Renergen, CEF one step further in advancing agreement for Virginia gas project
South Africa’s Central Energy Fund (CEF) has completed its due diligence on its R1-billion investment in emerging integrated energy producer Renergen’s Virginia gas project.
Marking a major step towards finalising the agreement between Renergen and the CEF, both parties have now started engaging with their respective stakeholders to obtain final approvals to complete the transaction.
Renergen CEO Stefano Marani says the successful conclusion of the due diligence “signifies the strategic nature of the Virginia gas project and further marks another significant step forward in closing out the capital required for Phase 2 operations at Virginia”.
He adds that the CEF’s involvement in the project brings with it “a wealth of experience” in upstream oil and gas exploration, midstream natural gas to liquids processing and large-scale pipeline operations and maintenance experience.
“This will all assist in bringing a new and critical source of energy online, at a time where South Africa is suffering a significant energy crisis,” Marani notes.
Commenting on the commissioning progress of Virginia ahead of the start of Phase 1 operations, Marani says that turning the plant for Phase 1 operations on is “a function of coordinating all the sites to turn on simultaneously, and importantly, the relevant teams are ensuring that all aspects of the operation will run according to design”.
“We have no intention of rushing the process at this late stage and introducing risk. Since starting construction at Virginia prior to Covid, the total delays experienced in the context of several global macro events of the past two years could have been significantly worse had we not implemented several mitigations to reduce the overall impact on the project,” he adds, referencing the project’s delays over the past few years.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation