…pays $18bn dividend
The Nigeria Liquified Natural Gas, NLNG, has disclosed the remittance of over $110 billion to the federation account since 1999. Managing Director of the company, Tony Attah, disclosed this in Abuja, during the Sales and Purchase Agreement for domestic supply of LNG, according to a statement. Attah said the company was well respected internationally because of its solid reputation as a responsible, trusted and eeliable supplier of LNG and also at the home front, having distinguished itself as a development partner with Nigeria’s government.
He said its six-train plant had generated more than $110 billion in revenue since it began operation in 1999. Equally, the Nigeria LNG has paid about $18 billion as dividends to the Federal Government of Nigeria, through the stateowned Nigerian National Petroleum Corporation (NNPC) 49 per cent shareholding and equivalent amount as dividend to the other three shareholders in the same time period.
“We have also paid about $15 billion for feed gas purchases to the Federal Government of Nigeria through its shareholding in NNPC and about USD9 billion in taxes.” he said also. Attah said the company remained a major influencer in the domestic LPG sector and have dedicated 450,000 tons per annum ktpa of LPG to the market with the focus to support the use of cleaner energy to protect citizens and the environment from the hazards posed by other cooking fuels by encouraging the use of cooking gas in Nigeria. He restated the company’s commitment, as a corporate entity, to unlocking gas utilization which is now backed by the execution of Sales and Purchase Agreements (SPAs) to supply 1.1 million tonnes per annum (mtpa) of LNG on DES basis to Asiko Power Limited, Bridport Energy Limited and Gas- Plus Synergy Limited. The SPAs will facilitate the project execution and development of infrastructure led by off-takers to aid LNG delivery into the domestic market.
The execution of these SPAs, he explained follows a Domestic LNG (DLNG) Workshop which was held in November 2019 to stress test the delivery model with industry stakeholders and a series of engagements to identify suitable actors to co-create the initiative and stimulate market interest for potential off-takers.