Nigeria LNG Ltd. (NLNG) now has the majority of equity needed to fund construction of the proposed $4.5 billion Bonny Island liquefied natural gas export terminal.
About $1 billion has been paid into two escrow accounts set up in December 1993 and April 1994 to prevent further bleeding of cash put aside for the project (OGJ, Dec. 6, 1993, p. 31). Much of the remaining capital is expected to be loaned. "This forms a firm basis for further progress towards realization of the project," NLNG said. A Nigerian LNG export plant was first proposed more than 25 years ago. Shell International Gas Ltd. has taken a larger role in the project and says contract bids must be sought this year if the project is to be on stream as scheduled by 2000 (OGJ, Dec. 20, 1993, p. 33).
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