The supply contract is a hybrid Liquefied Natural Gas (LNG)/Gas supply agreement, where Rosneft would deliver LNG to a regasification terminal located at the Tema Port, to be processed and delivered to GNPC at the existing Tema metering station.

Mr Frederick Blay, the GNPC Board Chairman, signed on behalf of GNPC, while Mr Igor Ivanovich Sechin, Chief Executive Officer and Chairman of the Management Board of Rosneft, signed for his company.

A statement copied to the Ghana News Agency on Wednesday said the signing took place on the sidelines of the 26th  St. Petersburg International Economic Forum, being held in Russia.

It said per the agreement the gas delivered by Rosneft, in the volume of ca. 1.7 mmtpa (or 250 mmscf per day) would provide a competitive and secure source of fuel, supplying 25 per cent of Ghana’s overall power generating capacity.

The statement said access to LNG placed the country at the centre of West Africa’s rapidly growing energy market, providing opportunities to create jobs and build local capacity. It said GNPC and Rosneft have also agreed to cooperate in the development of opportunities in the upstream and downstream sectors.

The statement said the GNPC Chairman expressed the hope that the partnership would stimulate further opportunities for investment between the two countries, both within the oil and gas sector and beyond.

“We hope that, through this strong cooperation, Ghana can also act as a gateway for Russian investment within the wider West African region,” it said.Mr Sechin noted, “The signed documents open a new stage in the development of cooperation between Russia and the Republic of Ghana. Ghana has placed itself among dynamically developing world economies with the energy demand growing year on year”.

Dr Kofi Koduah Sarpong, Chief Executive Officer of GNPC said, “We are happy to be working with Rosneft on this LNG transaction and already the two parties are looking at greater cooperation and partnership in the upstream sector”.