A former Managing Director of the Nigeria Liquefied Natural Gas Limited (NLNG), Mr. Godswill Ihetu, has sought the support of the Federal Government and other shareholders for the company’s proposed trains 7& 8, which it intends to leverage on to expand the frontiers of processing and exporting gas globally, The Nation reports.
Ihetu, said investing in gas processing and exporting is an ambitious one, which requires the support of all NLNG’s shareholders, adding that financial and material support from major partners are needed to achieve the desired result of sourcing for new markets to boost NLNG earnings. He said that the trains 7& 8 project is a multi-billion dollar project that will boost the nation’s economy when it is completed, adding that Nigeria LNG is likely taking its time on the issue in view of its cost implications and approval from the government in building the plants.
According to him, the cost of building the LNG trains is high such that the Federal Government cannot bear it alone, adding that the need to involve Shell and two other oil majors in NLNG is imperative to achieve the goal of encouraging the growth of gas externally. He explained the three key elements needed, which include getting solid funding, seeking a viable market outside the shores of Nigeria and signing of Special Purchase Agreements (SPAs), as important for obtaining Final Investment Decision (FID) for the two trains. He urged the shareholders to work together to achieve the goal.