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Wednesday, April 23, 2014
Gasol reported that African Power Generation (AfGen) signed a JV agreement with Ghana’s state-run gas firm Ghana National Gas Co. (Ghana Gas) aimed at providing additional gas supplies to Ghana. Gasol has an option to purchase the entire issued share capital of AfGen from African Gas Development Corp. Ltd. until August 24.
Under the JV agreement, AfGen and Ghana Gas have agreed to establish a new JV company, to be incorporated in Ghana. The JV parties will explore a fast track a LNG import project located in Ghana, with regasification facilities to supply regasified LNG to power plants and other gas users as a dedicated solution for Ghana, independent of the West African Gas Pipeline.
The JV will ultimately be responsible for the sale and marketing in Ghana of regasified LNG from Gasol’s LNG Import Project in Benin via the West African Gas Pipeline. Initial gas volumes to be sold into Ghana are expected to be a minimum of 100 Mmscf/d for a minimum period of five years.
Gas from the JV will complement Ghanaian field gas as well as contribute towards achieving security of the gas supply needed to address Ghana’s current gas deficit and diversify gas supply risk.
Alan Buxton, COO at Gasol, said: “We are very pleased that, following on from the MoU signed between Ghana Gas and AfGen last year, AfGen has now moved on with a formal agreement which envisages the incorporation of a joint venture company. The arrangements signal progress on two fronts, both in delivering a dedicated solution for Ghana and prior to the implementation of that solution, the sale and marketing of regasified LNG in Ghana from our planned Benin LNG Import project.”
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