The Nigerian Liquefied Natural Gas company (NLNG), the Nigerian National Petroleum Corporation (NNPC), Shell, Total and AGIP have signed a contract meant to increase Nigerian gas output from 22 to 30 million metric tonnes per annum.
Malam Garba Shehu, Senior Special Assistant to the President on Media and Publicity, who disclosed this information, said Buhari congratulated the companies and also welcomed the signing of memoranda of understanding (MOU) between NLNG, “B7 JV Consortium” and “SCD JV Consortium.”
According to him, Buhari also welcomed the support of the stakeholders to his administration’s move to launch “gas revolution” in Nigeria by ensuring the realisation of Train Seven, which he said had been stalled for many years under previous administrations.
According to Shehu, Buhari was optimistic that this significant step would culminate in a Final Investment Decision (FID) for the much-awaited multi-billion dollar Train Seven expansion programme by the end of 2018.
The statement added that the president also described the signing of the contract for the plant expansion project after an eight-year delay was a sign of irreversible commitment by the Joint Venture to enter a Final Investment Decision (FID).
It said the president also described it as a clear indication that the confidence of investors was coming back to Nigeria following the good governance practices instituted by his administration.
“President Buhari also notes that the 7th train which is expected to provide some 8,000 jobs is not only important for the country, but also an important benchmark for the Niger Delta region, which rightly yearns for development projects.
“As a former Federal Commissioner for Petroleum and Natural Resources, the President recalls with nostalgia that several signature projects, launched under his watch, which would have accelerated the growth of Nigeria’s economy, including the NLNG, had sadly suffered neglect and abandonment by succeeding administrations.
“For instance, the NLNG had the goal of establishing 12 trains by early 1980s but the project growth was stunted. So far, only six of those trains have been commissioned.
“However, with this signature project back on the cards, President Buhari strongly believes it is destined for his administration to complete the project.”
‘It further quoted the president as saying that the “project perfectly keys into the Federal Government’s ‘Economic Recovery and Growth’ agenda,” adding that, “it equally signifies foreign investors’ confidence in our country’s economy.”