NLNG marks 31st anniversary, generates $108bn in revenue

The Nigeria LNG Limited is marking the 31st anniversary of its establishment today, saying it has generated over $108bn in revenue since the start of operations.

The NLNG, which was established on May 17, 1989, said on Twitter that it had paid over $7bn in dividends and $8bn in taxes to the Nigerian government.

It is jointly owned by the Federal Government of Nigeria and three international oil companies, namely Shell, Total and Eni.

The firm said, “31 years ago, our founding fathers achieved the realisation of what was previously an elusive dream. On this day, the Nigeria LNG was incorporated, paving the way for the rise of one of Africa’s leading and most successful brands.

“We have recorded many milestones within 31 years of incorporation and over 20 years of production. With a 22 MTPA six-train plant on Bonny Island, the NLNG has reduced gas flaring from 65 per cent to less than 20 per cent and generated over $108bn in revenue.”

The NLNG said it had paid over $13bn to the Federal Government for feed-gas purchase over the years, and ensured supply of 50 per cent of cooking gas in the country.

The firm said it had achieved 100 per cent Nigerian management and 95 per cent Nigerian staff.

It said, “We are the leaders in corporate social responsibility. With the Federal Government, we are building Bonny-Bodo road worth over N120bn; we sponsors $100,000 Nigeria Prize for Literature Prize and Nigeria Prize for Science as well as scholarships.

“We look to the future with the NLNG Train 7, increasing our capacity by 35 per cent. This will make our market presence stronger and generate more value from the over 200 trillion cubic feet of gas reserves in Nigeria.”

The NLNG awarded last week the engineering, procurement and construction contracts for its Train 7 project to the SCD JV Consortium, comprising Saipem of Italy, Japan’s Chiyoda and Daewoo of South Korea.