World Bank grants fund for West African Gas Pipeline Project

Dec 30, 2004 01:00 AM

Funso Kupolokun, chairman of the West Africa Gas Pipeline Project Company (WAGPC), confirmed that the World Bank would provide fund to accelerate construction of the $ 590 mm worth of project.
"We have secured a security guarantee from the bank as well as from the Overseas Private Investment Corporation," he told.

The World Bank in November granted a loan of $ 125 mm to one of the shareholders involved in the project to enable it fund its shares. Kupolokun, also group managing director of state-owned Nigerian National Petroleum Corporation, said the guarantee would facilitate the building of the 678 km pipeline stretching from Lagos, the commercial capital of Nigeria, through Benin to Togo and Ghana.
"The WAGPC will provide cheap, efficient and environmentally friendly fuel to the consuming nations," he said. Kupolokun expressed optimism that the firm would lower the cost of power in the consuming nations and improve the competitiveness of goods and services.

The WAGPC is being drivenby the shared vision of the four countries to make clean fuel for power generation and industrial development among the parties.
The chairman announced that the shareholders of the company had taken the Final Investment Decision (FID) on the project, explaining that the FID would not have been possible without the firm commitment of all stakeholders who were desirous of seeing the project off.
"The move marked a significant milestone in west Africa's continuing economic development," Kupolokun said.

The pipeline will commence delivery of gas by December 2006, Kupolokun said, adding that sales agreements had been signed between the company and Takoradi Power Plant in Ghana, SoToGas of Togo and SoBeGas of Benin.

Source: Xinhua News Agency
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