The Trans-Saharan Gas Pipeline project is now under review to determine its viability due to recent developments in the global natural gas industry and the collapse of gas prices, Nigerian President Goodluck Jonathan said Wednesday.
The Trans-Saharan Gas Pipeline project is now under review to determine
its viability due to recent developments in the global natural gas industry and
the collapse of gas prices, Nigerian President Goodluck Jonathan said
Wednesday.
Nigeria
and
Algeria
signed a memorandum of understanding in 2002 for the 4,000-kilometer gas
pipeline to carry gas from
Nigeria
's
Niger Delta region through the
Republic
of
Niger
to
Algeria
's
Beni Saf export terminal on the
Mediterranean Sea
. The
bulk of the gas would be destined for European markets.
In an opening address at the Infrastructure Summit of the World Economic Forum
in Cape Town, South Africa, Wednesday, Mr. Jonathan said the initial
preparatory work for the project was under way, adding that the project was now
under review to determine its viability due to recent global gas industry
developments and the drop in gas prices, according to a statement from his
office in Abuja.
Mr. Jonathan arrived in South Africa on Monday for a state visit and addressed
that country's parliament on Tuesday.
Oil and natural gas have been discovered in more African countries such as
Ghana, Mozambique, South Sudan, Kenya and Uganda, and in Europe, while the
United States is experiencing an oil and gas boom due to production from its
shale deposits--leading to a decline in natural gas prices.
Apart from a complete collapse of gas prices, experts say the Trans Saharan Gas
Pipeline, if completed, will be prone to attacks from terrorists and armed
gangs operating in West, Central and North Africa, and it won't be a reliable
source of gas supply to its customers.
President Jonathan didn't say when the review would be completed.
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