The Final Investment Decision for the Brass LNG Project will be taken by the first quarter of 2013, Chairman of Brass LNG Limited, Dr. Jackson Gaius-Obaseki announced at the 8th Annual General Meeting in Abuja on Tuesday, according to Punchng.com.
“By the end of the first quarter of 2012, management presented to the board their Overall Integrated Master Schedule and estimated that with full commitment and unwavering efforts by all, the FID is possible within the first quarter of 2013, with possible mitigation efforts bringing it earlier”, Chairman of Brass LNG Limited said.
“This is a possibility noting that the major fundamentals required — that is gas supply, Engineering, Procurement and Construction contracting, funding plan and LNG sales — are all nearing closure.
“The bids for the major EPC contracts were received, have been opened and are currently being evaluated. Success was achieved in reducing the estimated project capital expenditure while the negotiation for the Gas Supply Agreement with gas suppliers will commence soon.”
Chairman disclosed that the LNG sales negotiation processes had been concluded, while negotiation with marketing joint ventures was at a final stage.
NNPC holds 30 percent equity in the Brass LNG project, Bayelsa State government has 10 percent, LNG Japan has four per cent. ConocoPhillips, Total and Eni hold 17 percent stake each.
LNG World News Staff, July 04, 2012