Managing Director and Chief Executive Officer of the Nigerian LNG Limited (NLNG) Tony Attah said that the planned NLNG Project 7 project, which will increase the output of its plant from 22 million tons per year (MTPA) to 30 MTPA, will raise foreign direct investment ( FDI) in the country.
Attah disclosed this during the visit of Finance Minister Kemi Adodesun to the NLNG production plant on Bonnie, Revers, recently.
According to a statement from the NLNG, the minister was received by the Chairman, the Board of Directors of NLNG, the head of O.R. Long John; Attah; Deputy Managing Director, Sadek Mai-Bornu; member of the Board of Directors of NLNG, the head (Mrs. Cordelia Agboti); and general manager, production, Tayo Oginni.
Briefing of the Minister for Business and Business Affairs of the NLNG, MD said that NLNG will seek $ 7 billion from global international markets to cover the construction of Train 7 and ensure the sustainability of supply of gas to existing trains (trains 1-6) and a new train 7.
He added that the economic consequences of increasing LNG production volumes would be significant, saying that since the beginning of NLNG operations 19 years ago, NLNG generated more than $ 90 billion in revenue and paid dividends to the federal government amounting to $ 16 billion, with respect to its 49 percent share in a company owned by the Nigerian National Petroleum Corporation (NNPC).
In addition, NLNG paid $ 13 billion to the government for purchases of natural gas and $ 6.5 billion in taxes.
"We consume about 50% of the supplies of liquefied petroleum gas (LPG) in the country, and we have allocated about 350,000 tons in the domestic market. We believe that with the increase in our products, these figures will positively influence the situation, and this will help in the profile of income generation in the country, "he said.
Atta said that the NLNG received the support of the federal government for its expansion project. At the same time, NLNG has the full support of all the major stakeholders and that the stars lined up in support of Train 7, so in the near future the final investment decision (FID) will not be returned, which will signal the start of construction.
Responding to the briefing, Finance Minister Kemi Adeosun said: "Nigeria LNG Limited is a high-performing company that owns the government of Nigeria.
"We are very proud of the achievements of NLNG for many years, and we believe that the company is the ideal model for the sector," she added.