Nigeria: NLNG Seeks Loan to Buy New Tankers

Nigeria Liquefied Natural Gas Company (NLNG) is seeking to raise around $1 billion to buy new liquefied natural gas tankers.

“We are looking to appoint a financial adviser to advise us on the best option to raise a loan in the region of $1bn to acquire about six LNG tankers,” NLNG said, Argus Media reported.

NLNG was incorporated as a limited liability company in 1989 to harness Nigeria’s vast natural gas resources and to produce LNG and natural gas liquids for export.

With the completion of a sixth production train in December 2007, the Nigeria LNG Plant at Bonny Island has an overall capacity of some 22 million tonnes a year of LNG and 4 million tonnes per annum of LPG.

It accounts for approximately 11% of the world’s total LNG capacity.

Shell holds a 25.6% interest in NLNG together with NNPC (49%), Total LNG Nigeria Ltd (15%) and Eni (10.4%).

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LNG World News Staff, January 26, 2012; Image: BW Gas