Senate Backs $10bn Investment in Gas Sector
The Senate is throwing its full weight behind the 10billion dollars Train seven Project investment in the nation’s gas sector, by the Nigeria Liquefied Natural Gas (NLNG).
It also urged Nigerians to actively participate in the project which would create 10,000 new jobs and expand gas production capacity by 35 per cent.
Senate commendation, followed a presentation by the Managing Director of NLNG Mr Tony Attah, to the Senate Commitee on Local Content.
Chairman of the Committee, Sen. Teslim Folarin affirmed senate’s commitment towards ensuring that Nigerians are active participants in the gas sector.
Folarin in a statement by his Senior Legislative Aid Bamidela Ajibola on Friday said the committee was delighted at the expansion of the nation’s gas capacity from 22MTPA to 30MTPA through the train7 project.
He said the project would be constructed by the SCD consortium, comprising of Saipem, Chiyoda and Daewoo.
Folarin stressed with the foreign direct investment on the project, the gas sector and the nation, stands to witness unprecedented benefit.
He, however, said that NLNG should expect further invitations from the senate given its determination to ensure that the project complies with Local Content laws once the Final Investment Decision (FID) on the TRAIN seven project was signed.
Attah in his remark explained that NLNG was owned by four shareholders, namely the Federal Government, represented by the Nigerian National Petroleum Corporation (NNPC) with 49 per cent, stake; Shell Gas has 25.6 per cent Total Gaz Electricite with 15 per cent and Eni International with 10.4 per cent .
He said NLNG selected the SCD consortium for the Train seven project after a thorough bidding process.
According to him, the SCD consortium will collectively build the seven billion dollars Train seven LNG expansion plant.
Attah said that an additional 3billion dollars worth of investment in upstream gas development would be spent to meet the expected demands of the new capacity.
He said the investment would raise the global profile of Nigeria as the fourth largest exporter of LNG in the world.
He commended the Senate and its Committee on Local Content for the support rendered so far.