NLNG generates over $10b revenue in 2014 – CEO

The Managing Director of Nigeria Liquefied Natural Gas (NLNG), Babs Omotowa, said the company generated more than N10 billion dollars (about N2 trillion) revenue in 2014.

He said that company’s gas export in 2013 generated more than 8 billion dollars (N1.6 trillion), while about 1.3 billion dollars (N260 billion) was paid into government coffers as tax.
Omotowa told the News Agency of Nigeria (NAN) on Wednesday in Lagos that the company emphasis was geared toward sustainable maximisation of natural gas and increased revenue.

“About 75 per cent of what we are producing is what we were flaring in the past. Now, the NLNG has been able to change this flaring to revenue for the country.

“We have ordered new six ships to be constructed by Samsung and Hyundai Engineering companies to the tune of 1.2 billion dollars (N240billion) in 2013 and we are expecting its delivery this year.

“These ships will be deployed in our business in delivering LNG cargoes to consumers around the world,” he said.

He also said the development would create about 18,000 new employments and shore up the company’s tax remittance by 40 per cent.

On the scarcity of cooking gas, Omotowa said that more was being done to force down the price of cooking gas in the country.
“It is sometimes easy to forget the fact that there was a times in Nigeria when cooking gas was almost like a luxury because of its high price of about N7,500 per 12.5kg cylinder.

“Now NLNG is changing that narrative,” he said.

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