Nigeria’s much delayed Brass LNG has secured a $2 billion loan from Japanese financiers.
News agency Bloomberg reported Monday that state energy giant Nigerian National Petroleum Corporation plans to accept the cash from a group led by the Japan Bank for International Cooperation.
Reports said LNG Japan, Itochu and Sojitz had also teamed up on the arrangement of the loan.
They quoted NNPC spokesman Levi Ajuonuma as saying a final investment decision on the much delayed 10 million tonnes per annum Brass LNG would be taken in the first quarter of 2012.
LNG Japan, Itochu and Sempra Energy working in partnership with Nigerian outfit Sahara Energy Resources are due to take 4%, 3% and 2% stakes in Brass as strategic investors. NNPC will dilute its existing stake of 49% in the project to provide the new partners’ collective 9% shareholding.
Total, ConocoPhillips and Eni each hold 17% stakes in Brass.