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Nigeria’s biggest LNG producer hopes to raise $10 billion

Christian Fernsby |
Nigeria LNG, the operator of Africa’s largest natural gas plant, is in talks with lenders to finance a $10 billion expansion.

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Topics: NIGERIA    LNG   

The company is hoping to raise $2bn from domestic lenders such as the Guaranty Trust Bank and Zenith Bank, and is looking to foreign lenders, backed by export-credit guarantees, for the rest, the World Oil website reports.

If the fund-raising drive is successful, the company intends to build the gas plant’s seventh train, expected to boost output by 40%.

This train train is expected to cost $7bn to build, with another $3bn going on pipelines and other supporting infrastructure.

When complete, in five years’ time, output is expected to reach 30 million tonnes a year, an increase of 8 million tonnes.

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