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Chinese bank resumes disbursement for Ghana gas project


13:13, July 13, 2013

ACCRA, July 12 (Xinhua) -- The China Development Bank (CDB) has resumed disbursement of loan to SINOPEC for the development of Ghana's western gas infrastructure, Ghana National Gas Company Ltd (GNGCL) told Xinhua on Friday.

The payment done on Wednesday brought the total disbursement to 446.93 million U. S. dollars.

Answering questions from Xinhua, Director for Corporate Communications at GNGCL Guure Brown Guure said the contractors, SINOPEC are paid when the government is able to draw down on the CDB loan.

China Petrochemical Corporation (SINOPEC Group) is a super- large petroleum and petrochemical enterprise group established in July 1998 on the basis of the former China Petrochemical Corporation

A source at GNGCL hinted to Xinhua on Thursday that CDB had resumed disbursement of the project fund to SINOPEC, so there was renewed action at the project site.

"My information is that over 188 million U. S. dollars was paid this week, " Guure said.

"The project suffered delays due, inter alia, to late payments to SINPPEC. As a result, the timeline for the completion of the project as advised by SINOPEC is fourth quarter of this year," he said, adding that first gas would be delivered after this completion date.

Guure assured that the project was progressing steadily and GNGCL was committed to meeting the deadline given, barring any unforeseen circumstances.

SINOPEC withdrew its services at the Ghana gas project in April, citing non-payment for work it had pre-financed. The Ghanaian government intervened somehow to get the project back on track.

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