“We have secured a security guarantee from the bank as well as from the Overseas Private Investment Corporation,” he said.
IN November the Bank granted a loan of $125-million to one of the shareholders involved in the project to enable it fund its shares. Kupolokun, also group managing director of state-owned Nigerian National Petroleum Corporation, said the guarantee would facilitate the building of the 678-km pipeline stretching from Lagos, the commercial capital of Nigeria, through Benin to Togo and Ghana. The WAGPC is being driven by the shared vision of the four countries to make clean fuel for power generation and industrial development among the parties. The pipeline will commence delivery of gas by December 2006, Kupolokun said, adding that sales agreements had been signed between the company and Takoradi Power Plant in Ghana, SoToGas of Togo, and SoBeGas of Benin.