She said that the consortium comprised affiliates of Saipem, Chiyoda and Daewoo.
Fatayi-Williams said the execution of the EPC contracts triggered the commencement of the Detail Design and Construction phase of the Project.
” This singular act clearly demonstrates our shareholders’ determination and resolve to sustain the economic dividends that NLNG’s monetisation of our vast natural gas reserves offers our great country Nigeria,” he said.
He said that the demonstration of an understanding of NLNG’s business philosophy by the consortium would positively influence the execution of the project and ensure zero harm to people, environment and host communities.
“Nigeria LNG’s successes since it started operation in 1999 continue to prove that the company operates a unique business model that is profitable to all its stakeholders.
” NNPC and the other shareholders — Shell, Total and Eni — are proud to be a part of this exceptional Nigerian brand that stands out in the global market,” Kyari said.
According to him, it is for this reason that President Muhammadu Buhari instructed through the Minister of State for Petroleum Resources that NNPC, as a shareholder, must do everything possible to support all other shareholders .
He said that the president also instructed the NLNG’s management to secure the much-needed public confidence from all critical stakeholders, especially the critical agencies of the Federal Government of Nigeria and international investors, to pursue the company’s ambition of adding a seventh train to its existing production capacity.
” I encourage every stakeholder involved in execution of the Train 7 Project, especially the SCD JV consortium, NLNG Train 7 Project Team and the Company’s Management to leave no stone unturned in making this project a reality,” he said.
The train 7 Project, upon completion, would support the federal government’s drive to generate more revenue from Nigeria’s proven gas reserves of about 200 Trillion Cubic Feet (Tcf) and further reduce gas flaring in the country’s upstream oil and gas industry.
The construction period was expected to last approximately five years, with first LNG rundown expected in 2025.
NLNG is an incorporated Joint-Venture owned by four shareholders, namely, the Federal Government of Nigeria, represented by NNPC; Shell Gas B.V.; Total Gaz Electricite Holdings France; and Eni International.
Edited By: Chioma Ugboma/Oluwole Sogunle (NAN)
Short Link: https://wp.me/pcj2iU-3cOm
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