The Nigerian National Petroleum Corporation (NNPC) has a $2.5bn pre-payment agreement with the Nigeria Liquefied Natural Gas (NLNG) Ltd. for upstream gas supply gas to the NLNG Trains 1 – 6.
Speaking on the significance of the agreement that was signed in Abuja on Friday , the Group Managing Director of NNPC, Mele Kyari, said it would help to resolve the issues around gas supply to Trains 1 – 6, stressing that there was need to fast-track action on the process of bringing more trains on stream.
“Here at NNPC, we are thinking beyond Train 7; if your ambition is Train 7”, Kyari told the shareholders.
A statement by acting spokesman of the NNPC Samson Makoji said the GMD noted that though NLNG has been a huge success as a company, it must go beyond its current achievements and initiate other viable projects capable of generating better return on investment.
The NNPC helmsman said the pre-payment gas supply agreement was a milestone which aligned with the Federal Government’s aspirations of monetizing the nation’s enormous gas resources, protecting the Federation’s investment in the NLNG, ensuring full capacity utilization of Trains 1-6 plants, generating employment, and providing new vistas of growth opportunities in the nation’s LNG sector.
Earlier in his address, the Managing Director of NLNG, Engr. Tony Attah, noted that the signing of the gas supply pre-payment agreement was a significant step towards ensuring the company’s business sustainability and competitiveness.
He called for support to ensure that the Final Investment Decision on the Train 7 Project is taken this year without fail, adding that the project was no longer an ambitious one in the light of developments in the global LNG market.
High-point of the occasion was the signing of the gas supply pre-payment agreement which was witnessed by the Country Chairman of Shell Companies in Nigeria, Osagie Okunbor, and representatives of Total, Eni/NAOC, amongst others.
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