NLNG: Buhari's Signature Project Back On The Cards As President Congratulates Stakeholders

Oil & Gas
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp

Wednesday, July 11, 2018  06.20 PM / Garba Shehu, Senior Special Assistant to the President

President Muhammadu Buhari congratulates the board, management, staff and shareholders of the Nigerian Liquefied Natural Gas company (NLNG), the NNPC and other Joint Venture partners, Shell, Total and AGIP on the signing of the contracts for the Front End Engineering Design (FFED) of Train 7 of the Nigeria Liquefied Natural Gas Project.

The President welcomes the signing of an MOU between NLNG, “B7 JV Consortium” and “SCD JV Consortium”, Wednesday in London, which paves the way for the additional Train 7 that would increase the country’s gas production output from 22 million tonnes per annum to 30 metric million tonnes per annum.

President Buhari also welcomes the commitment of all parties in supporting his administration to launch the “gas revolution” in Nigeria by ensuring the realization of Train 7, which has been stalled for many years under previous administrations.

He is optimistic that this significant step would culminate in a Final Investment Decision (FID) for the much-awaited multi-billion dollar Train 7 expansion programme by the end of this year.

The President notes that the signing of the contract for the plant expansion project after an eight-year delay is a sign of irreversible commitment by the Joint Venture to enter a Final Investment Decision (FID), and a clear indication that the confidence of investors is coming back to Nigeria following the good governance practices instituted by his administration.

President Buhari also notes that the 7th train which is expected to provide some 8,000 jobs is not only important for the country, but also an important benchmark for the Niger Delta region, which rightly yearns for development projects.

As a former Federal Commissioner for Petroleum and Natural Resources, the President recalls with nostalgia that several signature projects, launched under his watch, which would have accelerated the growth of Nigeria’s economy, including the NLNG, had sadly suffered neglect and abandonment by succeeding administrations.

For instance, the NLNG had the goal of establishing 12 trains by early 1980s but the project growth was stunted. So far, only six of those trains have been commissioned.

However, with this signature project back on the cards, President Buhari strongly believes it is destined for his administration to complete the project.

''This project perfectly keys into the Federal Government’s 'Economic Recovery and Growth' agenda.

''It signifies foreign investors’ confidence in our country’s economy,'' the President said.

Proshare Nigeria Pvt. Ltd.

Related News

1.       The NLNG Story - Lessons on Future Thinking

2.      Bullish Sentiment Soars As Oil Outages Mount

3.      Oil Falls Back On Saudi Supply Surge

4.      OPEC Meeting – Winners and Losers

5.      The New Oil Cartel Threatening OPEC

6.      OPEC Losing Control After Libya Outages

7.      Oando to Lead Discussion on Investing in the Future of Nigeria at the Nigeria Oil and Gas Conference

8.     Oil Rallies Towards $80

9.      The Saudis Won't Prevent The Next Oil Shock

10.  House Adopts Bill to Repeal 1989 NLNG Decree

Related News