Ghana+Natural+Gas

=China Development Bank Likely to Continue Investments into Ghanaian Natural Gas=

Executive Summary:
It is high likely that investments by China Development Bank into natural gas projects in Ghana will continue as planned. In 2011, Ghana Natural Gas Company secured a loan from China Development Bank of an amount of $3 billion. Part of this loan would be put toward two natural gas processing plants near the Jubilee Oil fields. These plants would be built and operated by China Petroleum & Chemical Company (Sinopec). There were delays in the disbursement of the loans due to difficulties on the part of China Development Bank. As such, Ghana could not pay Sinopec, which lead to Sinopec threatening to leave the project. However, in 2013, the loans finally came through allowing Ghana to pay Sinopec $188 million and continue work on the project. These plants are project to be fully operational in 2014.

Discussion:
http://www.ibtimes.com/ghana-next-west-african-powerhouse-natural-gas-facility-picks-steam-1345637 -Sinopec (Chinese Natural Gas company) is paid by Ghana in order to continue work on two natural gas facilities (processing) -Sinopec is paid by Ghana through means of a loan by the China Development Bank. Money goes full circle. http://www.bloomberg.com/news/2012-04-16/ghana-signs-1-billion-loan-with-china-for-natural-gas-project.html http://www.ghanabusinessnews.com/2013/07/13/ghana-pays-sinopec-188m-for-work-to-resume-on-gas-project/ -Details on the loan from China Development Bank http://www.ghanabusinessnews.com/2013/05/02/how-ghana-dumped-world-bank-for-china-development-bank-over-gas-infrastructure/ -Chose CDB over World Bank http://www.lignet.com/InBriefs/China-s-Sinopec-Threatens-to-Pull-Out-of-Ghana-Gas -Sinopec threatens to pull out of natural gas project after not getting paid (later resolved) http://ghanaianagenda.com/index.php/business-a-money/2368-sinopec-never-cheated-ghana-in-gas-deal-sipa-yankey http://www.citifmonline.com/mobile/index.php?id=1.1068107 (Original) -Ghana Natural Gas CEO says SINOPEC treated them fairly