The Managing Director/Chief Executive Officer of the Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Babs Omotowa, has stated that Nigeria is losing $2.5 billion revenue yearly due to the delay in the take-off of the company's seventh train.

Speaking Monday at the celebration of the loading and casting off of the 3,000th LNG cargo from the company's Bonny Island plant in Rivers State since the commencement of operations in 1999, Omotowa also stated that shale gas is not a threat to Nigerian gas in the international market, as only two companies were licensed to export shale gas from the United States.

This came as a survey conducted by Reuters yesterday revealed that oil output from the Organisation of the Petroleum Exporting Countries (OPEC) fell in December to the lowest since May 2011.

Omotowa said the company's initial market for LNG was Europe, adding that based on what was happening in the economies around the world, the market had shifted to Asia.

He said part of the next phase of the company's growth programme was the addition of a seventh train to the existing six-train NLNG infrastructure.

"When achieved, this will enable NLNG add some eight million metric tonnes to its current production capacity, and increase annual output to 30 million metric tonnes. This is potentially capable of mopping up and exporting some of the currently flared gas, and yielding an estimated $2.5 billion in revenue.

"On balance, it is clear to us at NLNG that Train 7 is an enterprise which all shareholders and stakeholders should support and pursue with vigour, for the simple reason that its outcome will be good for Nigeria and good for our business," he said.

He explained that before the company did the Front End Engineering Design (FEED) for Train 7, it had gone to the international market to sign contracts with potential buyers.

Omotowa said though Train 7 was being delayed, the terms of contract with the international buyers had provisions for renewal and extensions. "We have already started building partnerships with the buyers in Asia - Japan, China, India and Malaysia," he added.

According to him, the contract has just been renewed for another one year, adding that if need be, it will be further extended until Train 7 is ready.

Source: http://www.allafrica.com/stories/201401070366.html

jonathans attention has shifted to brass lng .the same thing amaechi complained of.imagine an extra 2.5 billion dollars

I learnt part of the delay has to do with non-passage of the PIB.

Something needs to be done about this.