Quantum Power as refuted claims it required\u00a0the Ghana National Petroleum Corporation (GNPC) to invest in its project to\u00a0provide the infrastructure required for the importation of Liquefied Natural Gas (LNG).<\/p>\n
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 H\u00f6egh LNG. It was GNPC who insisted on having the right to invest in the project.”<\/p>\n
[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.”<\/p>\n
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.<\/p>\n
It attributed these statements to publications in The Statesman and the Daily Graphic newspapers, which pertained to the\u00a0tarrif\u00a0structure, among others.<\/p>\n
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.<\/p>\n
“Any other price, term or capacity published, alleged or reported is false,” it noted in the statement.<\/p>\n
“Accusations of Quantum providing ‘an unsolicited and irregular proposal\u2026after\u00a0the close of submission\u201d,\u201c\u2026only submitting an offer for 20 years\u2026\u201d, or \u201c\u2026based on GNPC\u2019s committing to a 100%increase in the minimum volumes\u2026.to 500 MMscf\/d’\u00a0are blatantly false (as well as inconsistent).”<\/p>\n
Quantum also said it never offered to provide the LNG but only offered Ghana the mechanism to bring in the\u00a0LNG, leaving Ghana to choose its LNG supplier, “therefore, any attribution of an LNG price to Quantum\u2019s infrastructure, which is not a market-based price, is by definition, arbitrary.”<\/p>\n
Quantum\u2019s 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.<\/p>\n
Quantum also said it requested no Government guarantee “and none was granted.”<\/p>\n
“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\u2019s credit cost burden to a quarter of the original amount,” the rebutting statement added.<\/p>\n