Officials at the agreement signing event. Credit: Office of the President

Helios Investment Partners has reached a deal with China Harbour Engineering Company to build a $350m liquefied natural gas (LNG) terminal in Ghana’s Tema port.

The agreement was signed by officials of Tema LNG Terminal Company, which is controlled by Helios and China Harbour Engineering Company, during the official visit of Ghana President Nana Akufo-Addo to China.

The construction of the LNG terminal comes after state-owned exploration firm Ghana National Petroleum (GNPC) signed a 12-year gas supply agreement with Russia’s Rosneft.

Following the deal, Rosneft contracted Tema LNG Terminal Company to provide the regasification services.

“The Tema LNG terminal is anticipated to be transferred to the Ghana Government after 12 years.”

To be completed in 18 months, the LNG terminal is set to become Sub-Saharan Africa’s first regasification terminal.

Once completed, the project is estimated to deliver around two million tonnes of LNG annually, contributing 30% of Ghana’s total electricity generating capacity.

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In connection with the terminal, Tema LNG Terminal Company entered a concession agreement with the Ghana Ports and Harbours Authority (GPHA) to allow the development and operation of the facility within the Tema port.

Akufo-Addo noted that the construction of the terminal will ensure constant, reliable and affordable power supply to Ghana.

The project is expected to employ 1,600 workers and its development involves a direct $200m investment in Ghana over the next 18 months.

Under the terms of the deal, China Harbour Engineering Company, which is currently expanding the Tema port, will construct the marine facilities for the terminal, while Jiangnan Shipyard of China will build the floating regasification facility.

The Tema LNG terminal is anticipated to be transferred to the Ghana Government after 12 years.