Saturday, March 18, 2023
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • Home
  • Markets & Companies
  • Business & Economy
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result

Savannah Energy revises gas sales agreement with Lafarge Africa

Ehime Alex by Ehime Alex
December 22, 2020
in BUSINESS & ECONOMY, Front Page
0
Savannah Energy revises gas sales agreement with Lafarge Africa
0
SHARES
63
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

Savannah Energy Plc says its Accugas subsidiary has entered into a revised ‘Gas Sales Agreement’ with Lafarge Africa Plc, part of the LafargeHolcim Group, for the supply of gas to its Mfamosing cement plant in Cross River State.

The company announced this in a statement made available to Financial Street on Monday.

READ ALSO

Ndi Enugu, wake up, shine your eyes

Peter Obi: A New Nigeria is Truly Possible

The contract term with Lafarge was extended for a further five years to January 2037, giving a remaining contract life of 17 years.

Read Also:

  • Ndi Enugu, wake up, shine your eyes
    Ndi Enugu, wake up, shine your eyes

The new agreement, according to the company, allows for an increase in the gas sales price from 2027, with additional United States-Consumer Price Index indexation from January 1, 2029.

Explaining that the revised structure also allows Lafarge to utilise its accumulated make-up gas balance of approximately $58m, it stated, “Lafarge’s commitments under the revised GSA will continue to be guaranteed by an international investment grade bank guarantee.

“Overall, the revised terms are expected to have a cumulative positive impact on Accugas’ cash flows over the short and medium term. Following the agreement, Accugas’ aggregate maintenance-adjusted take or pay volume will reduce from 141.4 MMscfpd to 131.8 MMscfpd.”

Commenting on the revised agreement, the Chief Executive Officer of Savannah Energy, Andrew Knott, said, “The deal with Lafarge Africa is also a significant ‘win-win’ for both parties; Accugas is receiving a higher effective gas price in the near-term years, accelerating near and medium term cashflows, our contract with a key customer is being extended for an additional five years and significant spare capacity is being freed up, which we can sell gas to other customers.

“All while Lafarge Africa is able to utilise its existing make-up gas balance. We are looking forward to 2021 with excitement as we continue to work with our stakeholders to develop and grow our business for the benefit of all.”

Tags: Accugas subsidiaryGas Sales AgreementLafarge AfricaMfamosing cement plantSavannah Energy

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Ehime Alex

Ehime Alex

Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

Related Posts

Ndi Enugu
Front Page

Ndi Enugu, wake up, shine your eyes

March 16, 2023
Nigeria
Front Page

Peter Obi: A New Nigeria is Truly Possible

March 9, 2023
Enugu
EMPIRE

Oby Onwe: Defying political odds in Enugu

March 4, 2023
fixpolitics
EMPIRE

INEC has breached trust of Nigerians –FixPolitics

March 2, 2023
Monetary
CONSUMER PERSPECTIVE

Monetary policy: Nigeria on the road to India?

February 22, 2023
political
EMPIRE

Restoring Nigeria’s economy with disruptive political class

February 22, 2023
Next Post
Air Peace engages 25 aircraft in shakedown flights

Air Peace launches non-stop flight to Jamaica


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

Ndi Enugu

Ndi Enugu, wake up, shine your eyes

March 16, 2023
Nigeria

Peter Obi: A New Nigeria is Truly Possible

March 9, 2023
Enugu

Oby Onwe: Defying political odds in Enugu

March 4, 2023
fixpolitics

INEC has breached trust of Nigerians –FixPolitics

March 2, 2023
Monetary

Monetary policy: Nigeria on the road to India?

February 22, 2023
political

Restoring Nigeria’s economy with disruptive political class

February 22, 2023
Enugu West

Enechionyia advocates good governance for Enugu West

February 22, 2023

TRENDING

  • Ndi Enugu

    Ndi Enugu, wake up, shine your eyes

    0 shares
    Share 0 Tweet 0
  • Why Nigerian consumers prefer foreign goods

    0 shares
    Share 0 Tweet 0
  • The world of hire purchase transporters in Lagos

    2 shares
    Share 0 Tweet 0
  • What naira devaluation means for Nigeria’s economy

    0 shares
    Share 0 Tweet 0
  • Changing face of Nigeria’s financial industry with Optimus

    0 shares
    Share 0 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS