NLNG Flaunts Score-Card So Far, Says It Raked In $108bn Revenue

0 97

…Paid FG $13bn for gas purchase

…. $7bn in dividends and $8bn in taxes

The Nigeria Liquefied Natural Gas company has marked its 31th anniversary, informing that it had paid over $13 billion to the federal government coffers for feed-gas purchase since it started business.

NLNG Limited is jointly owned by the federal government of Nigeria, represented by the NNPC (49%), Shell (25.6%), Total (15%) and Eni (10.4%), was established on May 17, 1989 to harness Nigeria’s vast natural gas resources and produce the LNG and natural gas liquids for export.

Communicating through its twitter handle last Sunday, NLNG also said it had paid through the Nigerian National Petroleum Corporation (NNPC) over $7 billion in dividends and $8 billion in taxes.

The company said, “We have recorded many milestones within 31 years of incorporation and over 20 years of production. With a 22 MTPA six-train plant on Bonny Island, the NLNG has reduced gas flaring from 65% to less than 20% and generated over $108bn in revenue.”

The company said it had ensured supply of 50% of cooking gas in the country, adding that in terms of human resource local, it had achieved 100% Nigerian management and 95% Nigerian staff. “We are the leaders in corporate social responsibility. With the federal government, we are building Bonny-Bodo road worth over N120bn; we sponsor $100,000 Nigeria Prize for Literature Prize and Nigeria Prize for Science as well as scholarships.

The LNLG said it looks future with the NLNG Train 7, which will increase capacity by 35%. “This will make our market presence stronger and generate more value from the over 200 trillion cubic feet of gas reserves in Nigeria,” he company said

It will be recalled that the NLNG recently awarded the engineering, procurement and construction contracts for its Train 7 project to the SCD JV Consortium, comprising Saipem of Italy, Japan’s Chiyoda and Daewoo of South Korea.

The Train 7 project aims to increase the company’s production capacity from 22 metric tonnes per annum to about 30 MTPA, and will form part of the investment of over $10 billion, including the upstream scope of the LNG value chain.

Chibisi Ohakah, Abuja

Get more news like this directly in your inbox

Leave A Reply

Your email address will not be published.