Energy Ministers Meet on Gas Pipeline Project

Accra, March 5, GNA - The Steering Committee of Energy Ministers of the four-nation West African Gas Pipeline (WAGP) Project are meeting in Accra to review the Project schedule, its current status and deliberate on the key issues and concerns of the participating states. The meeting is a follow-up on a similar one held in Accra last week along similar lines.

Briefing the meeting, which has, in attendance, officials from the four countries - Ghana, Nigeria, Togo and Benin- Dr Kwesi Nduom, Ghana's Minister of Energy, said it was important to keep focus on this year since it was a crucial one for the Project.

"This is because it is the period for the making of the Final Investment Decision to be followed later by the commencement of construction during the course of this year."

The Meeting would discuss the project schedule vis-=E0-vis the completion dates, the impact of the World Bank participation, the Escrow account and if the nations have to pay all equity contributions at once or at periodic calls.

It would also look at the mid-market forecasts, early gas issues, cost of energy from the WAGP and accessibility by the states to all Project Economies.

Dr Nduom said WAGP was more than a simple commercial transaction: "It is a key economic development initiative and a model of integration for West Africa," adding that participating nations should thus plan right to meet with the sponsors within the shortest possible time, to obtain responses to the concerns expressed by the states.

Dr Nduom said the goal was to ensure a win-win situation for all. The Ministers from the three other nations pledged their commitment to the Project, and promised to ensure that it came to fruition with their full participation.