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| KNM clinches US$220m oil and gas deal in Africa |
| Written by Chong Jin Hun | |||
| Friday, 31 July 2009 11:00 | |||
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In a statement to Bursa Malaysia yesterday, KNM said its wholly owned KNM Process Systems Sdn Bhd (KNMPS) entered into a memorandum of agreement on July 29 with the republic’s national oil company Societe Des Hydrocarbures Du Tchad SA. Under the deal, KNMPS and Societe Des Hydrocarbures will establish a joint venture (JV) company, in which KNM would hold 60% equity. The JV company will be granted a five-year concession to develop and manage facilities at the Sedigi oilfield. These include production facilities, oil and gas pipelines, a liquefied petroleum gas processing and bottling plant, and 30-megawatt gas-powered electricty-generation facility. “The JV Co will award to KNMPS, training, operations and maintenance of the facilities for the concession period. The parties agree to finalise the details and execute a joint-venture operating agreement by Aug 31, 2009,” KNM said. KNMPS will undertake turnkey contract for a period of two years. The government of Chad will be entitled to 20% royalty for oil and 10% for gas produced at the oilfield. This article appeared in The Edge Financial Daily, July 31, 2009.
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