NLNG raises asset base by $14 billion, awaits FID on Train 7

Oil and Gas

Nigeria LNG Limited (NLNG) has so far invested additional $14 billion on assets, made up mainly of plants and equipment, financed largely by the company’s shareholders, with 51 per cent stake by International Oil Companies (IOCs) and 49 per cent belonging to the country through the Nigerian National Petroleum Corporation (NNPC), The Guardian reports.

The company, which made this disclosure in its “facts and figures on NLNG 2014″, stated that its corporate income tax amounted to about N220 billion in 2014, thus making it the highest tax payer in Nigeria and Sub-Saharan Africa.

It added that the company has also over the years paid dividends of almost $30 billion, out of which 49 per cent went to the Federal Government through NNPC.

The company added it has converted about 133 Bcm (billion standard cubic metres) or 4.68 Tcf (trillion cubic feet) of associated gas to exports as LNG and natural gas liquids, thus helping to reduce gas flaring by upstream companies.

It disclosed that plans for building Train Seven that will lift the total production capacity (in addition to the existing 6 six trains) to 30 million tonnes per annum (mtpa) of LNG are currently progressing with some preliminary early site preparation work initiated.

The company however said that further work on the Train Seven plant is currently awaiting Final Investment Decision (FID) by shareholders.

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