The Nigerian National Petroleum Corporation (NNPC), Shell, Total, and ENI on Friday signed the final investment decision (FID) to give the go-ahead for the construction of Train 7 of the Nigeria Liquefied Natural Gas (NLNG) project.<\/p>\n
The FID was initially scheduled to be sealed last week Thursday. But, after two days of meetings meant to smoothen the rough edges and come to the decision, the parties agreed to extend the ceremony.<\/p>\n
But, at a small ceremony witnessed by representatives of all the partners in the NLNG office in Abuja, the FID was finally taken on the commencement of the project that will expand the plant\u2019s production capacity by 35 per cent and boost Nigeria\u2019s competitiveness in the global LNG market.<\/p>\n
\u201cThe FID will allow the expansion to increase the capacity of NLNG\u2019s six-train plant from the extant 22 million tonnes per annum (MTPA) to 30 MTPA,\u201d the Managing Director\/CEO of NLNG, Tony Attah, said at the signing ceremony.<\/p>\n
\u201cTrain 7 is the crux of a growth agenda, which will ensure the Company\u2019s position as the 5th major supplier of global LNG is maintained, increasing value to its shareholders and other stakeholders, as well as further reducing the gas that would otherwise have been flared, in fulfillment of its vision of \u2018being a global company, helping to build a better Nigeria.<\/p>\n
\u201cWith the award of contracts for the engineering, procurement and construction activities to follow the closure of the bank and Export Credit Agency (ECA) financing, and the finalization of some key supporting commercial agreements is expected in early 2020,\u201d he added.<\/p>\n
He said the actualization of the Train 7 Project comes as NLNG celebrates 30 years of its incorporation and 20 years of safe and reliable operations since exporting its first LNG cargo in 1999.<\/p>\n
Also, he said the project will help create \u201cover 12, 000 jobs will be created during the peak of construction, trade and commercial activities within the Niger Delta region equally receiving a boost as a result.<\/p>\n
\u201cThe Project will also support the development of local engineering and fabrication capacity in the country. Other opportunities for local content include procurement, logistics, equipment leasing, insurance, hotels, office supplies, aviation, haulage, and many more,\u201d Mr Attah said<\/p>\n
The Group Managing Director of NNPC, Mele Kyari, said the taking of the FID marks a great day for Nigeria as all the partners in the project have resolved to proceed with a project that will ultimately deliver at least $20 billion of net revenue per annum for the federation and create at 12,000 direct and 40,000 indirect jobs to Nigerians.<\/p>\n
\u201cThe significance of the FID is that there is renewed confidence by international investors, particularly the partners in the project, which have been in the country for long, to still agree to bring money back into this economy to move Nigeria and our relationship forward.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian National Petroleum Corporation (NNPC), Shell, Total, and ENI on Friday signed the final investment decision (FID) to give the go-ahead for the construction of Train 7 of the Nigeria Liquefied Natural Gas (NLNG) project. The FID was initially scheduled to be sealed last week Thursday. But, after two days of meetings meant to […]<\/p>\n","protected":false},"author":62,"featured_media":5744,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[713,434],"class_list":["post-19416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-abba-kyari","tag-nnpc"],"yoast_head":"\n