UK’s Gasoil raises $20m for Benin LNG project

07 March 2013, Lagos – UK’s company, Gasol, has drawn down $20 million from a new bond instrument to fund initial development work and studies for its liquefied natural gas, LNG, import project in Benin Republic.

Chief operating officer, Alan Buxton, said that securing the bond from institutional investors in a tight credit market was “a very strong endorsement” of its strategy.

The West Africa-focused outfit aims to line up gas supply to feed into the 678-kilometre West African Gas Pipeline to markets it sees as under-supplied in Benin, Togo and Ghana.

Gasol is aiming to develop gas markets in West Africa through LNG import
projects prior to commercialising its own resources.

The $20 million draw-down is part of a multi-tranche, unsecured bond instrument worth up to $100 million, with a 10% interest rate and maturity of three years.

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