GNPC provides guarantee for first power ship

The $100-million guarantee for the emergency barges, expected to generate and add 450 megawatts (MW) of power to the national grid

 

The Ghana National Petroleum Corporation (GNPC) has issued half of the $100-million guarantee required to provide financial security for two emergency power barges to be dispatched from Turkey to the country next month.

The $100-million guarantee for the emergency barges, expected to generate and add 450 megawatts (MW) of power to the national grid, is needed to serve as insurance against possible default in payment by the country.

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Chief executive officer of the Corporation, Alex Mould said documents on the remaining $50 million are being processed with a local bank and should be completed in the next few weeks. He also debunked concerns that the GNPC had been unable to provide the necessary guarantee to allow for the barges to be brought in.

“It’s absolutely not true that the GNPC hasn't provided the money and it is absolutely not true that the barges are coming in September. My understanding is that they are supposed to leave Turkey in September and so they will be coming (to Ghana) in October. Secondly, the GNPC has put the money aside for the guarantees,” he stated on Graphic online.

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The shipment of the two barges was part of a $1.2-billion deal entered into between the country and KarPowership Ghana Limited earlier this year.

The deal was part of a number of initiatives the government called short and medium-term solutions to the current power challenges facing the country.

The two ships are expected to produce a total of 450MW of power using gas from the Jubilee Field to augment the national grid.

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