Connect with us
Switch

Business News

Train 7 project: NLNG reacts after NNPC, others delay decision 

NLNG has reacted to the set-back recently experienced during the final investment decision meeting involving shareholders of the company.

Published

on

Train 7 project: NLNG reacts after NNPC, others delay decision

Nigeria Liquified Natural Gas Limited (NLNG) has reacted to the set-back delaying the final investment decision meeting involving shareholders of the company on the Train 7 gas project. The recent failure by Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni to reach an agreement has added to the 10 years delay already recorded.

The Nigeria LNG Manager, Corporate Communication and Public Affairs, Sophia Horsfall, said the company was still committed to the gas project despite the setback, stating that activities to ensure the final investment decision was finalised was underway.

NNPC, Chinese firm conclude plans to commence AKK project 

Mele Kyari, GMD, NNPC

A series of delays: For the past 10 years, the final investment decision on Train 7 project has been delayed. The decision was also expected to be finalised in October, according to Nigeria LNG’s Chief Executive Officer, Tony Attah, but it was never concluded. Also, the Group Managing Director, NNPC, Mele Kyari, disclosed last month that the final decision would be taken this month, yet, the December meeting ended without an agreement.

But reacting to the setback and delay of the project, Horsfall said, “The NLNG remains fully committed to realising the Train 7 project which is expected to increase its production capacity by 35% as well as boost its competitive edge in the global LNG market.

Specta

“As part of activities leading to the Final Investment Decision, the NLNG recently signed Gas Supply Agreements with its gas suppliers. Other activities leading to achieving FID are in progress,” Horsfall said in a Punch report.

[READ MORE: NNPC, Shell, others delay final investment on NLNG Train 7)

Why this matters? The Train 7 project is expected to increase Nigeria LNG’s production capacity from 22 metric tonnes per annum to about 30 MTPA and would form part of the investment of over $10 billion including the upstream scope of the LNG value chain.

The Nigeria LNG is a company co-owned by the NNPC (representing the Federal government) which holds a 49% stake, while the other stakeholders, Shell has 25.6%, Total holds 15% and Eni accounts for 10.4%.

Coronation ads

Why the delay on investment? According to a report by Punch, there are areas in the agreement that still needs deliberation and until they’ve been addressed, nothing can be signed in a hurry. Already, Saipem, Chiyoda Corporation and Daewoo Engineering & Construction Co. Limited have been named as the successful bidders to build the plant.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

FG to take delivery of first set of Covid-19 vaccines in February

The FG has announced that the country expects to take delivery of its first set of Covid-19 vaccine doses in February.

Published

on

Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The Federal Government has announced that the country expects to take delivery of its first set of Covid-19 vaccine doses in February, with health workers, vulnerable people and top government officials to be given priority.

These vaccines are expected to be procured through the Covax initiative which is backed by the World Health Organization (WHO), Gavi the Vaccine Alliance, and the Coalition for Epidemic Preparedness Innovation.

According to a report from Bloomberg, this disclosure was made in an interview by the Executive Director/Chief Executive of the National Primary Healthcare Development Agency, Faisal Shuaib, who said that as many as 100,000 doses of the Pfizer Covid-19 vaccine, would be purchased.

What the Head of the National Primary Healthcare Development Agency is saying

Shuaib said that the first batch of the vaccines,  which is enough for a maximum of 50,000 people, equivalent to about 0.00025% of Nigeria’s population, would be allocated to health-care professionals working in Covid-19 isolation centres and those supporting them, as well as the country’s senior political leaders.

He said, “We are waiting for final confirmation from Covax on when the first doses will arrive. A most recent indication is they’re expected in February.”

Specta

What you should know

  • It can be recalled that the Federal Government, had initially announced that it was expecting the first set of Pfizer Covid-19 vaccines to be available at the end of January through the Covax initiative.
  • The Minister of State for Health, Olurunnimbe Mamora, had also said that the country was yet to purchase any Covid-19 vaccine as the country was still assessing the prices of different shots, their availability and the logistics required for a nationwide roll-out.
  • Shuaib revealed that the Federal Government had acquired 3 ultra-cold freezers to keep the Pfizer vaccines at the required temperature. He said that in the longer term, the government planned to invest in vaccines that were easier to store, such as those created by AstraZeneca Plc, and the University of Oxford.
  • Nigeria, with a population of more than 200 million people, plans to vaccinate about 70% of its population in the long run and is working on other options, besides Covax, for supplies.

Continue Reading

Coronavirus

Nigeria records 1,964 new cases of Covid-19, highest daily surge

The Nigeria Centre for Disease Control announced that 1,964 new cases of the covid-19 virus were recorded on Thursday

Published

on

Impact of covid-19 on earnings and profitability of Nigerian banks, positives and negatives – report, Covid-19: Impact on capitalization of Nigerian banks - Report 

The Nigeria Centre for Disease Control, on Thursday, 21st January 2021, announced that 1,964 new cases of the Covid-19 virus were recorded across 24 states in the country.

This represents the highest number of cases recorded in a single day. It also represents a 41.7% surge compared to 1,386 cases recorded on Wednesday, 2oth January 2021.

According to the NCDC, the cases were recorded across 24 states; Lagos State recorded the highest with 824 new cases, representing 41.9% of the total daily cases.

Others include: FCT (246), Plateau (166), Kaduna (128), Ogun (76), Nasarawa (74), Anambra (69), Edo (50), Rivers (45), Ondo (44), Niger (40), Oyo (38), Adamawa (35), Kano (31), Akwa Ibom (27), Gombe (19), Kwara (13).

More details shortly…..

Specta

Continue Reading

Appointments

Buhari reappoints Bala Usman as MD of NPA, reconstitutes the Board

President Buhari has approved the reappointment of Hadiza Bala Usman as the MD of the NPA for another term of 5 years.

Published

on

NPA discovers new method Apapa businessmen use to avoid port duties

President Muhammadu Buhari has approved the reappointment of Hadiza Bala Usman as the Managing Director of the Nigerian Ports Authority (NPA) for another term of 5 years.

This follows the expected expiration of the tenure of Usman, who was first appointed as the Managing Director on July 12, 2016.

This disclosure is contained in a series of tweet posts which was issued by the Presidency on its official Twitter handle on Thursday. January 21, 2021.

READ: COVID-19: NPA, NCDC disagree over new cases in Lagos

The Presidency in its statement also announced the approval of the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Olajide Adesoye (representing South-West zone) as Chairman.

Specta

The statement from the Presidency partly reads, ‘’President Muhammadu Buhari has approved the re-appointment of Hadiza Bala Usman as Managing Director of Nigerian Ports Authority (NPA), for an additional five-year tenure.

‘’Also approved is the reconstitution of the Non-Executive Board of the NPA, with Emmanuel Adesoye (from South-west zone) as Chairman.’’

READ: Nigerian Aviation: Exchange rate, 7.5% VAT suspension and other factors to determine survival – Experts

Other members of the reconstituted Board include Ekenyem Nwafor-Orizu (representing South-east zone), Akinwunmi Ricketts (representing South-south zone), Ghazali Mijinyawa (representing North-East zone), Mustapha Dutse (representing North-West zone), and Abdulwahab Adesina (representing North-Central zone).

Coronation ads

READ: Haulage cost increases by more than 50% in a week as Apapa gridlock bites harder

What you should know

  • Hadiza Bala Usman was born on January 2, 1976, in Zaria, Kaduna State and has a B.Sc. Business Administration from Ahmadu Bello University (ABU), Zaria and a Post Graduate in Development Studies from University of Leeds, the UK in 2009.
  • She worked at the Bureau of Public Enterprises (BPE) from July 2000 to August 2004 as Enterprise Officer and hired by the UNDP for the Federal Capital Territory Administration (FCTA) from October 2004 to January 2008 as Special Assistant to the Minister on Project Implementation.
  • Ms Bala Usman worked, between 2011 and 2015) as Director of Strategy of the Good Governance Group, a non-governmental organisation founded by Kaduna State State Governor, Nasir El-Rufai, and his friends.
  • Ms Bala Usman, one of the founders and conveners of #BringBackOurGirls, a campaign group pushing for the rescue of the abducted Chibok schoolgirls, was also a member of the Presidential Advisory Council on Anti-Corruption.
  • Prior to her appointment as the Managing Director of Nigerian Ports Authority, she was the Chief of Staff to Governor Nasir  El-Rufai of Kaduna, apposition she was appointed to in 2015.

Continue Reading
Advertisement




Advertisement