NLNG Train 7 project can attract $10bn FDI – PENGASSA

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGAS- SAN) has urged the board of the Nigerian Liquefied Natu- ral Gas (NLNG) to ensure the completion of the Train 7 project as it will, in addition to attracting over $10 billion Foreign Direct Investment (FDI), position the company for competitiveness in global gas market.

The project is the seventh of the eight gas plants to be built by the NLNG, which construction had been abandoned by the company.

Francis Johnson, presi- dent, PENGASSAN, who stated this at a conference organised by the NLNG branch of the union in Rivers State, said the completion of the project would also put paid to the incidence of gas flarring in Nigeria.

“Train 7 completion will definitely increase the com- pany’s share of global mar- ket, enhance flare reduction or total flare out, and attract $10 billion FDI with zero cash out from the govern- ment,” he said.

According to Johnson, the completion of the Train 7 project will also position Nigeria to effectively harness the flared gas for domestic use and for export.

Johnson said the Train 7 project was established to further exploit the emerging global market demand for LNG and to remain com- petitive, saying that in 2017, “there is expected to be a potential drop in global LNG price due to competition as there is likelihood of increase in number of suppliers.

“We expect that in the face of drop in crude oil price and glut in global crude oil market, LNG would have been another veritable source of revenue and for- eign reserve for the govern- ment and the company.”

Other benefits of the project he listed include job creation through the construction of the plant in Bonny and construction of gas pipelines in other communities, increase capacity to meet domes- tic market demand, and maximisation of the Nige- ria Content Development Act through local capacity building.

JOSHUA BASSEY