… Unveiled SPAs to supply 1.1 million to indigenous off-takers

Managing Director and Chief Executive Officer, Nigeria LNG Limited NLNG, Tony Attah, has disclosed that as development partner with Nigeria’s Government the Company’s six-train plant has generated more than US$110 billion in revenue since it began operation in 1999.

This was part of his opening remarks at the announcement of the execution of sales and purchase agreements for domestic supply of LNG during a press conference in Abuja yesterday.

Mr Attah who also announced the unlocking of gas utilization, backed by the execution of Sales and Purchase Agreements SPAs to supply 1.1 Million Tonnes Per Annum MTPA of LNG on DES basis to Asiko Power Limited, Bridport Energy Limited and Gas-Plus Synergy Limited at the event reiterated that the SPAs will facilitate the project execution and development of infrastructure led by off-takers to aid LNG delivery into the domestic market.

Giving a breakdown of the performance of the Nigeria LNG, over the years, Mr Attah explained that the Company has paid about US$18 billion as dividends to the Federal Government of Nigeria, through the Nigerian National Petroleum Corporation NNPC 49 per cent shareholding and equivalent amount as dividend to the other three shareholders in the same time period.

 

It has also paid about US$15 billion for feed gas purchases to the Federal Government of Nigeria through its shareholding in NNPC and about USD9 billion in taxes.

He said that the Nigeria LNG remains a major influencer in the domestic LPG sector.

According to him, “Presently, we have dedicated 450ktpa of LPG to the market and our focus is to support the use of cleaner energy to protect our citizens and the environment from the hazards posed by other cooking fuels by encouraging the use of cooking gas in Nigeria.”

“In addition to the Domestic LNG Scheme, we have the on-going Train 7 project with capacity to attract about $10bn in foreign direct investment. “We are also looking to expand the LPG value chain by increasing our supply to the domestic market, guaranteeing LPG supply and enhancing its affordability, and enabling the development of a value network for a sustainable ecosystem.”

 

He disclosed that the execution of the SPAs follows a Domestic LNG DLNG Workshop held in November 2019 to stress test the delivery model with industry stakeholders and a series of engagements to identify suitable actors to co-create the initiative and stimulate market interest for potential off-takers.

 

“With Nigeria’s enormous gas reserves, I am not in doubt that with the right drive from the government and the support of corporate organizations, we as a nation can stand with our head held high to be counted among major players. The government has demonstrated its readiness to take the gas sector to the next level by declaring this decade our nation’s Decade of Gas.”

“We believe this will be the decade for us to leverage on our gas reserves to accelerate our power generation solutions through Gas-to-Power projects. It will be the decade when as a nation we stop reporting deaths from pollution through the use of wood and solid fuels as domestic energy sources. And it will be the decade for empowering local SMEs to take advantage of the various investment opportunities that the Decade of Gas will attract.” He stated.

He however, called for a collaborative effort, and the active participation of all stakeholders required as a nation to reach the promised Land and to attain the dream of economic expansion, industrialisation and improved opportunities for all Nigerians, flying on the wings of gas.


FOR INFORMATIONAL PURPOSES ONLY. The content of this Website is made available by the Nigerian Pilot Newspaper Publisher. This Website seeks to facilitate the dissemination of informative, with engaging, and constructive news about events in Nigerian, Africa, and Globally as they happen. The “Distributor” of this Information are the Nigerian Pilot Newspaper and Nigerian Pilot Tv brands of Dom Communication, LLC.

DISCLAIMER: FAKE NEWS PUBLICATION. This Website NigPilot collects information from several Independent Reporters and may contain unauthenticated and/or copyrighted materials the utilization of which has not generally been explicitly approved or authorized by the copyright proprietor. NigPilot with concern to increase in misleading social media publications, please report any Fake, False, or Misleading News to [email protected] for immediate action.

FAIR USE NOTICE. In accordance with THE LAW, the material on this Website is included for informational and educational purposes. If you wish to use copyrighted material from this site for purposes of your own that go beyond “fair use,” you must obtain permission from the copyright owner or Nigerian Pilot WEBMASTER. For Nigerian Pilot Newspaper Advert Rates Click Here!