Maritime Blockade, Vandalism Cut Nigerian LNG 2013 Exports by 25 Cargoes

---

Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--The blockade by the Nigerian Maritime Administration and Safety Agency (NIMASA), and the disruption to the gas supply by vandalism, cut the country's LNG-export target for 2013 by 25 cargoes.

At a celebration of the loading and casting off of the 3,000th LNG cargo from the Bonny Island plant in River State, Nigerian LNG Limited (NLNG) head Emmanuel Nnabuife said that the company had sought to load 325 cargoes in 2013, but was not able to achieve the target.

In an effort to maintain its market share of the global LNG market, NLNG is targeting exports of 325 cargoes to European and Asian customers in 2014. The loss of a total of 45 cargoes in 2013 is estimated, at current prices, to represent a loss of about $1.35 billion in revenue

Nnabuife noted that in 2012, the company had performed well. It had started a process of securing six additional new ships to replace old ones as part of the company's asset rejuvenation program to secure its long-term contracts. The vessels will be built between 2013 and 2016, with financing arranged in two programs.

The Bonny Island terminal's 3,000th cargo destination was the Marmara terminal in Turkey. In October 1999, the first cargo was delivered to the Montoir terminal in France.

NLNG claims to be Africa's largest single private-sector industrial investment. It supplies about 7% of total world LNG demand.

View Project Report - 94600093

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.