LNG Bayelsa, the latest addition to the fleet of Bonny Gas Transport Limited (BGT), set sail today on its maiden voyage to Bonny, Nigeria.  BGT is Nigeria LNG’s wholly owned subsidiary company and this new ship brings to 10 the number of ships in its fleet.  LNG Bayelsa is estimated to arrive Bonny on the first of April to load its 1^st cargo.

The company took delivery of the ship last week in the Hyundai Heavy Industries (HHI) shipyard in Ulsan, South Korea after a colourful christening ceremony performed by the wife of Bayelsa State governor, Mrs. Margaret Alamieyeseigha.  Mrs. Jane Alek, Bayelsa State Commissioner for Women Affairs represented the governor’s wife at the occasion.

LNG Bayelsa which left Ulsan harbours last week is one of the three pioneer new builds part-financed with third party loans totalling $260 million raised from Nigerian and international financial markets.  The other two – LNG Rivers and LNG Sokoto were delivered in June and August last year, respectively.

The delivery of LNG Bayelsa completes the shipping requirements for NLNG’ s third train expansion project.  Already, BGT has flagged off a campaign in the Nigerian and international financial markets, to raise an additional $460 million of the over $700 million required to buy four new ships. These four, also to be built by HHI are to meet part of the shipping requirements for trains 4 and 5 otherwise known as NLNG Plus.  The company will provide the balance of the funds.

A contract to charter another four ships, with an option to buy after 5 years was also signed in December 2001 with Bergesen of Norway.

BGT has established a track record for raising funds for its ships in the local and international financial markets.  Its first attempt was in 1990 when it successfully raised $132 million to buy four ships.  It has since repaid the loan.

Andrew Jamieson, Chief Executive Officer of NLNG and Vice President of BGT said it was  ‘a great pleasure to welcome LNG Bayelsa into the BGT and NLNG fleet’ .  He said the new vessel will increase the company’s shipping capacity and boost Nigeria LNG’s position as a leading exporter of LNG in the world.

Nigeria LNG currently provides seven percent of the world’s LNG requirements.  This figure will rise to 13 percent when 4^th and 5^th trains come on stream in 2005, making the company the world’s third largest exporter of LNG.

Mr. Yann Le Roy, General Manager, BGT Shipping Services said the timely delivery of the high quality vessel was a demonstration of the close working relationship among the parties involved in the project.  Le Roy said he was confident in BGT’s ability to ensure safe, efficient and reliable operations of its fleet, assuring that the company would deliver maximum benefits to all its stakeholders.

Sarah Wu, representing Credit Suisse First Boston (CSFB) lead arranger for the loans, said at the hand over ceremony, that ‘the banks were very pleased with the delivery of LNG Bayelsa on time and within budget’. She added that the banks were looking forward to BGT maintaining LNG Bayelsa as a performing asset. Sarah Wu is the Vice President of CSFB corporate lending operations.

BGT is a subsidiary of Nigeria LNG Limited, a Nigerian Joint Venture Company whose shareholders are the Nigerian National Petroleum Corporation (49%), Shell Gas BV. (25.6%), TotalFinaElf LNG Nigeria Limited (15.0%) and Agip International (N.A) 10.4%