Gasol said that it has entered into an unsecured convertible loan agreement with Socar Trading S.A. (STSA).
STSA is the international marketing and development arm of SOCAR, the State Oil Company of Azerbaijan.
The loan reinforces STSA’s commitments to supply Liquefied Natural Gas (LNG) and assist Gasol with the provision of floating gas storage and regasification facilities for its proposed LNG Import project in Cotonou, Benin. These commitments are detailed in a Letter of Undertaking which the parties have also signed.
KEY POINTS:
The loan follows the signing of a Strategic Alliance between the two companies in December 2012 in relation to Gasol’s proposed LNG Import Project in Benin.
Further to the terms of the Strategic Alliance, the parties have now signed a Letter of Undertaking, detailing the terms and conditions upon which STSA will supply all LNG required for the Project and assist Gasol with the provision of floating gas storage and regasification facilities in the harbour at Cotonou, Benin. The Project involves the regasification of LNG and the supply of that gas to power and industrial customers in Benin, Togo and Ghana.
Alan Buxton, Chief Operating Officer at Gasol , commented: “SOCAR’s agreement to provide this loan facility to Gasol is highly positive news and reflects their confidence in our business model. We look forward to close interaction with SOCAR going forward.”
[mappress] LNG World News Staff, March 18, 2013; Image: Gasol