Nigeria Gas Firm Generates $114bn

By The Source

Nigeria Liquefied Natural Gas, NLNG has generated over $114 billion since it was first established in 1978, President Muhammadu Buhari has said.

Buhari disclosed this at the inauguration of NLNG train 7 project in Rivers state on Tuesday, charging the company to ensure its timely completion.

Buhari was the Minister of Petroleum when NLNG was inaugurated in 1978 and still combines the office with his role as the president of the Federation Republic since he became a civilian leader in 2015.

Buhari who did the ground breaking virtually from Abuja said the early completion of the project located in Bonny Island, Rivers State, would pave the way for the commencement of Train 8.

He urged the Board of Directors, management and staff of NLNG, the Rivers State Government, host communities and other agencies of the Federal Government to close ranks so as to ensure completion and eventual commissioning of the Train 7 project.

Buhari said, “As we flag off the Train 7 project today, I look forward to the development and execution of more gas projects by the International Oil Companies and indigenous operators, and more trains from Nigeria LNG to harness the over 600 trillion cubic feet of proven gas reserves we are endowed with.

“Let me use this opportunity to commend the shareholders of NLNG, the Federal Ministry of Petroleum, the Nigeria National Petroleum Corporation and the Nigerian Content Development and Monitoring Board and other stakeholders for very exemplary collaboration which has culminated in this great opportunity for Train 7.

“I want to thank the foreign investors for the confidence reposed in Nigeria, and assure all Nigerians and potential investors in the oil and gas sector that the Federal Government will continue to create the enabling environment in order to develop the sector and bring the full benefits of gas closer to our people.”

“As Minister of Petroleum Resources, I kicked off our first foray in LNG Business in 1978. At that time, it was already apparent that Nigeria was mainly a gas-rich country with a little oil.”

The NLNG has generated over $114 billion in 42 years, the president said.

According to him ‘’NLNG has generated $114bn in revenues over the years, paid $9bn in taxes; $18bn in dividends to the Federal Government and $15bn in feed gas purchase.

“These are commendable accomplishments by the company’s 100 percent Nigerian Management Team.”