The Gas-to-Energy project at Wales, West Bank Demerara, is advancing, and Dr. Bharrat Jagdeo, General Secretary of the People’s Progressive Party (PPP/C), expresses confidence in securing funding from the United States Ex-Im Bank.
During a recent press conference at Freedom House, Dr. Jagdeo assured Guyanese that the Gas-to-Energy project is making significant strides.
The project, estimated to cost $760 million USD, has already secured $100 million USD from the national treasury.
Dr. Jagdeo is optimistic about obtaining the remaining $660 million from the US EXIM Bank.
Addressing a claim made in a ‘Peeping Tom’ article stating that the government is seeking $2 billion from the US EXIM Bank, Dr. Jagdeo clarified that a $2 billion line of credit was offered by the President of the US EXIM Bank.
He emphasized that all branches of the US government, including the State Department, Department of Commerce, EXIM Bank, Treasury, and Congress, are supporting the loan for the Gas-to-Energy project.
The Gas-to-Energy project involves an integrated facility and a power plant constructed by CH4-Lindsayca, along with a pipeline built by ExxonMobil and other subcontractors, transporting gas from the Liza field.
Gas is anticipated to flow from the plant in 2025, with the project aiming to reduce the cost of electricity by 50 percent.
Reporting for NCN News, Josiah Williams.