Continental Focus, International Reach

Funds Needed for NLNG Train 7

Tuesday, September 17, 2019

Nigeria LNG is looking for funds for the construction of the $10 billion seventh train at its LNG facility in Nigeria. According to a Twitter post from Nigeria LNG, the FID will be signed by the end of October.

The news follows the signing of an LoI with the SCD Group consortium led by Saipem for the EPC on Train 7. “With the signing of the LoI we hope that by the end of October a Final Investment Decision will be signed for Train 7. This will ensure we attain our ambition of increasing our production by 35%,” Nigeria LNG announced on Twitter.

In order to finance the construction of Train 7, Nigeria LNG is now looking to raise as much as $2 billion from the top 10 domestic lenders, Tony Attahm company CEO told Bloomberg. The company will go for the remainder of the funding from foreign banks and export credit agencies.

“We have done the financial market pitch to know who has capacity,” Attah told Bloomberg.