Nigeria: NNPC, LNG Japan Corporation Commence Strategic Partnership on LNG

As part of efforts to fast track the exploration of the abundant gas resources in the country to increase Federal Government’s revenue from the Oil and Gas sector, the Nigerian National Petroleum Corporation, NNPC, and LNG Japan Corporation have commenced preliminary discussion on strategic collaboration on the Brass Liquefied Natural Gas to provide the world’s most competitive Finance and LNG marketing opportunity in Asia.

The Group Managing Director of the Corporation, Engr. Austen Oniwon while receiving the LNG Japan Corporation team led by the President and CEO, Mr. Yasunori Takagi, when they paid him a courtesy call at the NNPC Towers, Abuja, stated that Nigeria as a country is endowed with enormous gas resources and the Government is determined to develop the resources.

He expressed the willingness and readiness of the NNPC to collaborate with LNG Japan Corporation in the value chain and urged them to expedite action as the Federal Government has given the NNPC a timeline for the Final Investment Decision on the LNG projects.

“Japan LNG Corporation is welcome into Nigeria and NNPC as a major stakeholder in all the LNG projects in the country is willing to partner with you and do business that will be of mutual interest to both parties,” Engr. Oniwon informed.

The NNPC helmsman expressed the hope that when the petroleum Industry Bill currently before the National Assembly is passed into law, the Corporation would transmute into a ring fenced organization that will play in the international hydrocarbon market like other National Oil Companies.

He urged Japan LNG Corporation to serve as a vehicle that will help in linking the NNPC to other Gas markets in the Asian Continent, noting that there is room for expansion up to train 7.

The NNPC GMD congratulated the President and CEO of LNG Japan Corporation for his appointment and encouraged him to brace up for the challenge in the hydrocarbon industry.

Speaking in a similar vein, the Group Executive Director Gas and Power, Engr. Voka Mukoro, assured of the preparedness of the Corporation to ensure the smooth take off of the transaction and called on LNG Japan to be frank and open as the business framework is being developed for the mutual benefit of Nigeria and Japan.

Earlier, the President and CEO of LNG Japan Corporation, Mr. Yasunori Takagi lauded NNPC for selecting LNG Japan Corporation as a strategic Investor and expressed their willingness to participate in the realization of Brass LNG which will have a pump-priming effect on the increase of other Japanese-led investments in Nigeria.


Source: Nigerian National Petroleum , August 26, 2010