The Chief Executive of Nigeria Liquefied Natural Gas Company Limited (NLNG), Babs Omotowa, has stated that the company generated $85 billion from exports since its inception 15 years ago.
Omotowa told reporters in Lagos recently; “
For us, it has been a success story. Between 1999 when we came on stream and now, we have realised some $85 billion from exports of liquefied natural gas to buyers in Europe, America and Asia”.
He said the company, which was set up to harness Nigeria’s vast natural gas resources and produce liquefied natural gas for export, also recently paid $1.6 billion dollars to the state in tax.
Omotowa said the company had paid $30 billion in dividends to its shareholders over the years, including the government, which owns a 49-per-cent stake through the Nigerian National Petroleum Corporation (NNPC).
Omotowa also said plans were in place to expand the NLNG plant in Finima on Bonny island, in the oil and gas-rich southern Rivers state, by 2017.
He said Train 7 would cost an estimated $12 billion, create 18,000 construction jobs and bring in an additional three billion dollars in exports when operational.