Newsexpress place banner advert Yudala Triple Jara Offer
NLNG unveils 2017 Facts and Figures publication

By News Express on 19/04/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 237

•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 3:43:19 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

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

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

 

You may also like...
Obuah re-elected IPAC chairman in Rivers, promises stronger,...

RIGHTSView: PETROLEUM SECTOR AS NIGERIA’S 2013 BLACK SHEEP...

Rivers PDP accuses APC of plotting another postponement...

Anambra rerun: Ex-APC women’s leader challenges Ekwunife to...

Nigeria stun Ivory Coast, power into Nations Cup...

110 benefit from Graduate Internship Scheme in Anambra...

PDP sues Amaechi, INEC over Rivers rerun polls...

Akpabio sacks 3 commissioners, special adviser

African Basketball League set for launch in Lagos...

Bayelsa to collaborate with CBN on SMEs development...

Buhari to grace inauguration of Chadian President

Buhari, security chiefs meet with rescued Chibok girl...

 

Latest News Dickson orders immediate release of N200m for accreditation of programmes in state varsity AfDB releases $1m to reconstruct GGSS Chibok Amosun pardons absentee workers, pays October 2016, April 2017 salaries Bribery Allegation: Court rejects INEC official’s plea bargain Buhari: No cause for anxiety, says Presidency Shipowners back Dakuku to lead African maritime revival Ogun shuts down hospital over death of 24-year-old CBN offers $100m in Wholesale forwards Meningitis: UNICEF places Ekiti under surveillance Dangote to pump N106b into sugar refinery Senate to hand over 2017 budget to Buhari next week Coup plotter arrested in South Africa

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (241,214 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (218,675 views) Shameless Genevieve Nnaji exposes breasts in public (181,388 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (163,724 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (154,996 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (135,944 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (118,854 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (116,937 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (104,744 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (101,578 views) Lagos plane crash: Journalist releases victims’ names (100,024 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (94,466 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,527) Business Verdict (15) Columnists (672) Complaints & Requests (87) Enterprise & Opportunities (146) Entertainment (309) Features (431) Global Business Monitor (146) International (1,352) Interviews (120) Live Commentary (28) Love Matters (52) News (23,766) Opinion (682) Pidgin (8) Politics (3,670) Religion (522) Sports (1,254) Stock Watch (18) AMA & Al Jazeera Global Update

 

 

CBN Advert

 

Certificate Controversy: Dino Melaye celebrates as Vice Chancellor confirms he graduated...

 

APO Newsbreak logo

 

CLASSIFIED ADS

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

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

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

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

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