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, located in the Eastern part of Ghana, will have the initial ability to receive, store, re-gasify and deliver over 1.75 million tons of LNG per year, utilizing 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 that 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.”
The project is slated to provide gas to the power industry, initially in Tema, as early as
The project will be designed to supply gas to over 1,000 MW of power generation
LNG can significantly cut fuel costs for generators and herald a new wave of capacity
investments by producers.
Project aims to complete all government approvals, secure LNG supply and gas sales
agreements leading to a targeted Final Investment Decision (FID) of Q4 2014.
For further information, please contact:
Quantum Power Ghana Gas
2nd Labone Link, North Labone, Accra
t: +233 30 279 7622
m:+233 26 57 67 820
Quantum Power Services Ltd,
28-29 Dover Street, London W1S 4NA
t: +44 20 7041 0016 m:+44 7950 208 440
About Quantum Power
Quantum Power is a pan-African industrial investment platform focused on power generation, energy and related infrastructure and commodities, with offices in six African countries as well as London and Cyprus. Quantum Power Ghana Gas is Quantum Power’s entity dedicated to developing the Tema LNG importation, storage, regasification, and delivery facilities.
Quantum Power is part of the Quantum Pacific Group, an international group of businesses with interests across a broad range of industries and geographies, including international shipping, NYSE- listed ultra-deep water drilling contractor Pacific Drilling and Israel Corporation, Israel’s largest public holding company listed on the TSE.
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