Quantum Power, Golar LNG to fund $500m gas project in Tema

LNG-Liquefaction-Plant05 August 2014, Accra – Quantum Power, the Pan-African energy and infrastructure industrial investment platform, is pleased to announce that its subsidiary, Quantum Power Ghana Gas (“QPRGG”), has signed a collaboration agreement with Golar LNG (“Golar”).

QPRGG is the developer of a liquefied natural gas (LNG) storage, regasification and delivery facilities (“the Project”) at Tema in Ghana. The collaboration agreement contemplates that should the project reach FID, Golar will provide the project with the required floating LNG storage and regasification unit (FSRU), as well as certain technical, engineering, design and construction services.

The Tema LNG Project will have the initial ability to receive, store, re-gasify and deliver over 1.75 million tonnes of LNG per year, utilising a state-of-the art purpose-built dedicated FSRU moored off-shore, with associated sub-sea and onshore pipeline networks to deliver the natural gas to power generators in Tema.

The project is scheduled to deliver gas to the Tema power producers in early 2016, and has the ability to increase its delivery capacity, as demand in Tema and elsewhere evolves, facilitating availability of efficient, reliable and clean fuel to the Ghanaian power generation industry.

The Project, which will require over $500 million in capital, has been developed for over 18 months, with some of the world’s most experienced engineering teams collaborating to create the optimal design to address the specific maritime challenges the Gulf of Guinea presents.

Don Ackah, Chief Executive Officer of QPRGG, said: “We are pleased to have reached this milestone. For Ghana’s economy to grow, we need more electricity, which our facilities can help fuel at lower cost and with lower emissions.”

Matty Vengerik, Managing Director of Quantum Power, added: “We are delighted to have Golar joining us in this innovative project, and we are very excited to partake in alleviating an important burden on Ghana’s economic growth. Conservative estimates are that our project can save power producers more than a quarter of billion dollars annually in fuel cost, with a multiplier effect on the economy at large.”

*John Bediako – The Chronicle

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