NLNG remits $13billion into federal account since inception
Marking the 31st anniversary of its establishment, the Nigeria LNG Limited says it has so far paid over $13bn into the federation account for feed-gas purchase since its inception.
In a tweet on social media platform, Twitter on Sunday, the firm also disclosed that it paid $8bn in taxes to the Nigerian government through the Nigerian National Petroleum Corporation, NNPC.
Investors have likewise pocketed over $7bn in dividends.
Jointly owned by the federal government represented by the NNPC (49 percent) and three international oil companies, Shell (25.6 percent), Total (15 percent) and Eni (10.4 percent), NLNG was established on May 17, 1989, to harness Nigeria’s vast natural gas resources and produce the LNG and natural gas liquids for export.
“Thirty-one years ago, our founding fathers achieved the realisation of what was previously an elusive dream. On this day, Nigeria LNG was incorporated, paving the way for the rise of one of Africa’s leading and most successful brands”.
“We have recorded many milestones within 31 years of incorporation and over 20 years of production. With a 22 MTPA six-train plant on Bonny Island, the NLNG has reduced gas flaring from 65 percent to less than 20 percent and generated over $108bn in revenue,” it said in a series of tweets.
The NLNG said it had ensured supply of 50 percent of cooking gas in the country, adding that it had achieved 100 percent Nigerian management and 95 percent Nigerian staff.
“We are the leaders in corporate social responsibility. With the Federal Government, we are building Bonny-Bodo road worth over N120bn; we sponsor $100,000 Nigeria Prize for Literature Prize and Nigeria Prize for Science as well as scholarships”.
“We look to the future with the NLNG Train 7, increasing our capacity by 35 percent. This will make our market presence stronger and generate more value from the over 200 trillion cubic feet of gas reserves in Nigeria.”
Last week, the NLNG awarded the engineering, procurement and construction contracts for its Train 7 project to the SCD JV Consortium, comprising Saipem of Italy, Japan’s Chiyoda, and Daewoo of South Korea.
The Train 7 project aims to increase the company’s production capacity from 22 metric tonnes per annum to about 30 MTPA, and will form part of the investment of over $10bn, including the upstream scope of the LNG value chain.
SOURCE: sweetcrudereports.com
