Business

NLNG set to export $700m delayed products

NLNG set to export $700m delayed products

Barring unforeseen development, the Nigerian Liquefied Natural Gas (NLNG) will eventually export its delayed products to buyers in June 2017, valued at about $700 million.

This was said to have been part of the stagnated products at NLNG depot since November 2016 due to lack of favourable markets.

The product is the company’s 6th Train cargo, which was said to have been delaying getting buyers for the 7th Train, planned to be marketed after delivery of the left over of the facility, an official, who pleaded for anonymity said on Friday.

He further disclosed that current facility has enabled management to launch a tender to sell three cargoe-loadings with effect from June 2017.

Read also: OPEC agrees to extend Nigeria’s oil production cuts for nine months

It was gathered that the final bids for the tender are to hold on June 1, while specific cargo loading dates are billed for June 14, June 20-June 30, and June 25-July 4, for 2017.

“This is expected to bring a needed relief to the government means of sourcing loan facility for the 2017 budget,” the official said.

But when contacted, NNPC spokesman, Ndu Ughamadu, said the Corporation is yet to get detailed briefing of the latest bid in the NLNG.

 

 

 

 

 

 

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