Investors set to meet in January on Brass LNG, uncertainty looms over OKLNG

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The chief executives of the Nigerian National Petroleum Corporation (NNPC), Total and ENI are scheduled to meet early next month to decide the fate of the $15 billion Brass Liquefied Natural Gas (LNG) project located on Brass Island, Bayelsa State, ThisDay reports.

This comes as uncertainty continues to loom over the fate of the $547 million already plunked into the Olokola LNG project situated on the border town between Ogun and Ondo States, following the withdrawal of the project’s shareholders and the recent decision by the NNPC to relocate its staff seconded to the project to Abuja.

It was gathered that the shareholders of Brass LNG who have invested about $1 billion on early works, without signing a Final Investment Decision (FID), will meet in London between January 10 and 12, 2017 to take a decision on the multi-billion dollar project, whose FID has been kept in abeyance for a decade.

Similarly, NNPC has relocated its staff seconded to Olokola LNG to Abuja, following the withdrawal of all the shareholders from the project due to what the shareholders called “varying constraints”, NNPC, which holds 46.75 per cent of the project, has continued to sustain Olokola LNG by funding minimal activities.

 

 

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