Quantum, in a statement, said it did not need help from the GNPC as the project infrastructure cost, including all pipelines, “were to be fully borne by Quantum and Höegh LNG. It was GNPC who insisted on having the right to invest in the project.”

[contextly_sidebar id=”nSWO0GdV0Dn0GH1glk334S37OwqvHAGA”]”This has been distorted in the media to suggest that Quantum required GNPC to invest in the project. This is false.”

Quantum said false statements have been made regarding the agreement Quantum Power with GNPC on October 21, 2016, to provide the infrastructure required for the importation of LNG from whichever supplier or source Ghana chose.

It attributed these statements to publications in The Statesman and the Daily Graphic newspapers, which pertained to the tarrif structure, among others.

Quantum maintains that its tariff for its infrastructure and regasification service of 250 MMscf/d is $1.30 per MMBtu for a 10-year term, as opposed to indications from the Daily Graphic.

“Any other price, term or capacity published, alleged or reported is false,” it noted in the statement.

“Accusations of Quantum providing ‘an unsolicited and irregular proposal…after the close of submission”,“…only submitting an offer for 20 years…”, or “…based on GNPC’s committing to a 100%increase in the minimum volumes….to 500 MMscf/d’ are blatantly false (as well as inconsistent).”

Quantum also said it never offered to provide the LNG but only offered Ghana the mechanism to bring in the LNG, leaving Ghana to choose its LNG supplier, “therefore, any attribution of an LNG price to Quantum’s infrastructure, which is not a market-based price, is by definition, arbitrary.”

Quantum’s credit support from GNPC (and not from the Government) is less than 40% of that required by Gazprom and was always intended to be covered by the LC for the LNG.

Quantum also said it requested no Government guarantee “and none was granted.”

“It was GNPC who tried to transfer the credit support responsibility to the Government. Quantum working in collaboration with AfDB sought to provide an AfDB partial risk guarantee to cut the Government’s credit cost burden to a quarter of the original amount,” the rebutting statement added.

Find the full statement here

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By: Delali Adogla-Bessa/citifmonline.com/Ghana

The post We didn’t need GNPC investment in LNG deal – Quantum Power appeared first on Citi 97.3 FM - Relevant Radio. Always.

The terminal when completed will consist of facilities for the import, storage and regasification of liquified natural gas.

The facility will incorporate a state of the art dedicated floating storage and regasification unit, FSRU with the capacity regasify and deliver at a steadybstate up to 3.4 million tons of LNG per year, equivalent to five hundred standard cubic feet of gas per day via associated sub sea and onshore pipelines to GNPC and its customers.

The sod cutting follows the the execution in 2016 of a 20 year facilities Use Agreement with GNPC, an Engineering, Procurement and Construction EPC contract with Micoperi S.P.A and a long term Time Charter Party Agreement for the FSRU.

The Tema LNG project entails the construction of an LNG import and regasification terminal enabling natural gas deliveries to the Tema Region in Ghana and beyond.

The facility which is financed by Quantum Power Ghana Gas with GNPC as the custormer is designed to alleviate Ghana’s significant energy shortfall and support the Ghanaian governments efforts to put an end to Ghana’s protracted challenges with energy reliability, efficiency and cost.
Speaking at the sod cutting ceremony, the Chief Executive of Quantum Power, Matty Vengerik said the TNG terminal is the first of its kind to be implemented in sub Saharan Africa.

“This is the first terminalin the sub Saharan Africa and we are happy its installation coincides with the 60th anniversary celebration of Ghana”

He said the “FSRU when installed will provide Ghana with a highly reliable, flexible, independent and scalable fuel source while affording significant reductions in power generation cost, with a large multiplier effect on the broader economy”

Mr Vengerik added that the facility when completed will provide Ghanaian power generators with a highly reliable supply of clean fuel for the current and projected future needs, enabling GNPC to efficiently match domestic power demand with gas supply and mitigate the effect of unpredictable rainfall on the availability of electricity in Ghana.

The terminal will be located12 kilometres off Tema’s shores and allows for cost efficient refuelling and regasification without affecting maritime and port traffic.

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By: Elvis Washington/citifmonline.com/Ghana

The post Quantum Power cut sod for first FSRU in Tema appeared first on Citi 97.3 FM - Relevant Radio. Always.