NLNG seeks $7bn for sustainability, `train 7 expansion’

The Nigeria Liquefied Natural Gas (NLNG) says it is seeking $7 billion about (N2.5 trillion) from the global financial markets to ensure sustainability of its operations.
A statement by the Manager, Communications and Public Affairs of company, Mr. Andy Odey, yesterday in Lagos, said the fund was also for expansion project to increase production capacity from 22 million tons Per Annum (MTPA) to 30 MTPA.
According to him, the loan is build-up toward Final Investment Decision (FID) scheduled later in the year.
Odeh said that the company was presently holding a ceremony in London to commemorate the repayment of a $5.45 billion shareholder loan for its existing trains.
The statement quoted the NLNG’s Managing Director, Mr.Tony Attah as saying “the funds being sought would cover the company’s expansion programme (construction of Train 7)”. Attah said that the loan would also be invested in the upstream gas sector in Nigeria to ensure the sustainability of feed-gas supply to its existing trains (Trains 1 to 6) and the new Train 7. According to him, NLNG is a mid-stream company that has monetised over 5.96 Trillion cubic feet (Tcf) of Associated Gas (AG) which will have otherwise been flared thus helping to build a better Nigeria.
He said that over decades, the company has raised funds for its projects from a combination of shareholders loans, Internally Generated Revenue (IGR) and third party loans.
“In all of these financial ventures, NLNG demonstrated financial discipline and character by abiding by loan covenants, terms and conditions without a single breach or default, and we believe this positions the company as a Lenders delight .
“The consolidated loan contributed toward funding the base project, expansion project, NLNG plus project and Train 6.