n Liquefied Natural Gas Company (NLNG) to raise $1.6 billion for six LNG carrier ships, according to reports.

Business Day revealed a source close to the deal disclosed it on Wednesday adding the loan was structured as a medium to long term funding.

The banking source said the fundraising is expected to close by the end of March 2013.

NLNG did mention in 2012 that it contacted global lenders to appoint financial advisers to help determine the best way to raise funds adding that it needed funds from the international market to expand operations of one of its subsidiary, Bonny Gas Transport Limited.

Nigeria LNG Limited is jointly owned by state-owned Nigerian National Petroleum Corporation (49 percent), Shell Gas B.V. (25.6 percent), Total LNG Nigeria (15 percent) and Eni International (10.4 percent).

The company was established in 1989 to harness Nigeria’s natural gas resources and produce liquefied natural gas and natural gas liquids for export.

NLNG has a 22 million metric tonnes production capacity of liquefied gas.