FSRU GOLAR TUNDRA TO COMMENCE TIME CHARTER AT TEMA PORT, GHANA

Hemla announces that a Floating and Regasification (FSRU) time charter between Golar LNG  and  West Africa Gas Limited  (BVI) has been executed. 

Under the time charter, the FSRU Golar Tundra will be moored in the Tema Port in Ghana.  Capable of storing 170,000 cubic meters of liquefied natural gas and delivering up to 500 million standard cubic feet per day with a peaking capacity of 750 million standard cubic feet per day, the FSRU will provide gas directly to the state owned Volta River Authority for power generation.

The last of Golar's  thirteen vessel newbuild program, the FSRU Golar Tundra, is built in  South Korea, in Samsung Heavy Industries' shipyard, and  will undergo  sea trials beggining of November 2015. 

Hemla signed the Project Management Agreement to head the development of the Tema Port liquefied natural gas floating storage and regasification unit terminal in June 2015. The project is developed for  West Africa Gas Limited (BVI), the partnership of Nigerian National Petroleum Corporation LNG, a wholly owned subsidiary of the Nigerian National Petroleum Corporation, and Ocean Bed Trading Ltd. (BVI), an oil and gas trading company, wholly owned by Sahara Energy Resource Limited.

West Africa Gas Limited (BVI) serves as a vehicle for off-take, marketing and trading of portion of NLNG products (LNG & NGLs) under the shareholders equity lifting scheme. Its strategy leverages on the long term trading experience and expertise of its Joint Venture partners, particularly: Sahara and Ocean Bed Trading Ltd. (BVI).

The Nigerian National Petroleum Corporation (NNPC) is the state oil corporation of Nigeria. Established in April 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel, NNPC manages the joint venture between the Nigerian Federal Government and a number of foreign multinational corporations (e.g. Royal Dutch Shell, Agip, ExxonMobil, Chevron, etc.). Through collaboration with these companies, the Nigerian Government conducts petroleum exploration and production. In addition to its exploration activities, NNPC also holds powers and operational interests in refining, petrochemicals and products transportation, as well as marketing. Its divisions include, among other, the Nigerian Petroleum Development Company (NPDC), the The Nigerian Gas Company (NGC), Warri Refinery and Petrochemical Co. Limited (WRPC), Kaduna Refinery and Petrochemical Co. Limited (KRPC) or Port Harcourt Refining Co. Limited (PHRC).

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