Business Hilights
Tracking Nigeria's Headline Business News Online

Award of Train 7 contract good for Nigerian economy—Minister

The minister of State, Petroleum Resources, Chief Timipre Sylva, has described the recent sealing of LNG Train 7 deal as “A historic moment. Nigerians have long awaited the take-off of the Nigeria LNG Limited’s Train 7 Project because of its significance for the nation. With the award of the EPC Contracts, the construction phase of Train 7 can now commence in earnest. With its realisation, Nigeria will retain her pride of place in the world’s list of top LNG suppliers, and the government will receive added revenue through dividends, taxes and levies. The Train 7 Project will help NLNG to further deepen its domestic LPG market stimulation efforts, an initiative it took on some years ago that has been of immense benefit to Nigerians.

In a statement, the minister averred that “In addition, the award of an EPC contract in the LNG industry is welcome news anywhere in the world. Although it might mean more competition for industry operators, it ultimately promises greater availability of cleaner energy necessary for the sustainability of the environment.

“It is therefore proper to thank the Shareholders of NLNG for making this aspiration become reality. They have shown commendable tenacity, foresight and business acumen. It is their persistence over the years that has culminated in a time like this. The tenacity is even more commendable when one considers that they have not allowed the challenges and uncertainties arising from COVID-19 to deter them. They realised early on that in moments of adversity the world needs every piece of positive news to help it endure and to serve as one more reminder of the resilience of the human spirit.

“I assure the Management and staff of NLNG of the continued support of the Ministry of Petroleum Resources and the Government of President Muhammadu Buhari. We are all involved and indeed every well-meaning Nigerian should be involved -in doing whatever we can to help make delivery of the Train 7 Project a reality within budget and within the stipulated time frame.