It was a bright October 11 Saturday morning and the sky was beaming with flashing with a rising sun around 7.00 am when Tony Attah, MD of NLNG and his Deputy, Sadeeq Mai-Bornu led some of their staff to the Headquarters of Nigerian National Petroleum Corporation (NNPC).
The team which includes the General Counsel and Company Secretary, Aka Nwokedi and his Deputy, Ikechukwu Eke; General Manager Finance and that of External Relations, Gbenga Oluwaniyi and Eyono Fatayi-Williams among others.
By 7.15 am NLNG officials anchored in the office of GMD of NNPC, Engr. Mele Kyari to sign a $2.5 Billion Dollar prepayment agreement for NLNG Trains 1 to 6.
This agreement aims to provide needed funds for funding of NNPC cash call requirements for gas supply projects that will feed the Trains 1 to 6 of NLNG plant on Bonny Island.
Speaking during the ceremony, Mr Tony Attah said “gas supply is a critical element in the value chain of NLNG and therefore the execution today of this Prepayment Agreement between NLNG and NNPC will ensure stable and sustainable future gas supply.”
“I must recognize and thank the Shareholders, Board and Managements of NNPC and NLNG, for making this milestone a reality. The level of support and encouragement we have received from the Federal Government and the Management of NNPC has been overwhelming and we promise to continue our drive to build a better Nigeria through top quartile corporate performance.”
Mr Attah described this ceremony as a milestone but said “it was significant we do not remain static”. Regretting the delay to take decision on Train 7 for over ten years he said his management has worked hard to push to FID. “We did our FEED in 15 months. Last month, we signed the LOI”.
He called on the GMD to ensure that FID for Train 7 is signed this year, nothing that Mozambique signed two FIDs this year while Australia is now the biggest LNG in the world from the recent FIDs it executed to take advantage of global gas market.
Responding, Group Managing Director of NNPC , Mele Kyari assured Mr Attah that the country has crossed all needed hurdles for signing FID for Train 7 this year.
Mr Kyari urged Mr Attah to focus on expansion beyond Train 7 as train 7 is already ‘a done deal’.
“The President (Muhammadu Buhari) is wondering why we are not in Train 10 or even 12. There is need for us to take advantage of what is happening in the LNG market”, Kyari said.
THE GMD therefore said “there is nothing that will stop us from taking FID for Train 7 this year.”
Speaking further, the NNPC GMD described NLNG as one of the best investments in Nigeria, adding that it has added and continues to add great value to the country. He said he will work assiduously to see the company meet its expansion drive not just to remain a global player but also to help provide the much needed revenues and employment opportunities.
The programme was also attended by top executives of NNPC as well as representatives of other shareholders of NLNG – Shell, Total and ENI.
The Country Chair of Shell, Osagie Okunbor and Remi Soyanwo, General Manager, Structured Finance, represented Shell; Patrick Olinma represented Total while Carlo Santo Padre and Ike Agha, GM Finance and Deputy Manager, LNG Business, respectively, represented ENI.