The Managing Director and Chief Executive Officer of Nigerian Liquefied Natural Gas, NLNG, Tony Attah has affirmed that the market price of Liquefied Petroleum Gas (cooking gas) remains stable.
Speaking on Wednesday during the company’s presentation of ‘2017 Facts and Figures on NLNG’ in Lagos, the MD said the price hikes on cooking gas by retailers is as a result of acute infrastructural challenges for discharging cooking gas nationwide, plus the additional costs of sending the product to different parts of the country.
According to Mr. Attah, only jetty available for discharging the product was in Lagos.
“It is ridiculous that what the NLNG produces in Bonny Island, we have to take to Lagos before bringing it back to Port Harcourt for usage.”
This he said, is the reason the company has plans to rehabilitate the Calabar Jetty in order to create another discharge point apart from Lagos.
Attah disclosed that NLNG had worked with various International Oil Companies to reduce gas flaring from 65 percent to less than 20 percent by monetising the benefits, adding that the company had shipped 3,600 cargoes of Liquefied Natural Gas to different parts of the world since its inception in 1995 to December 2016.
“Nigeria is seen as the fastest developing country in terms of gas delivery,” he said.
“We receive gas from the offshore, clean it, store it and deliver to customers worldwide in liquid form.
“From inception till date, the company has reaped over $90 billion in revenue, $5.5 billion in taxes and $13 billion in dividends for the Federal Government.”
The MD also state that the management of the company presently was almost entirely indigenous, with only a few expatriates now working in the company and the company was contributing immensely to the development of its host community by providing uninterrupted power supply to the area. In his statement he said:
“Apart from this, the company ensures that it provides potable water, housing and education to the host community.
“At present, the company is working with the Federal Ministry of Works for the construction of the 39km Bonny-Port Harcourt Road.
“We have put down 50 percent of the money, which is N60 billion, and we expect the Ministry to award the contract this year.
“We are working towards making Bonny Island a mini Dubai by the year 2040 by contributing N3 billion annually for this project.”