Nigeria Liquefied Natural Gas Limited’s (NLNG) Managing Director, Tony Attah, said that the company plans to raise $15 billion from the International Capital Market to fund its Train 7 project, The Nation reported.
Attah went before the country’s senate late October to push for them to approve. He added that proven and estimated gas reserves at 187 and 600tcf, are more than sufficient to serve domestic and commercial needs of the country, according to New Mail. Attah comments came during an oversight visit of members of the Senate Committee on Gas to the NLNG facility in Bonny, Rivers State.
Attah said NLNG faces with severe challenges, including the operations of multiple regulatory agencies, pipe line security issues, with 19 recorded pipeline disruptions during 2016 alone. However, the Committee agreed that from what they saw, there is strong evidence that the company is well run. They also observed with satisfaction that the plant from which this success story has been created is operated by Nigerians. They however expressed the need for the company to help the nation achieve zero gas flaring while also indicating their concern about how to sustain the aging plant, expedite the train 7 project and maintain the successful NLNG model.
The Train 7 project comes under the the further expansion at the Nigeria LNG complex with the addition of two 8.5 MMTPA LNG trains (NLNG Trains 7 and 8) as well as additional utilities, product storage and loading facilities. The project is executed by KBR in Joint Venture with Technip, Snamprogetti, and JGC (TSKG Nigeria Ltd.)