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Wednesday, August 6, 2014
A Ghanaian subsidiary of Quantum Pacific, Quantum Power Ghana Gas, signed a deal with Golar LNG to build a $500-million LNG import terminal to be located offshore Tema. The facility will provide power generation feedstock in the form of LNG directly to Ghana state-run power producer the Volta River Authority (VRA).
The VRA is expected to be receiving the LNG by mid-2016 if things go as planned.
Don Ackah, chief executive of Quantum Power Ghana Gas told Reuters that Ghana’s president, John Mahama, instructed his economic team to provide cheaper alternatives to light oil for power generation and has endorsed the Tema LNG project.
The cost of importing crude to keep power generating in Ghana has put a strain on the West African country’s budget.
“A lot of work has already been done with payments committed to parts of the Tema LNG project. We are now aiming to complete all government approvals and secure gas supply and sales agreements for a FID in the last quarter of this year,” Ackah said.
Under the deal Golar LNG will provide an offshore floating storage and regasification unit. Talks are also underway with French oil services firm Technip to construct subsea and onshore pipeline networks to deliver gas to Tema, he said.
The floating terminal is currently under construction in South Korea at one of Samsung Heavy Industries’ yards, Ackah revealed to Reuters.
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