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GNPC and Quantum Power sign Heads of Terms for Tema LNG project

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Ghana National Petroleum Corp. (GNPC) and Quantum Power have signed Heads of Terms for the construction and operation of the Tema LNG project.

The LNG storage, regasification and delivery facilities, which will be located in Tema, Ghana, will have an ultimate capacity of approximately 3.40 million tpy of LNG. The project will utilise a dedicated floating storage and regasification unit (FSRU) moored offshore Tema. An associated sub-sea and onshore pipeline will deliver the natural gas to GNPC and its customers onshore.

The Tema LNG Project will be implemented on a build-own-operate-transfer (BOOT) basis with the assets transferring to GNPC after the LNG project’s 20-year term.

The LNG project, which has been under development for three years, plans to commence operations by the end of 2016. The project will provide GNPC with the flexibility to manage volatility in power demand and fluctuations in domestic gas supply, while mitigating the effect of unpredictable rainfall on Ghana’s power balance.

Alexander Mould, CEO of GNPC, said: “We are pleased to announce our agreement with Quantum Power. As the national gas sector aggregator, GNPC is leading Ghana’s efforts to develop the gas-to-power value chain supporting the government’s vision of energy security for accelerated economic growth. The Tema LNG project is a critical component in achieving this vision as it allows for the diversification of fuel supply sources, enhancing flexibility and reliability. It guarantees GNPC contracted capacity of 250 million ft3/d of gas, for regasification of competitively priced LNG.”

Matty Vengerik, CEO of Quantum Power, added: “We are delighted to partner GNPC to deploy this cost-efficient and clean fuel supply infrastructure solution to Ghana. This is the first such project to be implemented in sub-Saharan Africa. The combination of increased certainty-of-supply with the cost savings inherent in LNG supply has a significant multiplier effect on the economy at large, as it reduces risk for commercial and industrial activities and increases Ghana’s attractiveness as an investment destination. Furthermore, the project will spur directly and indirectly technology and know-how transfer, and maritime and energy employment opportunities, in addition to its highly leverageable indirect contribution to economic activity and employment in the country. Quantum Power is proud that GNPC has selected our project as one of its national strategic initiatives.”

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