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Africa oil giant needs USD 12 billion to avoid missing LNG boat

African oil giant Nigeria's liquefied natural gas company NLNG will decide later this year whether to invest more than USD 10 billion to expand its capacity by 40 percent in an effort to not fall behind as an LNG player.

Bloomberg
Photo: Bloomberg

On a tropical island just off the coast of Nigeria, hundreds of engineers work around the clock to produce liquefied natural gas at a plant the size of Lower Manhattan.

Operator Nigeria LNG Ltd. says it will decide later this year whether to invest more than USD 10 billion to boost capacity by 40 percent. That would allow the Bonny Island terminal – an hour's ferry ride from the oil hub of Port Harcourt – to export as much as 66 million cubic meters (30 million tons) a year to markets in Europe and Asia.

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