Nigeria Liquefied Natural Gas earns 36 trillion naira from flare gas monetisation

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Nigeria Liquefied Natural Gas (NLNG) Limited announced that it makes over $100 billion or 36 trillion naira gross income from gas monetisation.

The Managing Director of NLNG, Mr. Tony Attah, who spoke on the company’s 20 years of operations, said the company for over two decades has delivered economic, environmental, commercial and social dividends to the Nigerian people.

Attah said NLNG  had converted over 6.37 trillion cubic feet of associated gas to Liquefied Natural Gas (LNG) and Natural Gas Liquids (NGLs) in the past 20 years, thus helping to cut gas flares in the country from over 60 percent in 1999 to less than 20 percent.

He revealed that aside from capturing flared gas for monetisation, the company has also delivered immeasurable financial returns to asset holders, operators and sundry stakeholders.

The Managing Director stated that from flare gas monetisation, NLNG has generated over $100 billion revenue since inception and paid over $36 billion (12.96 trillion naira) to shareholders as dividends.

Beyond dividends, taxes and gas purchase values, he pointed out that the company has also voluntarily committed to about 222 billion naira to social responsibility projects in Nigeria, especially in rural communities.

While explaining NLNG’s social responsibility projects, Attah said the company has spent over 25 billion naira on community projects over the years; over 2 billion naira in building world-class engineering laboratories in six Nigerian universities under its University Support Programme, and another 63 billion naira in counterpart funding for the construction of Bonny-Bodo road in Rivers State.

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