Kibo Energy discusses Benga project with Mozambique state utility EDM
Mon, 12th Apr 2021 11:38
(Alliance News) - Kibo Energy PLC on Monday said it has made progress on its Benga power plant project in Mozambique, including a technical and business workshop with state utility Electricidade De Mocambique to finalise a power purchase agreement.
During the meeting several documents were presented and discussed with EDM, Kibo said, including the final optimised definitive feasibility study and summary of an updated draft financial model.
Discussions during the workshop included an agreement reached to integrate specific EDM inputs into the financial model, it said, as well as to initiate a formal engineering, procurement and construction process towards finalising the model.
Kibo’s Mozambican coal power plant gains coal supply security Term sheet with Vale to turn into definitive deal once state utility gets on board BL PREMIUM 22 December 2020 - 15:34 Lisa Steyn
Kibo Energy, an Africa-focused power project listed on the JSE and London’s Alternative Investments Market (AIM), has signed an agreement to secure coal supply from miner Vale for its Benga power plant in Mozambique.
Kibo on Tuesday said it has secured a mutually binding “coal supply term sheet” with the multinational resources giant Vale. The term sheet sets outs basic terms and conditions and in this case, Kibo said, it will be converted into a definitive coal supply agreement at the time that a power purchase agreement is finalised with Mozambique power utility, Electricidade de Mocambique (EDM).
Sasol Agrees on Mozambique Gas Plant Sale in Latest Disposal
Dec 21 2020, 9:19 PM
December 21 2020, 8:23 PM
December 21 2020, 9:19 PM
(Bloomberg) Sasol Ltd. has agreed to sell its stake in a 175-megawatt gas-fired power plant in Mozambique to Azura Power Ltd. for about $145 million as part of an accelerated disposal program to pay down debt.
(Bloomberg) Sasol Ltd. has agreed to sell its stake in a 175-megawatt gas-fired power plant in Mozambique to Azura Power Ltd. for about $145 million as part of an accelerated disposal program to pay down debt.
The sale of its 49% shareholding in the Central Termica de Ressano Garcia plant, or CTRG, is subject to conditions including a pre-emption right by state-owned Electricidade de Mocambique, that holds the majority stake, as well as closing adjustments, the company said Monday in a statement. It has yet to announce a winning bidder for its stake in half of the 865-kilometer (538-mile) Rompco natural-gas pipeline that runs from Mozam
Sasol sells Mozambique power stake to pay down debt
Earlier this year, Sasol held a sustainability roundtable. In its presentation, the petrochemicals company outlined a shift away from fossil fuels and towards natural gas in its feedstock. This, it said, is a critical part of its future. However Sasol also admitted that South Africa is fast running out of local natural gas supplies. The refinery sector in the country is said to be in dire straits as PetroSA’s 45,000 barrel-a-day plant is running out of feedstock and Glencore’s Cape Town refinery has been shut since February this year. Combined they would take over a fifth of the nation’s processing capacity offline. Petroliam Nasional, Sasol and Royal Dutch Shell are reviewing their South African operations. In its recent sustainability presentation, Sasol said that it has little choice but to secure natural gas supplies from neighbouring countries. CEO Fleetwood Grobler said that imports from Mozambique were the most likely
Sasol s head office in Johannesburg
Sasol has entered into a $145 million sale agreement of its shareholding in a gas-to-power plant in Mozambique, as the company continues its assets offloading drive in an attempt to boost its financial position.
The company announced on Monday that the divestment in Central Termica de Ressano Garcia (CTRG), which is located on the border between South Africa and Mozambique is subject to regulatory approvals. Sasol owns a 49 % stake in the project, and Electricidade de Mocambique (EDM), the country s state-owned electricity company holds 51%.
It plans to sell its stake to Azura Power, one of the prominent Independent Power Plants operator in the continent.