Victoria Oil & Gas’s wholly owned subsidiary Gaz du Cameroun S.A.
(GDC) has signed a legally binding term sheet with ENEO Cameroon S.A
(ENEO), Cameroon's integrated utility Company, to supply gas to two
power stations located in the city of Douala (The Agreement).
GDC has also signed a legally binding term sheet with ENEO and
Altaaqa Alternative Solutions Projects DWC-LLC (Altaaqa) a United Arab
Emirates equipment supply company. Altaaqa will provide power generation
equipment and has responsibility for importing and installing the
Gensets at the Douala power stations. GDC will work with Altaaqa to make
the initial gas connections.
The term sheets have been signed to enable the project to be
expedited to meet ENEO requirements and it is expected that these will
be replaced by full contracts in early 2015.
The Agreement with ENEO is a major gas supply contract for VOG in
terms of scale and profitability with guaranteed minimum take or pay gas
consumption at a fixed US$9/mmbtu over the 2 year contract term.
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