“The approval has created the condition for Train 7 and further incentisize additional trains to attain the 12 Train vision’’
President Muhammadu Buhari’s unwavering support and vision of increasing Nigeria’s LNG production capacity has led to the growth of the sector, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, has said.
Kyari also said with the ongoing reforms and ultimate stability of the petroleum industry, more investments would be attracted to the sector.
Speaking at the NLNG Train 7 ground breaking ceremony in Bonny Island, Rivers State on Tuesday, Kyari lauded the giant strides of the Buhari administration in the oil and gas industry which he noted had restored investors’ confidence in the sector.
According to him, the ground breaking event is a major confirmation that investors’ confidence has been restored as a result of Buhari’s deliberate patriotic approval.
The approval, he said, had created the condition for Train 7 and further incentivize additional trains to attain the 12 train vision of the President.
“Mr President, I will confirm that if it was not for you intervention we will not be celebrating this day. We are aware of all the major interventions that you graciously granted to us, and all our upstream partners including NNPC to take on board the reality of the oil and gas supply and also giving confidence to our shareholders to have the assurance and stability of the fiscal environment for them to invest in.
“This is history being made. Doing this makes business sense,’’ Persecondnews quotes the NNPC boss as saying.
Kyari said while the expectation of the President is for the country to be in Train 12, steps are being taken to add additional 35 percent of the current capacity of Train 7.
“The implication of this is that technically, on per capital basis, the industry is not very far from Train 12.
“Your expectation is that we should be in train 12 today. But Mr President, I will tell you that we are adding 35 percent of current capacity.
“It means that technically on per capital basis, we are not very far from train 12. The next thing we are doing is that the with the assurance we have from the board an all shareholders is that we will take the next step, we call it train 8, it does not mean another train but an additional capacity than what we are doing today and this possible.
“And to create other investment opportunity, I can also confirm to you that there is no greater time than today to declare that the confidence of our shareholders and investors has come back on the table.
“We know for sure that with all the reforms going on, with the ultimate stability of the Petroleum industry, more investments will come,” Kyari said.
He said the NLNG Train 7 project was not the only initiative that is being implemented, pointing out that others are in the offing waiting for the right opportunities to bring to the table.