Senate Urges Nigerians To Partake In $10bn Investment In Gas sector

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Senate Urges Nigerians To Partake In $10bn Investment In Gas sector

Senate Urges Nigerians To Partake In $10bn Investment In Gas sector
November 08
14:14 2019

Senate has thrown its weight behind the $10bn Train7 project investment in the nation’s gas sector, urging Nigerians to actively participate in the project.

Chairman of the Committee, Senate Commitee on Local Content, Senator Teslim Folarin Gabe made this indication in Abuja after a presentation by the Managing Director of the Nigeria Liquified Natural Gas Limited, Mr Tony Attah.

Attah, according to a statement by the Senior Legislative Aide to Folarin, Hon. Bamidele Ajibola, had told the Committee that the Train7 Project would expand gas production capacity in the country by 35 per cent.

Folarin said that the Senate is committed towards ensuring that Nigerians are active participants in the Gas Sector.

He added that the Committee was delighted at the expansion of the nation’s gas capacity from 22MTPA to 30MTPA through the Train7 project, which he said will be constructed by the SCD consortium, comprising of Saipem, Chiyoda and Daewoo.

The Senator stressed that through this foreign direct investment on the project, the gas sector and the nation, stands to witness unprecedented benefit.

He however said that the NLNG should expect further invitations from the Senate that is determined to ensure that the project complies with Local Content laws once the Final Investment Decision (FID) on the TRAIN 7 project was signed.

Earlier, Attah explained that NLNG was owned by four shareholders, namely the Federal Government, represented by the Nigerian National Petroleum Corporation (NNPC) with 49% stake; Shell Gas, which has 25.6%; Total Gaz Electricite with 15% and Eni International with 10.4%. NLNG selected the SCD consortium for the Train 7 project after a thorough bidding process.

The SCD consortium, he said, would collectively build the $7billion Train7 LNG expansion plant.

Attah further said that an additional $3billion worth of investment in upstream gas development would be spent to meet the expected demands of the new capacity.

He also said this investment would raise the global profile of Nigeria as the fourth largest exporter of LNG in the world.

He went further to commend the Senate and the Committee on Local Content for the support rendered so far.

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