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NLNG Earned $ 10 billion from Exports in 2011

By on May 22, 2012

Nigeria Liquefied Natural Gas was able to earn $10 billion in revenues despite a tough operating market in 2011.

Speaking during a recent visit to Bonny Island in Rivers State, former President Shonekan commended the efforts of the industry in generating income for Nigeria.

He said, “The LNG market has undergone some diversification but we were able to derive huge revenues for 2011.

“NLNG opened up by initially concentrating most of its exports to Europe with buyers in France, Portugal, Spain, Italy and Turkey. Later, it broadened its scope to deliver long-term sales to North America, which in the past was primarily a destination for only spot cargoes.”

Shonekan, however, condemned the incessant gas flaring in the country, calling it a waste of money.

According to him, “Not only from a health and environmental perspective that flaring of gas is wrong but also for the basic fact that the perpetrators are burning cash.

“Again, as a former captain of industry and a statesman, I find it detestable that our country not only still leaves value on the table and walks away year after year, but also continues to literally pour money into flames by flaring gas.”