Is Nigeria Liquid? Financing Nigeria LNG

by Frédéric Blanc-Brude
Nigeria LNG (“NLNG”) has a long history and is almost a text-book case study of all the things that can go wrong and right if one is trying to get a massive LNG project off the ground in a developing country with a bad credit record. It is a study in regime change and civil unrest, flaky customers and SPAs that take years to materialise, customers that change their minds, but also cheap tankers in the right place and at the right time, a rock-solid shareholder commitment, years of faithfully saving the proceeds of crude sales in an escrow account and the willingness of the host country to provide a very comfortable legal framework for the project company.
Is Nigeria Liquid? Financing Nigeria LNG (Frédéric Blanc-Brude), In Infrastructure Journal, 2003.