0 C
Lagos, NG
1st June 2020
  • Home
  • LOCAL NEWS
  • NLNG Train Seven: Senate backs $10bn investment in the gas sector
LOCAL NEWS

NLNG Train Seven: Senate backs $10bn investment in the gas sector

NLNG Train Seven: Senate backs $10bn investment in the gas sector
NLNG Train Seven: Senate backs $10bn investment in the gas sector

The Senate is throwing its full weight behind the 10billion dollars Nigeria Liquefied Natural Gas NLNG Train seven Project investment in the nation’s gas sector, by the Nigeria Liquefied Natural Gas (NLNG). It also urged Nigerians to actively participate in the project which would create 10,000 new jobs and expand gas production capacity by 35 per cent.

Senate commendation followed a presentation by the Managing Director of NLNG Mr Tony Attah, to the Senate Committee on Local Content.

Chairman of the Committee, Sen. Teslim Folarin affirmed senate’s commitment towards ensuring that Nigerians are active participants in the gas sector.

Folarin in a statement by his Senior Legislative Aid Bamidela Ajibola on Friday said the committee was delighted at the expansion of the nation’s gas capacity from 22MTPA to 30MTPA through the train7 project.

He said the project would be constructed by the SCD consortium, comprising of Saipem, Chiyoda and Daewoo.

Folarin stressed with the foreign direct investment on the project, the gas sector and the nation, stands to witness unprecedented benefit.

He, however, said that NLNG should expect further invitations from the senate given its determination to ensure that the project complies with Local Content laws once the Final Investment Decision (FID) on the NLNG Train seven project was signed.

Attah in his remark explained that NLNG was owned by four shareholders, namely the Federal Government, represented by the Nigerian National Petroleum Corporation (NNPC) with 49 per cent, stake; Shell Gas has 25.6 per cent Total Gaz Electricite with 15 per cent and Eni International with 10.4 per cent.

He said NLNG selected the SCD consortium for the NLNG Train seven project after a thorough bidding process.

According to him, the SCD consortium will collectively build the seven billion dollars LNG Train seven expansion plant.

Attah said that an additional 3billion dollars worth of investment in upstream gas development would be spent to meet the expected demands of the new capacity.

He said the investment would raise the global profile of Nigeria as the fourth largest exporter of LNG in the world.

He commended the Senate and its Committee on Local Content for the support rendered so far.

(NAN)

Related posts

PHOTO: EFCC To Use Football As A Strategy To Fighting Corruption. Unveils EFCC FC Jersey

yellowdanfo

Anambra Assembly confirms LG Transition Committee chairmen

yellowdanfo

One Agbo Austine, three others in EFCC net over $200k fraud

yellowdanfo

Supreme Court rejects Atiku’s appeal to access INEC Server

yellowdanfo

How Soldiers aided my escape- Hamisu Bala ‘Wadume’

yellowdanfo

PDP to reopen campaigns says INEC erred in its prohibition directives

yellowdanfo

PHOTO: I wish I was a full-time housewife- Lola Omotayo

yellowdanfo

PHOTO: Mrs Aisha Buhari adopts First Lady title

yellowdanfo

Mercy Aigbe shows off major cleavage in latest post

yellowdanfo

EFCC writes AGF on the extradition of Mrs Diezani

yellowdanfo

Leave a Comment

Login

X

Register