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NLNG celebrates celebrates 3000th LNG export cargo

By BusinessNews Staff on March 24, 2014

The Nigeria Liquefied Natural Gas (NLNG), says the country had earned as much as 24 billion dollars in revenue and dividends from its operations in Bonny Island in the last 15 years of its formal existence.

At an event to celebrate the company’s 3,000th Liquefied Natural Gas export cargo in Abuja, the Managing Director of the company, Mr Babs Omotowa, stressed that the country’s decision to embrace the LNG investment has paid off.

He explained that of that amount so far, 13 billion dollars was earned as dividend by the country, while another 11 billion dollars was earned in feed gas sales.

The company, which began operations in Bonny Island 14 years ago, exported her first cargo on October 9, 1999 and is planning to make further strides in the delivery of liquefied natural gas across the world.

Delivering cumulative revenue of about 80 billion dollars since 1999, and contributing about 4% of the Gross Domestic Product through the activities of the Nigeria Liquefied Natural Gas Limited, Nigeria ranks 5th in the global LNG distribution.

Foreign partners and stakeholders in the nation’s oil and gas sector gathered at the event to celebrate with the Nigeria Liquefied Natural Gas Limited.

[Daily Times]

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