Join us on Facebook

General Yakubu Gowon (rtd.)

General Yakubu Gowon (rtd.) yesterday visited the Nigeria Liquefied Natural Gas (NLNG) plant in Bonny Island, Rivers State, he stated that the Federal Government and other shareholders of the NLNG project had earned about $51 Billion in revenues from the of the liquefied natural gas in the past 13 years.

He also stated that the plant has delivered a dividend of about $9 Billion to the Federal Government and paid $10 Billion to the joint venture companies during the period under review.

He said the project would have earned the over $130 Billion over 35 years if it had started operation when it was first discovered in the 1970s but it was produced in 1999 after 42 years of crude oil exports.

$8 Billion in Foreign Direct Investment (FDI) will be attracted coupled with about 10,000 construction jobs when the proposed Train Seven of the NLNG kicks off, which he noted will also help reduce gas flares and thereby ensuring monetization of the country's huge gas resources.

Cautioning that NLNG, which used to be the fastest growing LNG plant in the world should not be allowed to fail, he urged the Federal Government and other stakeholders to commence the construction of the seventh train.


Stating that the Nigeria LNG plant has assets worth over $13 Billion, which the Federal Government owns 49% of the asset through NNPC, it has been exactly seven years since activities leading up to Train Seven started in September 2005 and five years since construction activities worth $300 Million have been spant so far starting April 2007.

He noted that with Nigeria's 187 Trillion cubic metres of proven gas reserves estimated to last for 109 years  and about 600 trillion cubic metres of unproven reserves expected to last for about 300 years, to meet domestic and export market commitment, the country has more than enough, stating that the company currently accounts for 8% of global LNG supplies.

(Edited by: Blueblock)