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Rosneft and GNPC agree long term deal for LNG supplies to Ghana

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LNG Industry,

As part of the XXII St. Petersburg International Economic Forum, Rosneft and the Ghana National Petroleum Corporation (GNPC) signed a package of documents agreeing to the delivery of 1.7 million tpy of LNG to the port of Tema (Ghana) over a period of 12 years. The LNG will subsequently be regasified, utilising the processing capacities of Tema terminal, and supplied as natural gas to GNPC.

The obligations of the parties arising from the documents will come into effect once they are approved by the Boards of Directors of the parties.

Rosneft gas supplies will satisfy a quarter of Ghana's energy demand, strengthening its energy security, and reinforcing the country's position as the key LNG hub in the region.

During the forum Rosneft and GNPC also signed a framework cooperation agreement that envisages a joint study of high-priority directions of mutually beneficial cooperation in development of oil and gas fields, oil, and oil product supplies.

Rosneft Chief Executive Officer Igor Sechin noted: "The signed documents open a new stage in the development of cooperation between Russia and the Republic of Ghana. Today, Ghana has placed itself among dynamically developing world economies with the energy demand growing year on year. Being a global energy company, Rosneft is capable of meeting this demand including also through LNG and natural gas supplies. Further, the documents open up wide exploration, production and trading possibilities for the company."

GNPC Chairman of the Board of Directors Fredrick Blay said: "We are happy to cooperate with Rosneft, one of the global oil majors, under such a large-scale agreement. I am sure that as a partner to GNPC, Rosneft will play a leading role in the development of Ghana's energy sector."

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