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NNPC to Take $2 Billion Loan From Japanese Companies to Fund Brass LNG

By on August 15, 2011

Nigeria NNPC plans to take a $2 billion loan on concessionary terms from a group of Japanese companies led by the Japan Bank for International Cooperation to fund its equity in Brass LNG project, a company spokesman said.

The decision followed a meeting between the Nigeria’s state energy company and representatives of the Japanese companies on July 27 in Abuja, Levi Ajuonuma, spokesman for the company also known as NNPC, said in a phone interview today from the capital. Other Japanese companies involved in arranging the loan include LNG Japan, ITOCHU Corp. and Sojitz Corp. (2768)

NNPC will also reduce its current 49 percent stake in Brass LNG to 30 percent “and has offered 4 percent and 3 percent to LNG Japan and ITOCHU respectively,” he said. The remaining 2 percent has been offered to a joint venture between Sahara Group and Sempra Energy. (SRE)

Bloomberg