Nigeria Liquefied Natural Gas Company (NLNG) $1.6 billion bank loan on the cards.
The company, which is majority owned jointly by the state oil company NNPC and Royal Dutch Shell, told Reuters a year ago it had contacted global banks to appoint advisers to explore the best option to raise funds. More recently a banking source told Reuters that the loan was being structured as a medium to long term financing with the close expected by the end of March 2013.
NLNG was set up over two decades ago to harness Nigeria's natural gas resources and produce liquefied natural gas and natural gas liquids for export. It has long-term supply contracts with buyers in Italy, Spain, Turkey, Portugal and France and also sells on the spot market, reports Reuters.