Lead contractor for the Ghana gas project, SINOPEC has received the latest tranche of the China Development Bank loan released this week.
All funds from the latest tranche which is $188million have been transferred to SINOPEC.
SINOPEC early this year threatened to boycott operations of the gas project which is being funded by the CDB loan.
The delay in the disbursement of the loan led to President Mahama last month calling on finance minister Seth Terkper to look for an alternative source to fund the project.
CEO of the Ghana National Gas Company, Dr Sepah Yankey told Citi Business News
, funding was on Wednesday disbursed to SINOPEC.
“They’ve paid SINOPEC about $188million, and that is the invoice we have processed so far. So far, we have made $225 million down payment for CDB and we have offset from previous invoices and down payments.”
By: Anim Kwaku Boadu/citifmonline.com/Ghana