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Monday, June 5, 2017
South Africa’s Industrial Development Corp. (IDC) will supply Renergen with R218 million in funding to develop the pipeline and associated installations, compression station and the power and steam plant at Renergen’s subsidiary Tetra4’s Virginia Project, subject to conditions.
The funding is over an eight-year term.
Tetra4 is a natural gas and liquefied helium company situated in the Free State province of South Africa. It holds the first and only onshore production right in South Africa. It also holds an additional three onshore petroleum exploration rights in South Africa
Following the recent uncontested submission of the Environmental Impact Assessment for the construction of the pipeline at Virginia, Tetra4 now awaits the final record of decision for development to commence.
Stefano Marani CEO of Renergen commented, “We’re on track to develop the exciting growth potential of our Virginia Project at Tetra4 and welcome this important funding support from the IDC as we proceed to full production.”
Hilton Lazarus, Head of Basic & Speciality Chemicals SBU of the IDC commented “The funding of Tetra4 is in line with the IDC’s strategy to promote gas usage in the country, particularly through the exploitation of indigenous gas resources. The project will also help create new jobs in an area with high unemployment.”
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