Petroleum Africa
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Monday, December 19, 2016
The development of Ghana’s oil sector will get a financial boost from two World Bank units in the form of $517 million in debt and guarantees. The global lending institution said that the funds will be used to support ENI and Vitol’s Sankofa oil and gas project.
The new finances add to the $700 million World Bank guarantee package from July and brings the institution’s total financing to around $1.217 billion for the offshore project.
A $235-million loan to Vitol Ghana from the IFC has been committed, while it is also arranging another $65 million in debt. Guarantees by the Multilateral Investment Guarantee Agency, another bank institution, will support Vitol Ghana’s commercial borrowing needs for the project and will be issued for up to 15 years.
“Sankofa is expected to generate $2.3 billion in revenues for Ghana’s government per year and provide a stable, long-term source of domestic gas that will solve Ghana’s chronic gas supply constraints,” an IFC statement said.
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