Debt Servicing VRA pays 1 million dollars to Ghana gas

Alfred Ogbamey said the company’s insurance cover was expected to expire on December 31 and not December 25 as earlier reported.

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Pulse.com sources have revealed the Volta River Authority on December 18 paid one million dollars to the Ghana National Gas Company after concerns the company might cut gas supply to the VRA following the formers huge indebtedness to the company.

The VRA currently owes Ghana gas 187,447,742.44 dollars for 21,568,820.7005 MMBtu of lean gas supplied to the VRA.Even though the Corporate Communications Manager of Ghana Gas Alfred Ogbamey in an interview refused to confirm the exact amount paid, he said,”The VRA has given assurances they will be making further payments before close of day December 24.

”According to him, the payments are expected to help Ghana Gas renew its facility insurance and also replace its faulty compressor."

Ghana Gas on December 18 presented a report to the parliamentary select committee on energy revealing the company needed 2.5 million dollars to renew their insurance cover and 8 million dollars to replace the faulty compressor.

Alfred Ogbamey said the company’s insurance cover was expected to expire on December 31 and not December 25 as earlier reported.

There was huge anxiety Ghana’s power crisis might worsen after members of the committee on mines and energy said the company might possibly shut down operations effective December 25 which would mean 220 megawatts being taken off the national grid.

“Ghana gas has no indications to shut down and at no time did we communicate to the parliamentary select committee that we will be cutting gas supplies to the VRA to power thermal plants at the Aboadze enclave”, Alfred Ogbamey clarified.

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