Thisday News

Since its first day of operations in May 17, 1989, the Nigeria LNG Limited (NLNG)  has recorded no fewer than 45 vessels chartered-in and five chartered out, said a report in ThisDay. The chartered-in including liquefied natural gas (LNG), liquefied petroleum gas (LPG) and condensate carriers for shipment of its products to buyers across the globe. The chartered-out of its own vessels is for other operators in the market. The company’s assets are now worth over $13bn, a press release from NLNG quoted Tony Attah, Managing Director as saying. He said the NLNG had been able to generate $85bn in revenue. The company has positioned itself…

Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), according to a report in Thisday. He noted that with no new investments, Nigeria would possibly drop from her current position of the 4th world’s largest exporter of LNG to 10th position by 2020. NLNG had earned $90 billion revenue since 1999 and that it has elevated Nigeria to number four exporter of LNG in the world, after Qatar, Malaysia and Australia. Omotowa, however, said with no new investments to support Nigeria’s position in the global LNG market, the country’s position would possibly drop to 10th by 2020. NLNG posted a 36.6% drop in its revenue in 2015 due to declining oil and gas prices.

AP Moeller Maersk Group has continued to fix its eyes on its forecast of a $4 billion profit for 2015, despite the challenges it is facing in its operating environment, according to Thisday Live. The group said in a statement that from its records, its profit for the second quarter was $1 billion, down from $2.3 billion in the second quarter 2014. Apapa Quay, Africa’s largest container port operated by Maersk Group subsidiary APM Terminals Apapa Limited (APMT) said it would go ahead to attain its set goals of making profit despite oil price turbulence and falling container rates affecting its businesses across the globe. It also said…

According to a report from ThisDay, the management of an Indian firm, ABG Shipyard, has began talks with the Indian government with a view to setting up a shipbuilding yard in the country.   (Source: ThisDay)

After over five decades of its involvement in crude oil and gas exploration without involving in crude oil transportation, the Nigerian National Petroleum Corporation (NNPC), has signed a joint venture agreement with Daewoo Ship-building and Marine Engineering (DSME) of South Korea, to establish a world class shipping company which will be involved in crude oil transportation. Already, $10 million has been released as the initial capital for the joint venture business, which would be called Nigera-Daewoo Shipping Ltd (NIDAS). The NNPC will aquire a controlling equity interest of 51 per cent, while DSME will have 49 per cent . A release signed by Dr Levi Ajuonuma…