NLNG generates $108 billion in 21 years

The Nigeria Liquefied Natural Gas (NLNG) has revealed that it generated about $108 billion in revenue since it commenced operation about 21 years ago while giving out about $35 billion as dividends to shareholders.

General Manager, External Relations and Sustainable Development of the NLNG, Mrs Eyono Fatayi-Williams disclosed this while briefing members of the House of Representatives Committee on gas, adding that Nigeria has the potential of becoming the 4th largest producer of proven gas if the over 600 trillion cubic feet of unproven gas is monetised.

She noted that the use of firewood for cooking is a double edge sword, adding that apart from death brought about by smoke from firewood, cutting down trees for firewood leads to deforestation which is dangerous for the environment.

According to her, about 470,000 people died from smoke generated from firewood within five years, which gives an average of 100,000 people annually.

Fatayi-Williams who said that the NLNG project remained in the mind of the founding fathers between 1960 when it was conceived and 1989, disclosed that it became a reality in 1989 when it was incorporated, adding that while it has existed for 30 years, it has operated fully as a limited liability company with four shareholders for 21 years.

According to her, the NNPC which represents the Federal Government on the board controls 49 per cent shares of the company while Agip, Shell and Total control 51 per cent shares.

Fatayi-Williams said from 1999 when the first cargo sailed from Bonny Island in Rivers State to France, the NLNG has succeeded in putting Nigeria on the map as an operational company, stressing that since then it has been safe, consistent and reliable production as an operating company.

“We buy gas, we liquidify it, we transport it and sell it to the buyers and get value for Nigeria LNG and for Nigeria. In the 21 years, we have operated, we have delivered 5000 LNG cargoes around the world and we have 23 dedicated LNG ships to ensure our operation runs smoothly.

“On Bonny island, we have six installed and operational LNG trains (the train is also known as LNG manufacturing line) of 22 million tonnes capacity.
We have generated 108 billion dollars in revenue since inception and have delivered 35 billion dollars in dividends to the shareholders in the 21 years that we have operated and have paid eight billion dollars in taxes,” Fatayi-Williams said.