Bloomberg News

Nigeria LNG Said to Offer One Spot Cargo for October

September 05, 2012

(Corrects number in headline.)

Nigeria LNG Ltd., Africa’s biggest exporter of liquefied natural gas, tendered to sell a cargo of the fuel on the spot market in October, two people with knowledge of the matter said.

One shipment is scheduled to load at Nigeria LNG’s Bonny Island plant in the Niger River delta from Oct. 13 to Oct. 15 and the offer will close on Sept. 11, the people said, declining to be identified because the information isn’t public. The tender is for 140,000 cubic meters, the people cited tender documents as saying.

The cargo is worth more than $43 million, based on World Gas Intelligence prices published today for northeast Asia of $13.10 a million British thermal units. Spot prices have fallen 29 percent from their May 28 high of $18.40, WGI data show.

Nigeria LNG also offered on Aug. 17 to sell a cargo of the same size for loading Sept. 21 to Sept. 23, two of the people said.

Siene Allwell-Brown, a spokeswoman for Nigeria LNG in Lagos, didn’t respond to an e-mail sent yesterday seeking comment and couldn’t be reached by phone.

Nigerian National Petroleum Corp. owns 49 percent of Nigeria LNG, according to the company’s website. Royal Dutch Shell Plc (RDSA) has a 25.6 percent stake, Total SA (FP) owns a 15 percent share and Eni SpA (ENI) 10.4 percent.

To contact the reporter on this story: Ben Farey in London at bfarey@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net


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