“The project will form part of the investment of over $10bn including the upstream scope of the LNG value chain, thereby boosting the much needed Foreign Direct Investment profile of Nigeria.”
The Nigerian Natural Liquefied Gas LTD has signed a letter of intent for the engineering, procurement and construction of its long held up Train Seven project.
In a statement released by the company on Wednesday, it said that the $10bn project will be executed by a consortium of Italian firm Saipem, Japan’s Chiyoda and South Korea’s Daewoo.
The statement reads, “The project will form part of the investment of over $10bn including the upstream scope of the LNG value chain, thereby boosting the much needed Foreign Direct Investment profile of Nigeria.”
Managing Director of NLNG, Tony Atta, said in 2018 that the Final Investment Decision would be made in the fourth quarter of that year.
This did not however, materialize.
According to the release, the project will have a four to five-year execution time after the signing of the FID.
The project is expected to add an extra 8 million tons per annum of gas to the 22 mtpa currently exported by the company.