Latest news with #NLNG
Zawya
29-04-2025
- Business
- Zawya
Nigeria: NLNG unveils economic empowerment programs for 110 host, pipeline communities
Nigeria Liquefied Natural Gas Limited (NLNG) has relaunched one of its key economic empowerment programmes formerly known as Youth Empowerment Scheme (YES) as a way of spurring the growth of small businesses and youths within its over 110 host and pipeline communities in Rivers State. The new scheme, now known as VIBES, is to ensure growth and sustainability of small businesses owned and managed by previous YES beneficiaries. Speaking at the relaunch event in Port Harcourt, General Manager, External Relations and Sustainable Development, Dr. Sophia Horsfall said VIBES stands for Vocational, Innovation, Business, and Empowerment Scheme. She said, 'NLNG believes that entrepreneurship is not just about starting and running a business, it is about creating opportunities that uplift the communities to drive economic growth and spark positive social change. 'In line with NLNG's vision of improving lives sustainably, VIBES is a deliberate programme to engender entrepreneurial knowledge, and the networks needed to grow entrepreneurs and change-makers in our communities.' Over 1,400 youths from NLNG's host and pipeline communities in Rivers state had been trained in 10 different empowerment programmes since inception of YES in 2004 though less than 300 are said to be operating viable business till date. The crafts include: Automotive, Advanced welding, Catering and Hotel management, Fashion Designing and Cosmetology, Farm Management, Information and Communication Technology as well as Photography and Video Production. Dr. Horsfall who was represented by the Manager, Community Relations and Sustainable Development, Charles Epelle said: 'We believe that VIBES will foster an environment where individuals can create businesses, generate employment, and become innovators. 'This belief drives our commitment to nurturing local capacity and enabling individuals to become creators of jobs, wealth, and lasting impact.' Speaking further, she said the programme is a modern approach to economic empowerment which 'offers enhanced support through networking opportunities, grants, resources, and mentorship to help participants refine and scale up their ideas.' According to the Organisers, VIBES came into force last year as a way of refining the implementation of the company's YES programme, which was initially designed to make the participating youths economically and socially responsible and self-reliant through guided technical and managerial development training. In conceptualising VIBES, NLNG assembled experts in entrepreneurship, business development, law, technology and innovations and several other fields for continued training and mentorship of the select business operators to ensure continued survival, growth and sustainability of such businesses. NLNG's Manager, Corporate Communication and Public Affairs, Anne-Marie Palmer-Ikuku in a statement made available to Tribun Online expressed optimism that: 'VIBES will provide comprehensive business training, which includes courses on financial management, marketing, strategic planning, law and legal practices and more. 'It shall also provide personalized advisory services and structured mentorship from seasoned business to the participants.' Under the arrangement, 'Beneficiaries will be administered professional, practical, participative trainings designed to build robust technical and managerial capacity. 'Participants in the top 50 will receive a grant of $1,300 each, disbursed in two tranches. 'This funding is intended to help upscale their business and as part of a broader support system that includes mentorship, networking, and additional advisory services. 'In the end, The VIBES Alumni Network will be created and is designed to provide continued mentorship, networking, and support after the completion of the programme, helping past beneficiaries to share experiences and access further opportunities. 'Economic Empowerment is one of the four pillars of NLNG's community development drive. Others are education, infrastructure development and healthcare,' she explained. NIGERIAN TRIBUNE Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Reuters
25-02-2025
- Business
- Reuters
Exclusive: Vitol, Glencore win $380 million award in Nigerian LNG litigation
Feb 25 (Reuters) - Trading houses Vitol and Glencore will receive $380 million in compensation after their gas supplier, trading firm Taleveras, won a legal battle in a London court against Nigeria's sole liquefied natural gas (LNG) producer for non-delivery of cargoes, court documents seen by Reuters showed. The case heard in London's High Court and Court of Appeal is the latest in a string of lawsuits brought by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows plumbed during the COVID pandemic when Russia invaded Ukraine in February 2022. Taleveras sued Nigerian venture, known as NLNG and involving Shell (SHEL.L), opens new tab TotalEnergies ( opens new tab and Eni ( opens new tab as partners, four years ago. These three companies are minority shareholders in NLNG, opens new tab, along with the Nigerian state-owned oil company which has 49%. Last week, Taleveras had NLNG's appeal rejected, according to an official video of court proceedings. A full written judgment is due to be released in the coming weeks. NLNG runs Nigeria's biggest LNG plant, which covers around 5% of global supply. NLNG said it was reviewing the ruling and declined further comment. Shell declined to comment, while TotalEnergies and Eni did not respond to a request for comment. Court proceedings focused on 19 cargoes that NLNG had been due to deliver to Taleveras in 2020-2021. Taleveras had pre-sold some of these cargoes to Vitol and Glencore, according to court documents. The trading houses took legal action against Taleveras for non-delivery, leading to a chain of litigation. The lost appeal means NLNG will need to pay Vitol around $260 million and about $120 million to Glencore, the documents said. Vitol and Glencore did not respond to requests for comment. It was not clear how much Taleveras would receive on top of $380 million. Taleveras declined to comment. European benchmark gas prices swung between 3.63 euros ($4.14) per megawatt-hour in 2020 as demand fell because of the pandemic and 311 euros ($328) per MWh in 2022 after the invasion of Ukraine disrupted supplies to Europe. When prices soared, some producers cut supply under long-term deals and sold those volumes at higher prices on the spot market instead, triggering a wave of complaints about legality of such actions. In one such case, Shell (SHEL.L), opens new tab and BP (BP.L), opens new tab pursued arbitration against Venture Global LNG, a U.S. gas exporter, for failing to supply contracted cargoes. Venture Global cited technical issues at its LNG facilities as the reason for delayed deliveries. In the case of Taleveras versus NLNG, Reuters could not establish the reasons NLNG cited for delays. Taleveras was founded in 2004 by Igho Sanomi, one of Nigeria's independent energy traders. The company is now based in Dubai.
