President Muhammadu Buhari on Tuesday called for Nigerian Liquefied Natural Gas (NLNG) Train 7 to be delivered on time so that the Train 8 project can begin.
The president gave the charge during a virtual groundbreaking ceremony for the project on Bonny Island, Rivers State.
He urged the NLNG, the host communities, the Rivers State government and other federal government agencies to continue to work together to ensure the completion and eventual inauguration of the Train 7 project “safely and effectively. time “.
“As we close the Train 7 project today, I look forward to the development and execution of other gas projects by international oil companies (IOCs) and local operators.
“I also look forward to other NLNG trains to exploit the more than 600 billion cubic feet of proven gas reserves that we have.
“I congratulate the shareholders of NLNG, the Federal Ministry of Petroleum, the NNPC, the Nigerian Content Development and Monitoring Board and other stakeholders for their very exemplary collaboration which has resulted in this great opportunity.
“I thank the foreign investors for the confidence placed in Nigeria.
“I assure all Nigerians and potential investors in the oil and gas sector that the federal government will continue to create an enabling environment for the development of the sector and bring all the benefits of gas closer to our people,” he said. .
Buhari recounted that the story of Nigeria LNG was one with which he was “passionately associated during the formative years of the project”.
“As Minister of Petroleum Resources, I launched our first foray into the LNG business in 1978. At the time, it was already evident that Nigeria was primarily a gas-rich country with some oil!
“It is therefore a great joy for me to see the organization go from a simple project in the early 90s to a very successful company with more than 20 years of responsible operation and a constant supply of liquefied natural gas, gas of liquefied petroleum and natural gas liquids in the world market.
“This is proof that Nigeria has a great capacity to bring value to the world by exploiting our natural resources,” added the president.
He praised NLNG and its shareholders – NNPC, Shell, Total and Eni for proving that a Nigerian company can operate a world class business in a safe, profitable and responsible manner.
He commended the consortium for having clearly laid the groundwork on which Nigeria’s vast gas resources would continue to grow in the future.
According to the president, the goal of his administration is to boost the development of Nigeria’s abundant gas resources, strengthen the gas value chain, develop much-needed infrastructure and improve the security of operations in the sector, as stated. in the 2017 national gas policy.
“Through the Gas Decade initiative, which I recently launched, we will transform Nigeria into a major gas and industrialized country, with gas playing the key role as a source of income, fuel for industries and the power needed for petrochemical and fertilizer plants, ”he said. .
He also said he was delighted that NLNG, as a pioneering LNG company in Nigeria, has dutifully proven the viability of the gas sector over the years, currently contributing around 1 percent of Nigeria’s GDP.
“NLNG has generated $ 114 billion in revenue over the years, paid $ 9 billion in taxes; $ 18 billion in dividends to the federal government and $ 15 billion in fuel gas purchases.
“These are commendable achievements of the 100% Nigerian management team of the company.
“With this level of performance, I can only hope that the company continues to grow from this Train 7 project, but also to position Nigeria to thrive through the energy transition,” he said.
In his address, the Minister of State for Petroleum Resources, Timipre Sylva, described NLNG as a “blessing to the nation”.
According to him, he has positively supplemented the exploration for crude oil by monetizing the gas flaring and generating huge revenues for the nation and investors.
Sylva added that since NLNG became operational in 1999, the country has seen a drastic reduction in the operational status of torches from 65% to 12%.
“I say boldly that the inauguration of train 7 is a guarantee for each stakeholder of more dividends in terms of further reduction in gas flaring, more income for the nation and shareholders, more job opportunities , especially during the construction phase and more social investments for the company, ”he said.
Also speaking, Anthony Attah, Managing Director and CEO of NLNG, said Train 7 will increase NLNG’s overall capacity to 30 million tonnes per year (mtpa) from the current 22 million mtpa.
Attah noted that the project would boost about $ 10 billion in foreign direct investment in Nigeria, create 12,000 direct jobs in Bonny Island and an additional 40,000 indirect jobs in construction.
He said the project would also promote the development of local capacities and businesses through 100% execution in the country of construction works, manufacturing and major purchases.
“Nigeria has been riding on the back of oil for over 50 years, but with this Train 7 project, Nigeria is now ready and I think now is the time to fly on the wings of gas,” he said. he declares. (NAN)
