Samsung, Hyundai In Nigeria LNG Carrier Ship Deals

[Shola Sholaz]

South Korea's Samsung Heavy Industries and Hyundai are both involved in deals to provide six LNG carrier ships between them to Nigeria's Liquefied Natural Gas Company (NLNG), the companies said. According to Reuters report, Samsung confirmed through a stock exchange announcement it had won an order to provide four ships to NLNG.
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Hyundai said weekend it was in talks with NLNG to provide two additional LNG carrier ships. Both Hyundai and Samsung say the deal is conditional on NLNG securing finance. France's BNP Paribas and Nigeria's GT Bank are brokering a $1.6 billion loan to help fund acquisition of the vessels and that the loan documents will be signed next week, a banking source told Reuters.
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"We are in talks with NLNG but nothing has been finalized yet," said Kim Kwang-kug, an official at Hyundai Heavy. The source said the loan would be medium-to-long term, with the deal expected to be sealed by the end of March.
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NLNG, which is majority owned jointly by Nigeria's state oil company NNPC and Royal Dutch Shell, said last year it would seek international loans to expand the operations of its shipping subsidiary Bonny Gas Transport Limited, which currently has 24 LNG ships.