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$60m World Bank Boost for W.African Gas Project Ghanaian parliament ratifies project treaty By Mike Oduniyi, with Agency report The West African Gas Pipeline (WAGP) Project has received a boost following approval of a $60 million loan by the World Bank to expand Ghana's Takoradi-II thermal. Ghana's power plants are expected to consume about 90 percent of the 120 million cubic feet of gas per day to be produced from Nigeria's oil fields and supplied through the pipeline system. Analysts said building capacity from 220 to 330 megawatts will prove critical in helping Ghana's the Volta River Authority (VRA), convert its existing letter of intent to a firm commitment to take-or-pay for gas supplied by the Bermuda-registered West African Pipeline Company (Wapco). The company is owned by Nigeria National Petroleum Corporation (NNPC), ChevronTexaco, Shell and utilities in Togo and Benin. The $500 million WAGP entails the construction of a 620 miles of pipeline, both on and offshore, from Nigeria's Niger Delta region to supply gas to Benin Republic, Togo and Ghana. Promoters were already hoping on the World Bank to give approval to the Multilateral Investment Guarantee Agency (MIGA) to back funding for the project to the tune of $200 million. According to the revised time table for the WAGP, the Final Investment Decision (FID) for the project had been pushed forward to third quarter of 2004 from the earlier first quarter projection, while operational start -up is scheduled for 2006 from the earlier target of July 2005. Already, the Ghanaian parliament last weekened, adopted a report on the Treaty of pipeline project, one of the key requirements for the signing of the FID. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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