100% LPG supply crashing prices of cooking gas in Nigerian market — NLNG
The Nigeria LNG Ltd., NLNG, on Tuesday said supply of 100 per cent of its Liquefied Petroleum Gas production (Propane and Butane) to the Nigerian market had made a positive impact.
The NLNG said the move, which was approved by the Company’s Board of Directors, had led to the reduction in the prices of LPG, also known as cooking gas, across the country.
Sophia Horsfall, Manager, Corporate Communications and Public Affairs, NLNG, made this known at the fifth Nigeria International Energy Summit, NIES, in Abuja.
She spoke while welcoming Timipre Sylva, Minister of State for Petroleum Resources, to the company’s exhibition stand at the summit.
The theme of the summit is: “Revitalising the Industry: Future Fuels and Energy Transition.”
Ms Horsfall said prioritising the domestic market would help to deepen gas utilisation in Nigeria in line with the Federal Government’s declaration of year 2021 to 2030 as the Decade of Gas.
She noted that NLNG was currently the highest single supplier of LPG into the domestic market, with an estimated 400,000 metric tonnes supplied in 2021.
Ms Horsfall said the NLNG Train 7 project would also deepen gas utilisation in the country.
She said the Train 7 project was expected to ramp up NLNG’s production capacity by 35 per cent from 22 million Tonnes Per Annum, MTPA, to around 30 MTPA.
Ms Horsfall noted that the project would form part of the investment of over $10 billion, including the upstream scope of the LNG value chain, thereby increasing dividends, and taxes accruing to government.
She said that the company was also working on other projects to bring socio-economic development to its host community and the entire nation.
The Manager said that the 36km Bonny Bodo Road Project to connect Bonny Island and other riverine communities to mainland Rivers State was about 56 per cent completed.
She said NLNG had invested in hospital projects, including the Bonny Malaria Elimination Programme in partnership with United States Agency for International Development.
Ms Horsfall said thousands of young Nigerians had also benefited from NLNG’s empowerment and scholarship schemes.
Sylva, while speaking at the opening ceremony of the 2022 NIES, had described NLNG as a trusted partner of the Federal Government in its quest to maximise Nigeria’s abundant gas resources.
The NLNG is an incorporated Joint-Venture owned by four shareholders.
They are, the Federal Government of Nigeria, represented by Nigerian National Petroleum Company Ltd.(49 per cent) , Shell Gas B.V. (25.6 per cent), Total Gaz Electricite Holdings France (15 per cent), and Eni International N.A. N. V. S.àr.l (10.4 per cent).
