Monday, June 04, 2018 09.59AM / By Xinhua
As part of the XXII St. Petersburg International Economic Forum, Rosneft and the Ghana National Petroleum Corporation (GNPC) signed the package of documents assuming the delivery to the port of Tema (Ghana) over 12 years of the liquefied natural gas (LNG) in the volume of ca. 1.7 mmtpa (or 250 mln standard cubic feet per day), its regasification using the processing capacities of Tema terminal in order to subsequently supply the natural gas to GNPC.
The obligations of the parties arising from the above documents will come into effect once they are approved by the Boards of Directors of the parties.
Rosneft gas supplies will allow to satisfy a quarter of Ghana's energy demand, strengthen its energy security and reinforce the country's position as the key LNG hub in the region.
During the forum Rosneft and GNPC also signed a framework cooperation agreement that envisages a joint study of high-priority directions of mutually beneficial cooperation in development of oil and gas fields, oil and oil product supplies.
Rosneft Chief Executive Officer Igor Sechin noted: "The signed documents open a new stage in the development of cooperation between Russia and the Republic of Ghana. Today, Ghana has placed itself among dynamically developing world economies with the energy demand growing year on year. Being a global energy company, Rosneft is capable of meeting this demand including also through LNG and natural gas supplies. Further, the documents open up wide exploration, production and trading possibilities for the Company."
GNPC Chairman of the Board of Directors Fredrick Blay said: "We are happy to cooperate with Rosneft, one of the global oil majors, under such a large-scale agreement. I am sure that as a partner to GNPC, Rosneft will play a leading role in the development of Ghana's energy sector."
The West African country which suffered crippling power crisis between 2013 and late 2015 has a vision to become a net exporter of power in the West African sub-region.
"The supply contract is a hybrid Liquefied Natural Gas (LNG)/Gas supply agreement, where Rosneft delivers LNG to a regasification terminal located at the Tema Port, to be processed and the gas delivered to GNPC at the existing Tema metering station," it stated.