Image courtesy of MOEF
South Korean Ministry of Economy and Finance has approved financial support to Daewoo Engineering & Construction for its involvement in the Nigeria LNG Train 7 project.
To remind, Nigeria LNG has signed a Letter of Intent (LOI) for the engineering, procurement, and construction (EPC) of Train 7 with an international consortium known as SCD, including Saipem Chiyoda and Daewoo.
The ministry noted in its statement the total project cost comes at $5.7 billion, with the ministry noting the financial aid is part of the government’s policy to support South Korean contractors entering into, what is regarded as ‘high-risk’ countries.
The addition of Train 7 to the Nigeria LNG project on Bonny Island will push the facility’s total liquefied natural gas production output from 22 million tons per annum to 30 mtpa.
NLNG is owned by four shareholders, namely, the Federal Government of Nigeria, represented by NNPC (49 percent), Shell (25.6 percent), Total (15 percent), and Eni (10.4 percent).