Gasol plc Gasol signs supply MOU with CEB (6415P)

TIDMGAS

RNS Number : 6415P

Gasol plc

29 October 2012

Gasol plc

('Gasol' or the 'Company')

Gasol signs supply MOU with CEB

Gasol (AIM: GAS), the West African energy development company, announces that, following its agreement in principle to form a joint venture company with Societe BenGaz S.A. ('BenGaz') called COGAZ, announced on 3 September 2012, it has agreed a Memorandum of Understanding ('MOU') for COGAZ to supply gas to Communaute Electrique du Benin, ('CEB') the electric authority for both Benin and Togo.

The Company is working to station a floating storage regasification unit ('FSRU') in the harbour at Cotonou, together with the necessary mooring and infrastructure to enable the delivery and supply of LNG to customers in Benin and Togo, including CEB. The necessary financing arrangements for the project will be put in place by Gasol in due course.

Gasol and CEB will now work together to finalise the terms of a gas sale agreement which will provide for the delivery of competitively priced and secure gas supplies to CEB.

Commenting on the agreement, Gasol's Chief Operating Officer, Alan Buxton, said: "This MOU puts in place another link in the chain to realise the Company's gas to power strategy in West Africa. We will provide much needed energy supplies to Benin and Togo that will help to stimulate economic development in those countries."

- Ends -

Enquiries

 
 Gasol plc 
  Alan Buxton, Chief Operating Officer    +44 (0) 20 7290 3300 
 Panmure Gordon (UK) Limited 
  Dominic Morley (Corporate Finance) 
  Callum Stewart (Corporate Finance) 
  Adam Pollock (Corporate Broking)        +44 (0) 20 7886 2500 
 Pelham Bell Pottinger 
  Olly Scott                              +44 (0) 20 7861 3891

This information is provided by RNS

The company news service from the London Stock Exchange

END

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