Business
Update- Proposed new LPG facility at the Comarc...
Update- Proposed new LPG facility at the Comarc....
About this update from Everest Global Plc
[{"type":"text","content":"\n \n\n\n16 April 2019\nFor Immediate Release\n\n\n\n\n\n\n\n\nAnglo African Agriculture plc(“AAA†or the “Companyâ€)\n\nSoft opening ceremony held for proposed new LPG facility at the Comarco Port\n\nFurther to the announcement made by the Company on 12 November 2018 concerning the advancement of a $1,000,000 loan to the privately-owned, Kenyan-based port and marine logistics group, the Comarco Group (“Comarcoâ€), the Board of AAA is pleased to announce that a soft opening ceremony for the new 11,000 metric tonnes LPG import and storage facility, constructed on the privately owned Comarco Port, has taken place.\n\nThe first phase of the Mansa East Africa Terminal (a development project owned by large international LPG trading and transportation company Petredec Group and their local Kenyan partners, Rift Gas) will be an 11,000 metric tonnes LPG import and storage facility in Mombasa, Kenya constructed on the privately owned Comarco Port.\n\nThis state-of-the-art Mounded LPG terminal will be supplied by a floating storage vessel moored at Comarco’s port. Benefitting from Petredec’s worldwide presence and Rift Gas’s Kenyan roots, Mansa’s LPG terminal is the gateway for competitively priced LPG to flow into an integrated network of distribution depots and supply points across East Africa.\n\nBy early 2020, reliable and timely deliveries of gas from Petredec, the world’s largest independent LPG trader, will arrive in Mombasa, providing Kenya and the entire region with a safe, cost effective energy solution. Petredec will invest over KSH 5 billion (approximately US$50 million) into the LPG terminal and regional downstream assets. The facility will comprise 4 x 250 metric tonne tanks and a floating vessel in phase 1.\n\nDavid Lenigas, Non-Executive Chairman, commented;\n\n“One of AAA’s primary reasons for becoming involved with Comarco is based on the Company’s belief that ports are long term growth assets and this particular port is of considerable strategic importance to East Africa. We believe that the construction of this LPG facility adds further weight to this view. In addition to Petredec’s large financial commitment to the LPG facility and their belief that Mombasa is a strategic access point into East Africa, major oil and gas companies continue to develop their substantial new off-shore discoveri...