Höegh LNG awarded long-term LNG contract in Ghana
Höegh LNG signed an FSRU contract with Quantum Power Ghana Gas Limited for the Tema LNG import terminal located close to Accra in Ghana. The Tema LNG Project is supported by the Ghana National Petroleum Corporation (GNPC), Ghana's national oil and gas company.
The contract is for a period of 20 years with a five-year extension option for charterer and is expected to generate an average annual EBITDA of around $36 million. The contract is subject to Quantum Power obtaining necessary governmental approvals, financial close and both parties' board approval. The infrastructure construction for the project is planned to start mid-2017 and expected delivery time for the FSRU is 6-12 months following commencement of the construction work. The FSRU will be provided from Höegh LNG's portfolio of FSRUs, including units under construction, the planned conversion FSRU or planned newbuilding orders.
"We are delighted to have been awarded the contract with Quantum Power for their new LNG import terminal in Ghana, and look forward to completing the project together with our client,” Höegh LNG's President and Chief Executive Officer, Sveinung J. S. Støhle, said. “Our modern FSRU solutions offer our client the quickest, most cost efficient and flexible way of importing LNG. With this contract we have full contract coverage for our FSRU fleet."
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