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NLNG generated over $108bn in 31 years

NLNG generated over $108bn in 31 years

Nigeria LNG Limited has reported it has amassed more than $108 billion in revenue from Nigeria in the 31 years of its operation.

The joint venture firm noted at its foundation anniversary on Sunday that the Nigerian government had benefited over $7 billion dividends and $8 billion in taxes from the project since inception.

“Thirty-one years ago, our founding fathers achieved the realisation of what was previously an elusive dream. On this day, the Nigeria LNG was incorporated, paving the way for the rise of one of Africa’s leading and most successful brands,” it said in a series of tweets on its twitter handle @nigeriaLNG.

Nigeria LNG teed off operations in the country on 17th May 1989 to exploit the country’s massive natural gas and process Liquefied Natural Gas as well as Natural Gas Liquids for export.

“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 per cent to less than 20 per cent,” the company further stated.

Nigeria LNG accounts for fifty per cent of the domestic cooking gas market.

Read also: Lafarge’s Q1 profit leaps by 157% on the back of finance costs cut

It disclosed yesterday that its management was 100 per cent constituted by Nigerians while 95% of its workforce was dominated by Nigerians also.

“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 per cent. This will make our market presence stronger and generate more value from the over 200 trillion cubic feet of gas reserves in Nigeria.”

Nigeria LNG, in the week that just went by, awarded the engineering, construction and procurement contracts for its Train 7 project to a syndicate of firms namely Daewoo, Chiyoda and Saipem.

Upon completion, the project will lift Nigeria LNG’s output capacity to 30 metric tonnes per annum from 22.

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