Nigeria Gets $2B Loan, Cuts Brass LNG Stake

Nigerian National Petroleum Corporation is planning to reduce its stake in a Brass Liquefied Natural Gas project and has taken a $2 billion loan from a Japanese consortium for the purpose.

Nigerian National Petroleum Corporation (NNPC) is planning to reduce its stake in a Brass Liquefied Natural Gas (LNG) project and has taken a $2 billion loan from a Japanese consortium for the purpose, Reuters reports. NNPC will pare its current 49% stake to 30% to secure much-needed investment.

The consortium is led by Japan Bank for International Co-operation. The state-owned company has offered 4% of its stake to LNG Japan 3% to Itochu and 2% to a joint venture between Nigeria’s Sahara Energy and U.S.-based Sempra Energy.

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