Shareholders of the Nigeria LNG Limited have taken the long-awaited final investment decision on the company’s Train 7 project.
The NLNG made the announcement on Friday via its Twitter handle.
Breaking: NLNG takes Train 7 FID- Chairman, NLNG Board of Directors, Chief Dr. Osobonye LongJohn: " We shall build more trains and increase Nigeria's LNG capacity to match our peers around the world." #NLNGTrain7
— Nigeria LNG (@nigeriaLNG) December 27, 2019
The NLNG is jointly owned by the Federal Government, represented by the Nigerian National Petroleum Corporation (49 per cent), and three international oil companies, namely Shell (25.6 per cent), Total (15 per cent) and Eni (10.4 per cent).
The Train 7 project, which has been delayed for over 10 years, 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 $10bn, including the upstream scope of the LNG value chain, according to the company.
The NNPC Group Managing Director, Mr. Mele Kyari, was quoted as saying, “We have decided to proceed with Train 7 project today.
“It is an important day. It is a show of confidence that investors can put money into this project.”
Again, Chairman, NLNG Board of Directors, Dr. Osobonye LongJohn, was quoted as saying, “We shall build more trains and increase Nigeria’s LNG capacity to match our peers around the world.”
The Managing Director, NLNG, Mr. Tony Attah, noted that the company had been bringing huge values to Nigeria through taxes and dividends.
“With Train 7, the value will grow,” Attah added.