NLNG generates $100bn revenue, takes steps to end gas flaring

The Nigerian Liquefied Natural Gas (NLNG) has generated for the federal government over $100 billion in revenue and even as it has paid about $8 billion in taxes.

The company which said it is eyeing enhanced market share as it redoubles efforts to put the Train-7 facility in place, which will further help in reducing gas flare, has paid $13 billion for feed gas purchase as it rolls out a business plan that would accelerate the development of gas sector in the near future.

The NLNG said so far it has significantly reduced the country’s gas flare from 65 per cent to about 20 per cent, which has also improved revenue earning for the government from gas, aside from eliminating greenhouse gas emissions.

Addressing the media in Lagos during a media luncheon, Mrs. Enoyo Fatayi-Williams, the company’s general manager, external relations and sustainable development, disclosed that $17 billion has been paid in dividends to the federal government while over N25 billion contributed to developments in the Niger Delta.

As part of its community development initiative, the Nigeria LNG spent about N60 billion for the constructing of Bonny-Bodu road. According to Fatayi- Williams, a Memorandum of Understanding (MOU) signed with Bonny Kingdom for the economic development of the Kingdom, the company is spending N3 billion per annum grant for a 25-year period and in addition sponsoring the Nigeria Prize for Science and the Nigeria Prize for Literature worth $100, 000 each.

As part of its enhanced Corporate Social Responsibility (CSR) the NLNG is sponsoring scholarships, health initiatives and built infrastructure in Bonny Island, to host community and many more others. She said the company is proud to celebrate a significant milestone in its 30 years fruitful existence.

He said: “NLNG is celebrating 30 years of incorporation this year. At the same time, we  are also celebrating 20 years of safe and reliable production and delivery of LNG to the world. These milestones are what have made 2019 a very special and auspicious year for us all.

“Never before has our history been told the way it has been done this year, showing you in clarity how Nigeria built this company into success. A number stands out in all of these narratives; the number 30.’’

The significance in this is that in our history, major developments and milestones are in blocks of 30 years.  Starting in the 1960s, it took about 30 years of false and botched starts before the NLNG concept gained traction and the company was incorporated in 1989.

From that time, it took another 30 years of developing what you currently see as Nigeria LNG. We have signed FIDs which paved the way for our current 22 Million Tonnes Per Annum (MTPA) plant which has made the following possible,” she said.

Speaking on future development, the GM, said the company is now in transition, looking into the future and planning for the next 30 years.

In her words, “Train 7 is part of that plan. Train 7 will increase of our production output by 35 per cent from 22 Million Tonnes Per Annum (MTPA) to 30 MTPA- another 30 for us. Our future is our growth agenda and that is being a top quartile LNG supplier.  We are fast making progress on this.

She said: ‘‘This year, we prepare for the future, to regain our position in the ranks of LNG producers worldwide and to regain our reputation in the world, as the fastest growing LNG plant in the world. We are committed to bringing value to both our shareholders, which includes the Federal Government, and our stakeholders.

‘‘As our partners, we want you, the media to celebrate with us and join us in, preparing for the future by relentlessly supporting us in realizing and maintaining our vision of becoming “a global company, helping to build a better Nigeria.

 

Source: Leadership

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