Ghana: $500m l/c for Sankofa gas


Issue 332 - 18 Oct 2016 | 1 minute read

HSBC and Standard Chartered have issued a $500m letter of credit for Ghana National Petroleum Corporation (GNPC). The banks said the facility would guarantee GNPC’s payment obligations to Vitol and Eni for the sale of gas from the Sankofa field. GNPC will have a 20% stake in the project. “The Sankofa integrated oil and gas project will be Ghana’s third operating field in quick succession. Gas from the field will provide baseload fuel to generate about 1,100MW of electricity in Ghana for 15 years,” said GNPC acting chief executive Alexander Mould. HSBC France is acting as agent on the stand-by credit facility, and co-issued $250m alongside Standard Chartered.

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