Nigeria LNG Limited (NLNG) and Total Gas & Power (TGP) have signed a Liquefied Natural Nas (LNG) Sale and Purchase Agreement (SPA) for some of the remarketed volumes from NLNG’s Trains 1, 2 and 3.
A statement from the General Manager, External Relations, NLNG, Eyono Fatayi-Williams, said the agreement is for the supply of 1.5 million tonnes per annum (mtpa) for a 10-year term on a Delivered Ex-ship and Free on Board (FoB) basis.
The deal, according to findings from The Nation Economic Intelligence Team, will fetch the Nigeria LNG an estimated annual income of $268.062 million.
According to the Team’s finding, using the UK NBP recent pricing template of $3.628 per million British thermal Units (BtU), the I.5mtpa will fetch NLNG about $268,061,485.
The Managing Director and Chief Executive Officer of NLNG, Tony Attah, signed on behalf of the company, while Thomas Maurisse, Senior Vice President LNG, signed for TGP.
According to NLNG, the agreement is in line with NLNG’s drive to continue to deliver LNG globally in consolidation of its position as one of the top ranking LNG suppliers in the world.
The SPA with TGP advances the plans by NLNG to remarket volumes from three trains. The SPA is expected to boost the company’s global presence and market reach, in line with its corporate vision of being a “global LNG company, helping to build a better Nigeria”.
NLNG is an incorporated Joint-Venture owned by four shareholders namely, the Federal Government of Nigeria, represented by Nigerian National Petroleum Corporation (49 per cent), Shell Gas B.V. (25.6 per cent), Total Gaz Electricite Holdings France (15 per cent), and Eni International N.A. N. V. S.àr.l (10.4 per cent).