UK’s Gasoil raises $20m for Benin LNG project
LAGOS – UK’s company, Gasol, has drawn down $20 million from a new bond instrument to fund initial development work and studies for its liquefied natural gas, LNG, import project in Benin Republic.
The West Africa-focused outfit aims to line up gas supply to feed into the 678-kilometre West African Gas Pipeline to markets it sees as under-supplied in Benin, Togo and Ghana.
Gasol is aiming to develop gas markets in West Africa through LNG import
projects prior to commercialising its own resources.
The $20 million draw-down is part of a multi-tranche, unsecured bond instrument worth up to $100 million, with a 10% interest rate and maturity of three years.