| President Muhammadu Buhari has congratulated the board, management, staff and shareholders of the Nigerian Liquefied Natural Gas company (NLNG), the NNPC and...
President Muhammadu Buhari has congratulated the board, management, staff and shareholders of the Nigerian Liquefied Natural Gas company (NLNG), the NNPC and other Joint Venture partners, Shell, Total and AGIP on the signing of the contracts for the Front End Engineering Design (FFED) of Train 7 of the Nigeria Liquefied Natural Gas Project.
According to a statement by his media aide, Garba Shehu, the President welcomed the signing of an MOU between NLNG, “B7 JV Consortium” and “SCD JV Consortium”, yesterday in London, which paves the way for the additional Train 7 that would increase the country’s gas production output from 22 million tonnes per annum to 30 metric million tonnes per annum.
|
| In the build-up towards Train 7 Final Investment Decision (FID) later this year, the Nigeria LNG Limited (NLNG) is seeking about N2.52 trillion ($7 billion) from... In the build-up towards Train 7 Final Investment Decision (FID) later this year, the Nigeria LNG Limited (NLNG) is seeking about N2.52 trillion ($7 billion) from the global financial markets for the sustainability of its operations and expansion project which will increase its production capacity from 22 Million Tonnes Per Annum (MTPA) to 30 MTPA. At a ceremony in London yesterday (Wednesday) to commemorate the repayment of a $5.45 billion Shareholder loan for its existing trains, Tony Attah, Managing Director/Chief Executive Officer of NLNG, revealed that funds being sought will cover the company's expansion program (construction of Train 7) and investment in the upstream gas sector in Nigeria that will ensure the sustainability of feedgas supply to its existing trains (Trains 1 to 6) and the new Train 7. The repaid consolidated loan contributed towards funding the Base Project, Expansion Project, NLNG Plus Project and Train 6. The final repayment is a milestone for NLNG and Nigeria.
|
| The Nigeria LNG Limited (NLNG) says it is seeking $7 billion from the global financial market for the sustainabili¬ty of its operations and expansion project The Nigeria LNG Limited (NLNG) says it is seeking $7 billion from the global financial market for the sustainabili¬ty of its operations and expansion project which will increase its produc¬tion capacity from 22 million tons per annum (mtpa) to 30mtpa. Speaking at a ceremony in London on Wednesday to mark the repayment of a $5.45 billion shareholder loan for its existing trains, the Managing Director and Chief Executive Offi¬cer of NLNG, Tony Attah, said that the funds being requested will cover the company's expansion pro¬gramme (construction of Train 7) and investment in the upstream gas sector in Nigeria that will ensure supply to its existing trains (Trains 1 to 6) and the new Train 7. He added: "Let's get this very clear NLNG is a mid-stream company that has monetized over 5.96 trillion cubic feet (tcf) of associated gas (AG) which would have otherwise been flared thus helping to build a better Nigeria. However, what we are do-ing is not just looking to fund the expansion of the plant but also to ensure sustainability of feed-gas supply to the plant, for the continued success of NLNG. All of these align with our belief that gas is a catalyst for industrial and to become a leading gas producing country". According to him, the success story of the NLNG project was due to some key critical success factors which include the shareholding and gover¬nance structure of the company that has made the company an indepen¬dent incorporated joint venture, guaranteeing an independent board of di¬rectors, effective decision making as well as funding for its projects which is critical for the sustenance of this successful project. "Over decades, the com¬pany has raised funds for combination of shareholders loans, internally generated revenue and third party loans. In all of these financial ventures, NLNG demonstrated financial discipline and character by abiding by loan covenants, terms and conditions without a single breach or default, and we believe this positions the company as a lenders delight", he said. In his remarks, the Deputy Managing Director of NLNG, Sadeeq Mai-Bornu, stated that NLNG has contributed immensely to Nigeria's economy since its inception when the first LNG cargo was loaded in October 1999. Daily Independent
|
| In the build-up towards Final Investment Decision (FID) later in 2018, Nigeria LNG Limited (NLNG) is seeking $7 billion from the global financial markets for the sustainability of its operations and expansion project which will increase its pr
In the build-up towards Final Investment Decision (FID) later in 2018, Nigeria LNG Limited (NLNG) is seeking $7 billion from the global financial markets for the sustainability of its operations and expansion project which will increase its production capacity from 22 Million Tonnes Per Annum (MTPA) to 30 MTPA.
NLNG is a private limited liability company owned by the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation, NNPC (49%), Shell Gas B.V. (25.6%), Total Gaz Electricite Holdings France (15%), and Eni International (10.4%).
At a ceremony in London today to commemorate the repayment of a US$5.45 billion Shareholder loan for its existing trains, the Managing Director and Chief Executive Officer of NLNG, Tony Attah, revealed that funds being sought will cover the company's expansion program (construction of Train 7)and investment in the upstream gas sector in Nigeria that will ensure the sustainability of feed gas supply to its existing trains (Trains 1 to 6) and the new Train 7.
Explaining further, Attah remarked "Let's get this very clear. NLNG is a mid-stream company that has monetised over 5.96 Trillion cubic feet (Tcf) of Associated Gas (AG) which would have otherwise been flared thus helping to build a better Nigeria. However, what we are doing is not just looking to fund the expansion of the plant but also to ensure sustainability of feedgas supply to the plant, for the continued success of NLNG. All of these align with our belief that gas is a catalyst for industrial and economic transformation which will position Nigeria to become a leading gas producing country." According to Attah, "The success story of the NLNG project is due to some key critical success factors which include the shareholding and governance structure of the company that has made the company an independent Incorporated Joint Venture, guaranteeing an independent Board of Directors, effective decision making as well as funding for its projects which is critical for the sustenance of this successful project.
"Over decades, the company has raised funds for its projects, from a combination of Shareholders loans, internally generated revenue and third party loans. In all of these financial ventures, NLNG demonstrated financial discipline and character by abiding by loan covenants, terms and conditions without a single breach or default, and we believe this positions the company as a Lenders delight .
The consolidated loan contributed towards funding the Base Project, Expansion Project, NLNG Plus Project and Train 6. The final repayment, which is a milestone for NLNG and Nigeria, thus sends a strong message to the world that NLNG has come of age and will build on this in its expansion programme which will further increase our output and secure our position in the top quartile of LNG suppliers globally.
"Our financial credibility speaks for itself and we will be testing the financial market once again with our sustainability and expansion projects estimated at US$ 7 billion. Raising $7 billion is no small feat; anywhere in the world, this will be a major event. Therefore, we will be seeking support from the local and international financial institutions, our shareholders and the Nigerian government in bringing to reality the dreams of our founding fathers and achieving our vision of helping to build a better Nigeria," he added.
In his closing remarks, the Deputy Managing Director of NLNG, Sadeeq Mai-Bornu, stated that NLNG has contributed immensely to Nigeria's economy since its inception when the first LNG cargo was loaded in October 1999. He remarked that the company has paid over $33 billion in dividend. He also added that payment to Joint Venture (JV) feedgas suppliers by NLNG from inception till date amounts to some $24 billion.
Participants at the Shareholder loan repayment ceremony included members of NLNG Board of Directors, potential lenders and global financial institutions.
|
| Nigeria is taking its first steps to expand its liquefied natural gas capacity by a third, outlining a $12 billion program to help it keep up with the world’s biggest producers of the fuel.
Nigeria is taking its first steps to expand its liquefied natural gas capacity by a third, outlining a $12 billion program to help it keep up with the world's biggest producers of the fuel.
Nigeria LNG, a venture involving the state-owned oil company and three oil majors, signed engineering and design contracts for a seventh facility in the nation's Atlantic coast. Among the contractors participating are Saipem SpA, TechnipFMC Plc and Chiyoda Corp. A final investment decision could be taken late this year.
Nigeria is joining nations from the U.S. to Australia in increasing output of the fastest growing fossil fuel to help meet rising demand from China to the Middle East. Its latest plan would boost production to 30 million tons by 2024 from 22 million tons now. Total SA, a Nigeria LNG shareholder, last week said the plant expansion is “very important" as the market is “booming again."
“Our vision is to be a global player that helps to build a better Nigeria," Tony Attah, Nigeria LNG's chief executive officer, said in London. “We are looking forward to the growth. When I am talking about growth I am talking about Train 7. We have the support we need; we have the support from the shareholders, from the government, from the board of directors."
Qatar, Australia and the U.S. will probably account for 60 percent of global LNG supply by 2023, according to the International Energy Agency in Paris. Nigeria, which supplied the world with 7 percent of the super-chilled fuel last year, doesn't want to miss out.
Keeping up will require a huge investment. Train 7 will cost as much as $6.5 billion to build, with another $5 billion to be spent on wells and pipelines needed to supply the plant. Nigeria LNG is seeking $7 billion from the global financial markets for sustainability of its operations and the expansion, according to a statement released late Wednesday.
The project is “the gas revolution" in Nigeria after the expansion has been stalled for many years under previous administrations, Nigeria's President Muhammadu Buhari said in a statement. Nigeria LNG had planned to set up 12 trains by early 1980s, with only six commissioned so far.
Nigeria needs to invest in new production to avoid slipping from the 4th to the 10th position by 2025 in the ranking of global LNG exporters, Attah said. On Wednesday, the company signed front-end engineering and design contracts with two consortia of engineering companies. The work will take about eight months, Guido D'Aloisio, managing director of Saipem Contracting Nigeria Ltd., told reporters at an event in London.
Global LNG demand will increase by 72 percent between 2017 and 2030, Bloomberg New Energy Finance said in March. China, India
“The big growth is coming from China," Anne-Sophie Corbeau, head of gas analysis at BP Plc's group economics team, said Tuesday in an interview in Lisbon. “India has a lot of potential as well," in terms of demand. Nigeria supplied 24 countries with LNG in 2017, up from 21 in 2016, according to GIIGNL, an industry body for importers.
Nigeria LNG says its customers already have agreed to take additional volumes from the new plant, though contracts setting out the terms haven't yet been signed. Once those contracts are finalized, the company will be in a position to make a FID maybe by December, Attah told reporters. The company is ready to discuss the flexibility that buyers are seeking in pursuit of shorter, competitive and less rigid terms of supply, he said.
“This is a very historical moment for us, we have made efforts to do Train 7 since 2007," Attah said. “The most important factor is that we are ready and we believe it is time."
Nigeria LNG is a joint venture between the Nigerian National Petroleum Corp., Royal Dutch Shell Plc, Total SA and Eni SpA.
|
| The Nigerian National Petroleum Corporation, Shell, Total and Eni have signed the front-end engineering design contract of the Train 7 of the Nigeria Liquefied Natural Gas Limited. The Nigerian National Petroleum Corporation, Shell, Total and Eni have signed the front-end engineering design contract of the Train 7 of the Nigeria Liquefied Natural Gas Limited. The contract was signed in London on Wednesday and the event also witnessed the commemoration of the repayment of $5.45bn loan for Trains 1 to 6 by the NLNG shareholders. The NLNG Train 7 project aims to increase the company's production capacity by the expansion of Trains 1-6 and associated infrastructure at an estimated cost of $4.3bn, according to a statement by the NNPC. The target Final Investment Decision date for the project is the fourth quarter of this year. The Group Managing Director, NNPC, Maikanti Baru, expressed the corporation's readiness to support the Federal Government's aspirations to actualising the Train 7 project. Jointly owned by the NNPC at 49 per cent; Shell, 25.6 per cent; Total, 15 per cent; and Eni, 10.4 per cent, the NLNG's journey started in 1999 with the inauguration of Train 2 ahead of Train 1, which was inaugurated in 2000. The company grew to a six-train facility with the inauguration of Train 6 in 2007. The company sourced the principal amount of $4.043bn from its shareholders in their respective shareholding proportions to partly fund the construction of Trains 1-6. While the interest during the construction period was capitalised and added to the principal for repayment from the operational date of the financed trains, the total capitalised interest in the shareholders' loan was $1.411bn, which, in addition to the total principal drawdown of $4.043bn, accounted for the total loan amount of $5.45bn repaid by the company. Baru said as a 49 per cent shareholder in the NLNG, the corporation had immensely contributed to the success of the company over the years, supporting equity participation and contribution to shareholders' loan. “Through critical interface with relevant government agencies, we have played a pivotal role in the actualisation of Trains 1 to 6. Given the success of T1-T6, the NNPC is therefore fully committed and aligned with the government aspirations to replicate the success of this project. Therefore, our current focus is to kick-start T7," Baru said. Meanwhile, President Muhammadu Buhari on Wednesday congratulated the board, management, members of staff and shareholders of the NLNG on the signing of the contracts for the Front End Engineering Design of the Train 7 of the NLNG project. In a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, the President also congratulated the NNPC and other Joint Venture partners, Shell, Total and Agip (Eni), on the development. The President welcomed the signing of a Memorandum of Understanding between the NLNG, B7 JV Consortium and the SCD JV Consortium on Wednesday in London. Shehu explained that the agreement paved the way for the additional Train 7 that would increase the country's gas production output from 22 million tonnes per annum to 30 metric million tonnes per annum. The statement read in part, “President Buhari also welcomes the commitment of all parties in supporting his administration to launch the gas revolution in Nigeria by ensuring the realisation of Train 7, which has been stalled for many years under previous administrations. “He is optimistic that this significant step would culminate in a Final Investment Decision for the much-awaited multi-billion dollar Train 7 expansion programme by the end of this year. “The President notes that the signing of the contract for the plant expansion project after an eight-year delay is a sign of irreversible commitment by the Joint Venture to enter a Final Investment Decision, and a clear indication that the confidence of investors is coming back to Nigeria following the good governance practices instituted by his administration.
|
| The attention of Nigeria LNG Limited has been drawn to recent notice/ploy by some alleged recruiters
The attention of Nigeria LNG Limited has been drawn to recent notice/ploy by some alleged recruiters, claiming to advertise vacant jobs and process employment for a fee on behalf of the company. NLNG HAS NO CONNECTION or dealings with these alleged recruiters.
Nigeria LNG Limited PUBLISHES all its job vacancies in the NATIONAL DAILIES AND ON ITS WEBSITE (www.nlng.com) ONLY. For candidates interested in pursuing a career with Nigeria LNG Limited, we encourage them to monitor the national dailies and our website, and like our facebook page for information only. APPLICATION FOR VACANT JOBS IN NLNG CAN THEREFORE ONLY BE DONE THROUGH OUR WEBSITE, www.nlng.com.
NLNG advises the public to please take caution in dealing with these alleged recruiters.
|
Follow javascript: SP.SOD.executeFunc('followingcommon.js', 'FollowDoc', function() { FollowDoc('{ListId}', {ItemId}); }); 0x0 0x0 ContentType 0x01 1100 Compliance Details javascript:if (typeof CalloutManager !== 'undefined' && Boolean(CalloutManager) && Boolean(CalloutManager.closeAll)) CalloutManager.closeAll(); commonShowModalDialog('{SiteUrl}'+
'/_layouts/15/itemexpiration.aspx'
+'?ID={ItemId}&List={ListId}', 'center:1;dialogHeight:500px;dialogWidth:500px;resizable:yes;status:no;location:no;menubar:no;help:no', function GotoPageAfterClose(pageid){if(pageid == 'hold') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+
'/_layouts/15/hold.aspx'
+'?ID={ItemId}&List={ListId}'); return false;} if(pageid == 'audit') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+
'/_layouts/15/Reporting.aspx'
+'?Category=Auditing&backtype=item&ID={ItemId}&List={ListId}'); return false;} if(pageid == 'config') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+
'/_layouts/15/expirationconfig.aspx'
+'?ID={ItemId}&List={ListId}'); return false;} if(pageid == 'tag') {STSNavigate(unescape(decodeURI('{SiteUrl}'))+
'/_layouts/15/Hold.aspx'
+'?Tag=true&ID={ItemId}&List={ListId}'); return false;}}, null); 0x0 0x1 ContentType 0x01 898 Document Set Version History /_layouts/15/images/versions.gif?rev=43 javascript:SP.UI.ModalDialog.ShowPopupDialog('{SiteUrl}'+
'/_layouts/15/DocSetVersions.aspx'
+ '?List={ListId}&ID={ItemId}') 0x0 0x0 ContentType 0x0120D520 330 Send To other location /_layouts/15/images/sendOtherLoc.gif?rev=43 javascript:GoToPage('{SiteUrl}' +
'/_layouts/15/docsetsend.aspx'
+ '?List={ListId}&ID={ItemId}') 0x0 0x0 ContentType 0x0120D520 350
|
|
| No, this isn't actually my picture. I just haven't gotten around to updating this section. It's good to know that someone is reading every last word though. Thanks! |
|
