The comprehensive natural gas-based fuels products and services company, West Africa LNG Group (WALNG), has secured an equity financing round for an LNG import terminal in Guinea with a US-based investor group.
With the Guinean government's request for a competitively priced, environmentally responsible fuel source, WALNG has developed an LNG import terminal and distribution network. The company said, "We are currently in active discussions with several strategic and financial investors and potential offtake customers."
In the Boké, Bel-Air, and Boffa regions, Guinea LNG will supply commercial quantities of natural gas to bauxite mining companies for power generation and planned alumina refineries, allowing Guinea to benefit from its valuable natural resources in a tangible way.
According to the Center for Liquefied Natural Gas, "Natural gas is a fossil fuel – but it's cleaner and more efficient than other traditional fuels. Natural gas produces less pollution and greenhouse gases than its counterparts."
The Center for Liquefied Natural Gas (CLNG) advocates for public policies that advance the use of liquefied natural gas (LNG) and its export.
In Guinea's Boke region, the $300 million LNG project will develop a large-scale LNG receiving terminal near the Port of Kamsar.
Moreover, a comprehensive feasibility study funded by the United States Trade and Development Agency (USTDA) has been completed. The study identified over 2,000 megawatts of power demand from the bauxite industry within a 100-mile radius of the terminal.
Patricia Moller, the former US Ambassador and Chairperson of WALANG, said, "We are delighted to complete this investment which provides us with the necessary financial resources to fund our operating activities as we finalize long-term offtake agreements with the mining companies in Guinea."
She added, "This financing also gives us greater flexibility as we negotiate with potential strategic and financial partners who have expressed strong interest in participating in the transformative Guinea LNG project."
A comprehensive feasibility study has been completed with funding from the United States Trade and Development Agency (USTDA). Within 100 miles of the terminal, more than 2,000 megawatts of electricity are in demand from the bauxite industry.
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