• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 14 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 day Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)

Nigeria LNG Seeks $10B Funding To Expand

The operator of Africa’s biggest natural gas plant, Nigeria LNG, is seeking a loan of US$10 billion from domestic and international lenders to expand its operations with a seventh train, the company’s chief executive Tony Attah told Bloomberg in an interview.

Nigeria LNG signed earlier this week a letter of intent (LOI) for the Train 7 engineering, procurement and construction (EPC) contract.

SCD Group is the preferred bidder for the Train 7 project, Attah said at the signing ceremony.

“With the signing of the LOI we hope that by the end of October a Final Investment Decision will be signed for Train 7. This will ensure we attain our ambition of increasing our production by 35%,” Nigeria LNG said on Twitter.

In order to finance the construction of Train 7, Nigeria LNG is now looking to raise as much as US$2 billion from the top ten domestic lenders, Attah told Bloomberg. The company will go for the remainder of the funding—US$8 billion—to foreign banks and export credit agencies, the manager said.

“We have done the financial market pitch to know who has capacity,” Attah told Bloomberg.

Train 7 is estimated to cost US$7 billion to build, while another US$3 billion will be necessary for the construction and installation of pipelines to feed the new facility and for natural gas gathering projects, according to Bloomberg.

Nigeria joins the largest LNG exporters in the world—Qatar, Australia, and the U.S.—in expanding its LNG export capabilities.

Nigeria LNG sees demand from emerging markets as the key driver of future LNG sales growth, including new markets such as Jordan, Bangladesh, and Pakistan, the company’s CEO told Bloomberg.

Nigeria LNG’s shareholders are the Nigerian National Petroleum Corporation (NNPC) with a 49-percent stake, Shell with 25.6 percent, France’s Total with a 15-percent interest, and Italy’s Eni SpA with a 10.4-percent share.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News