Nigeria LNG in Talks for $1 Billion Loan for Shipping Unit
Nigeria Liquefied Natural Gas Ltd. (LNG) is in talks with international bankers to raise $1 billion in funds to boost the LNG tanker fleet of its shipping subsidiary, Bonny Gas Transport Ltd., a company official said.
A financial adviser for the transaction “would be appointed in about a month,” Ifeanyi Mbanefo, a spokesman for the Lagos-based company, said today in an e-mailed response to questions without giving further details.
Nigeria, Africa’s top oil producer, is the holder of the continent’s largest gas reserves of more than 187 trillion cubic feet. Nigeria LNG operates a 22 million-ton-a-year LNG plant and has long-term contracts with buyers in Italy, Spain, Turkey, Portugal and France. It also sells on the spot market.
The LNG Adamawa, a tanker owned by the company, left the Bonny Inshore Terminal on Dec. 29 and is signaling for Japan for the first time in at least six years, according to AISLive Ltd. ship-tracking data compiled by Bloomberg.
Nigeria LNG “considers and performs diversions of LNG cargoes to less traditional markets and terminals to serve the demand to the mutual benefit of all parties,” Mbanefo said.
To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net
To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net
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