The Federal Government and other shareholders of the Nigeria Liquefied Natural Gas (NLNG) Limited failed to take a final investment decision on the company’s Train 7 project last week. It was gathered that the Final Investment Decision was due to be reached at a meeting held last Thursday in Abuja by the shareholders, with an announcement slated to be made at a press briefing that day. The Train 7 project, which had been delayed for over 10 years, aims to increase the company’s production capacity from 22 metric tonnes per annum to about 30 MTPA and would form part of the investment of over $10bn including the upstream scope of the NLNG value chain, according to the company.
The Group Managing Director, NNPC, Mr. Mele Kyari, disclosed late last month that the Final Investment Decision (FID) would be executed in December.
Kyari was quoted as saying that with the agreement in place, all was set for the take-off of the project, adding that the FID on the project would be taken the following week (last week).
“They didn’t finish the pre-signing formality for which reason they had to delay the signing. They are trying to do the I’s and cross the t’s; until they are done, they can’t be in a hurry to take the FID,” he added.