By Chijioke Ohuocha
ABUJA, Oct 13 (Reuters) - Nigerian lawmakers are looking toamend the 1989 law that set up the Nigeria LNG (NLNG)partnership, potentially putting billions of dollars ofinvestment at risk, its chief executive said on Thursday.
NLNG, often touted as a successful public privatepartnership, is a venture between state-owned Nigerian NationalPetroleum Corporation (NNPC), Royal Dutch Shell, Total and Eni to produce liquefied natural gas(LNG) for export.
CEO Tony Attah said lawmakers in Nigeria's lower house wereseeking to cancel government guarantees which helped unlockprivate investment in NLNG as well as introduce levies paid byexploration firms equivalent to some 3 percent its total budget.
He said the LNG produced by NLNG destined for Europe andAsia was exempt from the levy under the 1989 act and that theparliamentary amendment had gone for a public hearing.
NLNG is also at the final stage of deciding whether toinvest in a project known as Train 7 which would boost its LNGexports to 30 million tonnes from 22 million tonnes at a cost ofabout $12 billion, Attah said.
"Train 7 will not happen if we don't have the NLNG act as itis today. The amendments as proposed will not deliver value,they will erode value, they will not make NLNG grow," he toldReuters in an interview in Abuja.
Nigeria, Africa's largest economy, is facing its worstrecession in more than 20 years after low oil prices slashedgovernment revenues and hit the currency, leaving the statestruggling to find ways to fund its record 2016 budget.
NLNG, which has 23 LNG carriers, has generated $85 billionin 17 years with assets of more than $13 billion. (Editing by David Clarke)
