Since Nigeria Liquefied Natural Gas (NLNG) Limited has declared force majeure on its 22.2 million tons per year Bonny LNG export facility, the cover price of liquefied petroleum gas (LPG), often known as cooking gas, may soon increase throughout the nation.
Experts have cautioned that the price to fill a 12.5 kilogram cylinder of cooking gas in Nigeria may rise to N12,000 or more by November, up from N9,800 as of October.
The widespread flood that has interrupted the upstream activities of the gas supply has reportedly led NLNG to declare force majeure on its gas supply contracts.
A “force majeure” clause, which is frequently found in contracts and, in essence, releases both parties from responsibility or obligation when an extraordinary event or circumstance, such as a war, strike, riot, crime, epidemic, or sudden changes in the law, prevents one or both parties from upholding their end of the bargain, was disclosed by the NLNG in a statement by its General Manager, External Relations and Sustainable Development, Mr. Andy Odeh.
Odeh said NLNG was assessing the severity of the disruption and will work to lessen its effects.
You can read more of such stories at The Cheer News
According to reports, NLNG put a stop to the upstream operations of the gas supply and declared force majeure on its gas supply contracts as a result of the extensive flooding.
A “force majeure” clause, which is frequently found in contracts and, in essence, releases both parties from responsibility or obligation when an extraordinary event or circumstance, such as a war, strike, riot, crime, epidemic, or sudden changes in the law, prevents one or both parties from upholding their end of the bargain, was disclosed by the NLNG. It was released by its General Manager, External Relations and Sustainable Development, Mr. Andy Odeh.
In order to lessen the effects of the force majeure, Odeh stated that NLNG was assessing the scope of the disruption.
You can read more of such stories at The Cheer News and Credible News
