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NLNG paid FG $18.3bn as dividends in 20 years

Greenville LNG fuels first retail station in Ogun state

The Nigeria LNG Limited (Nlng) says it has paid over $18.3 billion to the Federal Government as dividend through its shareholding in Nigerian National Petroleum Corporation (NNPC) in the last 20 years.

According to its newly released Facts and Figures 2020, NLNG said it paid a dividend of $915 million in 2019 compared to $904 million in 2018 while a total of $18.3 billion have been paid since 1999.

Nigeria LNG Limited has also paid over $15.2billion to the Federal Government for feed-gas purchase since the inception of its operations. NNPC received a total of $819 million for feed gas purchase, last year compared to a total of $990 million in 2018.

Specifically, the company said that its corporate income tax which includes tertiary education tax, paid to the Federal Government of Nigeria amounted to about $943 million, which is 9% higher than what was paid in 2018.

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NLNG also said its assets is now worth about $17.5 billion at cost with 51 per cent stake by international oil companies and 49 per cent belonging to the country through the NNPC.

In the period 1999-2019, NLNG said it converted 193.6Bcm (Billion standard cubic meters) or 6.84Tcf (Trillion cubic feet) of Associated Gas (AG) to export products (equivalent to more than 2478 LNG and NGL cargoes) which otherwise would have been flared.

NLNG has a total of 23 LNG vessels on long-term time charter for deliveries of LNG from its six-train operation, and one LPG vessel used exclusively for LPG deliveries into the Nigerian domestic market.

The NLNG, which is jointly owned by the Federal Government and three international oil companies, was established on May 17, 1989 to harness Nigeria’s vast natural gas resources and produce the LNG and natural gas liquids for export.