The U.S. Export-Import Bank has approved financing to support $326 million in sales of U.S. oil and gas production equipment and services for an offshore gas field development project in Ghana.
It approved a $253 million, long term guarantee to finance support of capital equipment and services by U.S. suppliers to develop the Tano offshore fields and build pipelines to a barge-mounted, 130,000 kw power plant to be installed near the village of Effasu.
The bank also approved a $62.5 million direct loan to support long term operations and maintenance services for the gas field system and power plant.
Principal U.S. suppliers include Continental Engineering & Construction Co., Lafayette, La., Westinghouse International Service Co., Orlando, Fla., and a number of oil and gas firms in Louisiana and Texas.
Martin Kamarck, Ex-Im Bank chairman, said, "This transaction opens doors for U.S. exporters in the oil and gas industry in West Africa. This project will be the first offshore gas development in Ghana, which has considerable reserves and a great need for power to develop its infrastructure."
The bank said the Tano gas fields are part of the greater Ivory Coast geological basin system, which is marked by small to medium size fields mainly holding gas reserves.
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