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Monday, October 10, 2016
GNPC was awarded a letter of credit for $500 million from HSBC and Standard Chartered. The letter of credit will be used to guarantee payments for gas extracted in 2018 from the offshore Sankofa field.
The gas will be used for industrial and domestic consumption.
HSBC France acted as agent on the deal and co-issued $250 million with Standard Chartered. The deal’s tenor is up to 17 years, a two-year commitment period prior to production, followed by 15 years of effectiveness.
GNPC has a back up to its guarantee as last month it signed a $500-million deal with the World Bank in the form of a partial risk guarantee for use if the country defaults on payments for Sankofa gas.
The Sankofa field is operated by ENI and Vitol.
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