NLNG announces new target

Nigeria Liquefied Natural Gas Ltd. (NLNG) has announced a target to boost its global supplies of LNG from 7% to 10% upon completion of Train7.

Mr Babs Omotowa, Managing Director of NLNG Ltd. said that the company currently has six trains with a capacity of 22 million tpa and that NLNG was looking to expand supply into emerging markets Asia: “We are now exploring the Asian market like the Japan, India and China have the potentials to double the US market and they have become our favourite markets now,” he said.

“Since inception, we have shipped 3000 LNG cargoes to customers globally, and we accounted over $60billion dollars revenue,” Omotowa said, adding that NLNG accounted for 4% of Nigeria’s GDP.

“With its plant construction, the company has generated considerable Foreign Direct Investment (FDI) for the country. The six trains today worth over $13billion. And 49 per cent of this belongs to the country through the NNPC.

“Having realised that funding is the bane of the Nigerian manufacturing industry, we introduced US$ 1billion NLNG Local Vendors Financing Scheme (NLVFS), which facilitates access to funds from participating banks by NLNG-registered vendors.

“This way, vendors get speedy access to finance for their contracts, or procurement orders, at competitive rates,” he said.

Omotowa also told journalists that the company has significantly reduced gas flaring in Nigeria.

Edited from various sources by Ted Monroe

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/09062014/nlng_to_boost_role_in_global_supply_of_lng_by_three_percent/