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Delays in investment affects $15 billion Brass LNG Project

By on January 12, 2013

LNG TankerOne of the World’s biggest natural gas development projects, the Brass LNG is experiencing some challenges in its operation, due to its inability to woo investors.

The Company which was expected to position Nigeria among the major producers of liquefied natural gas in the world, may yet take a while to achieve the goal.

Part of the reason for not courting strategic investment for the company, has been linked to the crisis and hostilities in the Niger-Delta region of the Nation. Another issue is the delay in the passage of the Petroleum Industry Bill (PIB).

This challenges are part of the gridlocks affecting the smooth process and full operations of the Brass LNG project, which should be a major foreign earner for the country, aside crude oil.

Despite the announcement by the Federal Government early last year that plans to reach Final Investment Decision had been concluded, nothing concrete has happened till now.

This has created a lot of concern for Industry experts, who know the value of the LNG project to the Nation’s economy. Nations like Russia are benefiting from the operations of their Natural Gas companies.

It is expected that this year, the Federal Government, will be more strategic in its approach to the management of the Brass LNG project, pushing aggressively for Investments that will take it to the next level.