Page 9 - DMEA Week 35 2021
P. 9
DMEA SUPPLY DMEA
NLNG seeks to refute reports of
disrupted shipments
AFRICA THE Nigeria LNG (NLNG) consortium has dis- standing as a dependable supplier of LNG. “Fol-
missed recent reports about delayed shipments lowing some recent reports in the media, NLNG
and missed deadlines, saying that it remains wishes to clarify that as a major player in the
committed to upholding commitments to its global LNG industry, it is focused on fulfilling
customers. its contractual commitments ... NLNG is fully
In a note sent to This Day, NLNG said it committed to sustaining its reputation of being a
had continued to deliver LNG to buyers in line trusted and reliable supplier of LNG globally and
with the terms of its sales and purchase agree- will not take any action to endanger this com-
ments (SPAs) and in compliance with all rele- mitment,” she stated. As of press time, none of
vant national and international regulations and NLNG’s shareholders had commented on Nige-
requirements. It also declared that it was com- rian media reports about supply disruptions.
mitted to operating transparently, in accordance Equity in the consortium is divided between
with industry best practices and international state-owned Nigerian National Petroleum
standards. Corp. (NNPC), with 49%; Royal Dutch Shell
The consortium sent the note to the news- (UK/Netherlands), with 25.6%; TotalEnergies
paper following The Nation’s publication of an (France), with 15%, and Eni, with 10.4%. The
article alleging that NLNG had experienced dif- partners began production in 1999 and are now
ficulties with more than 20 LNG cargoes within operating six production trains with a capacity
the last six months. Citing unnamed sources, of 22.5mn tonnes per year (tpy) at their gas liq-
The Nation reported that the shipments had uefaction plant on Bonny Island. NLNG is also
been delayed or otherwise disrupted as a result planning to build at least one more production
of NLNG’s inability to secure enough feedstock train and broke ground for the Train 7 project
from its foreign shareholders, especially from in June 2021. The project will push output up
Eni (Italy). to 30mn tpy, partly through the construction
Eyono Fatayi-Williams, NLNG’s general of a seventh production train that can turn out
manager for external relations and sustaina- 4.2mn tpy, and partly through the debottleneck-
ble development, wrote in the note to This Day ing of existing trains, which will add another
that the group was determined to preserve its 3.4mn tpy of capacity.
FINANCE & INVESTMENT
Gama Enerji agrees deal to
restructure $595mn loan
MIDDLE EAST TURKEY’S Gama Enerji has agreed a restruc- Turkey’s Gama Holding owns 50% of Gama
turing deal for a $595mn loan that it obtained Enerji, while Malaysian electricity infrastructure
to establish a combined cycle power plant, the firm Tenega owns 30%, the World Bank Group’s
company said in an August 27 statement. The IFC owns 14.5% and IFC Global Infrastructure
plant provides half of Ankara’s electricity. Fund Holding owns 5%.
In explaining the restructuring, CEO Tamer Gama began the investment process in 2013
Calisir said it was made necessary due to volatil- to set up the 853 MW and $900mn Ic Anadolu
ity in domestic and foreign energy and financial Combined Cycle Gas Turbine Plant.
markets. It subsequently started electricity production
The restructured debt will have a maturity of in 2016.
seven and 12 years, with part of it to be paid in Power companies in Turkey began encoun-
Turkish lira, Calisir added. tering difficulties in paying back loans after 2018
Reuters first reported the restructuring deal when the lira lost around 30% of its value against
last month. the dollar. That raised the cost of electricity
Turkish lenders Is Bank, Yapi Kredi, Garanti, production.
TSKB and Denizbank were among those in Other difficulties faced by the producers have
the deal, while KPMG acted as the finance and been a fall in demand for electricity and the com-
restructuring adviser. ing online of many renewable energy plants.
Week 35 02•September•2021 www. NEWSBASE .com P9
