As part of its aims at rendering better aftercare to subsisting investors in Nigeria, Nigerian Investment Promotion Commission (NIPC) has been operating on recognising strategic investors in the country, to assure a greater perception of their difficulties and prospects.
A number of these organisations will be profiled in commemoration of their contributions to the Nigerian economy. One of these initiatives is aimed at identifying the “Top 100 Companies”.
The selection considered several parameters, including economic impact, tax contributions, profitability, number of employees, market capitalization, etc.
NIPC is pleased to release this profile of NLNG, the first company it visited to kick off the Top 100 aftercare service to investors. You can read the news article on the March 2018 visit here. (https://nipc.gov.ng/nlng/).
NLNG was established in 1989 to harness Nigeria’s vast natural gas resources and produce Liquefied Natural Gas (LNG) and Natural Gas Liquids (NGLs) for export.
The company largely uses associated gas volumes which would otherwise have been flared, thus helping to reduce environmental damage.
With six trains currently operational, the NLNG complex is capable of producing 22 million tonnes per annum (mtpa) of LNG, and 5 mtpa of NGLs from 3.5 billion (standard) cubic feet per day (bcf/d) of natural gas intake.
NLNG supplies LNG to the European, South American and Far East markets. The company is 49% owned by NNPC and 51% owned by Shell, Total and Eni.
On account of the company, Nigeria is the fourth largest exporter of LNG in the world. It makes significant contributions in dividends and taxes to the Nigerian economy.
NLNG is currently in the process of investing $10 billion on its Train 7 project, including the upstream scope of the LNG value chain aimed at expanding its LNG plant on Bonny Island. The project is expected to increase Nigeria’s LNG production by 35% when completed.