Monday, April 9, 2012

NLNG mulls six LNGC

Nigeria LNG is expected to issue a tender shortly for around six LNG-carrier newbuildings.

Shipyards expect to receive a tender this month for LNG newbuildings that will be used to upgrade Nigeria LNG (NLNG)’s dedicated fleet.

The precise timing of the request to tender, however, remains unclear. Sources say documents were originally due to be issued in March, however, it seems that the process has been temporarily delayed while talks continue about the amount of local content that should be included in the tender.

Under legislation passed in 2010, all oil-and-gas projects are required to have an approved Nigerian Content Plan as a condition for taking a final investment decision (FID).

Market sources say NLNG is likely to tender directly with the yards. They explain that Bonny Gas Transport (BGT), the shipping arm of the liquefaction outfit, is expected to own the vessels once they are delivered.

Brokers expect NLNG is likely to opt for six vessels of around 160,000 cbm.

Meanwhile, in February, NLNG announced it had begun talks with bankers in a bid to raise some $1bn to finance the project.

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