in operation (six of which are owned by its wholly owned subsidiary Bonny Gas Transport Ltd, whilst one is on time charter) and three ships under construction. The total number of ships dedicated exclusively to the NLNG project up to NLNG Plus will be 18 large LNG carriers.
NLNG commenced commercial operation in October 1999 with its two train 6 million tonnes per annum Base Project. A third train of similar design and capacity as the Base Project trains is currently under construction and is scheduled for completion in late 2002.
On completion of NLNG Plus the Company will have an overall production capacity of 17 million tonnes per annum of LNG, 2 million tonnes per annum of LPG and 1 million tonnes per annum of Condensate.
NLNG is a Nigerian Joint Venture company whose shareholders are the Nigerian National Petroleum Corporation (49%), Shell (25.6%), TotalFinaElf (15%) and ENI-AGIP (10.4%).
Nigeria LNG Limited
Press Statement
December 20, 2001
