NLNG not for sale, lawmakers tell FG

0
869

 

The House of Representatives has passed a motion urging the Federal Government to halt the proposed sale of its stake in the Nigerian Liquefied Natural Gas Limited (NLNG).

The resolution was reached following a motion moved by Hon. Randolph Oruene Brown on the urgent need to stop the sale of the NLNG.

He noted a recent proposal by the Federal Government to sell the multi-billion dollar NLNG to raise funds to reflate the Nigerian economy.

Recall that Minister of Budget and National Planning, Senator Udoma Udo Udoma, had recently announced that one of the ways to fund the deficit in the 2018 budget would be through the sale of some national assets and the proceeds reinvested in the economy to raise the needed capital for infrastructural development in the budget.

The lawmaker noted that the NLNG is one of the most successful ventures that the country has embarked upon noting that there are other ways to fund the budget.

Nigeria LNG Limited was incorporated as a limited liability company on 17 May 1989, to produce Liquefied Natural Gas and Natural Gas Liquid (NGL) for export.

It currently operates six liquefaction units (LNG trains) producing 22 million metric tonnes of LNG per year.

Nigeria LNG Limited is owned by Nigerian National Petroleum Corporation (NNPC) which has 49% stake, Shell Gas B.V. owns 25.6%, Total LNG Nigeria Ltd owns 15% and Eni International owns 10.4%.

Leave a comment

NO COMMENTS

LEAVE A REPLY