GTB 737 banner Yudala banner

NLNG unveils 2017 Facts and Figures publication

By News Express on 19/04/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 473

•NLNG chiefs presenting “Facts and Figures on NLNG 2017” . . . today in Lagos.
•NLNG chiefs presenting “Facts and Figures on NLNG 2017” . . . today in Lagos.

The Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), Tony Attah, today in Lagos, publicly presented the company’s Facts and Figures on NLNG 2017 publication, a compendium of the NLNG business.

The publication was presented in the presence of the company’s Deputy Managing Director, Sadeeq Mai-Bornu; General Manager, External Relations, Kudo Eresia-Eke, and Finance General Manager, Solomon Folaranmi.

Attah said during his presentation that Nigeria has the makings of a top quartile gas producing country, with potential to develop into a global gas powerhouse and increase its LNG market share. He added that the right business environment needed to exist for that transformation to come about.

“The Nigeria LNG Limited (NLNG) Fiscal Incentives Guarantees and Assurances Act (NLNG Act) allowed investments to flow into the country. It provided investors the confidence that any agreement entered into would be respected and preserved. To amend the Act will not help Nigeria in developing its vast gas resources, NLNG and its hopes for expansion. It will erode investors’ confidence that the Act provided in the first place,” he said.

Attah remarked that identified opportunities like the expansion of NLNG’s Bonny Island Plant with Trains 7 and 8 could be a catalyst to unleashing the country’s gas potentials. He said it was time for Nigeria to use gas to spur industrial and economic transformation.
He however, warned that some challenges may slow down progress towards achieving the country’s dreams, citing the proposed amendment of the Nigeria LNG Limited (NLNG) Fiscal Incentives, Guarantees and Assurances Act (NLNG Act) by the House of Representatives as a potential show-stopper.

“If the amendment is passed, the NLNG expansion project will be jeopardised and Nigeria will lose investments of US$ 1-3 billion annually in the Upstream to enable NLNG maintain current production capacity and gas developments. It means an immediate loss of foreign investment totalling US$25 billion in respect of Train 7 and 8 investments. Another impact will be the potential loss of about 18,000 jobs required for the construction activities of the Trains.

“An amendment or change in the NLNG Act portrays Nigeria as a promise-breaker and untrustworthy, damaging the country’s reputation and hamstringing its ability to attract foreign investment,” he pointed out.

Citing the Qatari example, Attah said: “Qatar started to ship LNG in 1997, two years before Nigeria. But you have to be awed by what the country has achieved since then.
Today, oil and gas, and principally LNG is the foundation of Qatar's economy; and account for more than 70% of total government revenue, and more than 60% of GDP, as well as roughly 85% of export earnings. Qatar has LNG capacity of about 77MTPA, and generates revenues of about $91 billion per year. Gas was the catalyst for transformation of a small emirate to a global economic powerhouse. This will give you a feeling of what can happen when you focus on gas.”

Reporting on NLNG’s scorecard since the inception of production, he said: “NLNG is a success story that we need to sustain. It is the fourth largest LNG plant in the world. It has generated $90 billion in revenues as well as paid $5.5 billion in taxes. The company has generated $13 billion for the Federal Government through feedgas purchases and $15 billion in dividends. While monetising the country’s gas resources, the company contributed to reducing gas flaring from 65% to less than 20%.

“In addition, NLNG has contributed significantly to the domestic LPG industry, supplying some 40% of cooking gas to Nigerian homes and businesses. This intervention continues as part of strategies and initiatives aimed at deepening the availability and usage of cooking gas in the country.

“In the Niger Delta, NLNG committed more than $200 million to corporate social responsibility projects in the Niger Delta especially in the areas of capacity building and infrastructure development. We are also ready to commit some N60 billion to see the Bonny-Bodo road come into reality and commit N3 billion annually for the next 25 years to transform Bonny into a Dubai of sorts. All these are achieved with a management staff entirely made up of Nigerians and a workforce which is 95% indigenous. But all of these achievements are in jeopardy with the proposed amendment by the House.”

NLNG is owned by four shareholders, namely, the Federal Government of Nigeria, represented by the Nigerian National Petroleum Corporation, NNPC (49%),  Shell Gas BV, SGBV, (25.6%), Total LNG Nigeria Limited (15%), and Eni International (N.A,) N. V. S. a. r. l (10.4%).

Source News Express

Posted 19/04/2017 9:43:19 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
RIWAMA warns Rivers roadside mechanics, artisans, against indiscriminate...

Badoo member arrested during church vigil •How he...

Akpabio changes gear on donations

UTME Mop-up: JAMB directs candidates to print slip...

NSCDC warns Niger residents against unlawful assembly

Ex-minister splashes N836.8m on foreign penthouses

Apapa: The good times are back, By Mojeed...

Where was the police?: Homosexuals storm court to...

China’s richest man warns Trump against trade war...

Big setback for Trump as judge suspends travel...

CSOs, NHRC, security forces and Buhari Administration conspire...

Family of kidnapped monarch begs for his unconditional...

 

Latest News Gunmen kidnap Ex-Minister Oshiomhole’s comment on restructuring sparks trouble at NLC Colloquium 22 private radio stations to be shut down Sultan declares Sept. 1, as Sallah day ASUU strike unnecessary burden — Catholic Bishops Boko Haram butchers village head, 5 others in Borno Ekiti judicial commission summons Fayemi, Access Bank, Coscharis Motors, others Shock, gloom as tipper crushes 11 bus passengers in Benin City Before APC makes mistake in Anambra State, By Arinze Okamelu FG bans Olamide, Davido, 9ice hit songs Welfare of women and children my primary concern: Aisha Buhari Anambra PDP group vows to resist imposition of candidate

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (272,648 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (254,552 views) Shameless Genevieve Nnaji exposes breasts in public (206,852 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (174,602 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (173,441 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (154,939 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (134,158 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (125,243 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (118,197 views) Lagos plane crash: Journalist releases victims’ names (109,543 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (108,837 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (101,385 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,664) Business Verdict (20) Columnists (728) Complaints & Requests (92) Enterprise & Opportunities (174) Entertainment (353) Features (479) Global Business Monitor (171) International (1,498) Interviews (128) Live Commentary (28) Love Matters (68) News (27,684) Opinion (786) Pidgin (8) Politics (3,869) Religion (600) Sports (1,309) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

President Muhammadu Buhari's National Broadcast

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!