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SINOPEC receives second tranche of funds for gas project

sinopecThe Chinese Development Bank has disbursed the second tranche of funds to lead contractors of the gas project, SINOPEC.

Though it’s unclear how much is involved, the funds are expected to enhance the completion of the gas project at Atuabo.

Board Chairman of the Ghana National Gas Company (GNGC), Dr Kwesi Botchwey in an interview with Citi Business News said barring any hitches, the mechanical completion of gas project should be done by December.

This is to among other things prevent any incidence of a blowout on the jubilee oil field as gas is being re-injected.

“We suffered some break in project execution on account of the funding issues that we had, but we recently sat down with SINOPEC to review the implications of that; so we are still aiming to complete the mechanical completion (including all engineering works) at the end of the year.”

The Board Chair of the GNGC also expressed hope that the contractors working on the plant will be able to make up for lost time, as we lost about three months and full completion by the first quarter of 2013.

The Former Finance Minister was speaking to Citi Business News on the back of a budget advocacy program organized by the Institute of Financial and Economic Journalists (IFEJ) in Accra

“Funding problem is being eased but we are ensuing that we are doing whatever it takes to ensure tardy disbursement under the facility so that pending invoices that we expect can be paid on time so that project execution is not delayed.”

Source: Citi Business

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