SENATOR Bassey Akpan, chairman, Senate Committee on Gas, has pledged the support of the committee to the proposed Train 7 expansion project of the Nigerian LNG Limited. Akpan stated this when he led members of the committee on an oversight visit to the NLNG facility in Bonny.
A statement signed by Kudo Eresia-Eke, general manager, external relations, NLNG, quoted Akpan, as saying the committee would do all within its power to sustain the NLNG legacy and encourage the entrenchment of its business model in other sectors of the economy. He spoke after a business presentation by Tayo Oginni, general manager, production, NLNG’s.
Akpan said, “I am particularly happy with what I have seen and heard today, and I will be glad to have your comprehensive presentation slide to share with other members of the upper chamber to get them better informed. The Senate resisted calls for the sale of government equity in the Nigeria LNG because we believe that the Nigeria LNG is the most successful oil and gas venture in the country.”
He said a business like the NLNG, which had succeeded over decades, should be encouraged. According to him, the company has the senators’ support on the proposed Train 7 expansion programme, which will potentially add about 18,000 new jobs, while reinforcing the company’s position as a major player in the global energy market. To achieve this, “We must be able to sustain our output to be able to sustain our profitability,” he said.
Earlier, Tony Attah, managing director and chief executive officer, NLNG, said the company’s incorporated joint venture model granted it the capacity and autonomy to successfully approach the international capital market to source funds. According to him, the model contrasts with the less flexible upstream unincorporated JVs, which are directly funded by the shareholders.
He said the NLNG’s business model was made possible by the NLNG Act, which he noted was being threatened by a proposed amendment by the National Assembly.
— Nov 7, 2016 @ 01:00 GMT