Economics
Africa Oil Giant Needs $12 Billion to Avoid Missing LNG Boat
- NLNG wants to boost Bonny Island terminal capacity by 40%
- Shell, Total and Eni together own majority stake in venture
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On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan.
Operator Nigeria LNG Ltd. says it will decide later this year whether to invest more than $10 billion to boost capacity by 40 percent. That would allow the Bonny Island terminal -- an hour’s ferry ride from the oil hub of Port Harcourt -- to export as much as 66 million cubic meters (30 million tons) a year to markets in Europe and Asia.