NLNG LIMITED SOLICIT FOR US $10bn FOR THE TRAIN-7 PROJECT

Nigerians LNG operators of African’s  largest natural gas plant is trying to get a loan of US $10bn to finance the Train-7 project.

The Chief executive officer Mr. Tony Attah disclosed that the company is currently discussing with the top ten lenders in the country including Guaranty Trust Bank Plc, Zenith Bank Plc and some foreign lenders.

The funds will be used to construct the gas plant’s seventh train expected to boast production by 40%.

“We have done the financial market pitch to know who has capacity,” said Mr Attah.

NLNG had earlier appointed GTB and Sumitomo Mitsui Banking Corporation as their financial adviser for the fundraising. US $7bn will be used to build the gas plant while the remaining US $3bn will be used for gas gathering and pipeline projects needed to supply the unit.

Nigeria is  increasing output of the fastest-growing fossil fuel to help meet rising natural gas demand led by China.

The five years Train-7 project will increase NLNG’s production to 30 million tonnes from 22 million tonnes of gas per year.

Last week, the NLNG moved closer to taking a final investment decision on the project when it named Saipem, Chiyoda Corporation and Daewoo Engineering & Construction Co. Ltd as the successful bidders to build the new plant.

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