The Nigeria LNG Limited, NLNG, Nigeria’s major producer and exporter of liquefied natural gas, last year realised over $10billion despite the continued global recession.

Speaking during his visit to the NLNG plant in Finima, Bonny Island, Rivers State recently, a former Head of State, Chief Ernest Shonekan, noted that despite the radical changes experienced in the Liquefied Natural Gas, LNG market, the NLNG was able to realise revenues in excess of $10billion last year alone.

According to him, “The LNG market has undergone some diversification but we were able to derive huge revenues for 2011.

“NLNG opened up by initially concentrating most of its exports to Europe with buyers in France, Portugal, Spain, Italy and Turkey. Later, it broadened its scope to deliver long-term sales to North America, which in the past was primarily a destination for only spot cargoes.”

Addressing the issue of gas flare, the statesman stressed that it is unacceptable in today’s world to flare gas.

He said, “Not only from a health and environmental perspective that flaring of gas is wrong but also for the basic fact that the perpetrators are burning cash.

“Again, as a former captain of industry and a statesman, I find it detestable that our country not only still leaves value on the table and walks away year after year, but also continues to literally pour money into flames by flaring gas.” He decried the fact that Nigeria consistently failed to heed author, Lewis Carroll’s advice to run much faster if it seriously wants to get anywhere.