Gasolina: We don’t have a solution for our gas shortage
Gasolina, the country’s fourth-largest oil company, announced a plan Wednesday to build a $10 billion pipeline to transport oil from the country to the U.S. Gulf Coast.
The project will include a 1,600-mile (2,100-kilometer) pipeline connecting the oil fields of the southern state of Togo to the Gulf Coast and a pipeline connecting it to a new oil terminal in Alabama.
Gasolina CEO John W. Schmid said the project will also include a new pipeline connecting Georgia to the Atlantic Coast.
“It is not just a matter of having a pipeline in the South and the North, but a much more important and important question is what is the future of the United States in the face of an energy crisis,” Schmid told reporters at the company’s headquarters in Lisbon, Portugal.
“The question that is central to this is how to maintain the competitiveness of the South of Portugal and in particular the South Portuguese economy in the coming years, if not in the next five to 10 years, it is going to be in the future.”
Gasolina announced plans for the project in August and it received an initial financing commitment of $7 billion.
Schmet said the company would spend $2.5 billion to complete the project, with another $2 billion coming from the Portuguese government.
Schmiedt said the gas will be shipped via rail to a port in the Gulf of Guinea.
The company has said it is not seeking the U,S.
Export-Import Bank loan guarantee, but Schmet noted the company will likely receive a government loan guarantee of $100 million, about two-thirds of the project’s cost.
Gasolias chief executive said the pipeline is “a significant step forward” for the company.
“We hope that the project is a catalyst for a long-term strategy to diversify our energy portfolio and the South African economy,” he said in a statement.
Gasola is one of the most profitable companies in the country and is known for its large investments in infrastructure projects, such as a new airport and a road that is being built in the central province of West Africa.
Schmatte said Gasolina plans to increase production of gasoline and diesel fuel in the near term to meet demand.
He said the expansion of the pipeline will help the company to maintain its competitive position in the field of oil and gas.
“There is still a very, very significant gap in terms of production in South Africa.
We are very close to having sufficient production to meet our fuel needs, but we have a very large gap in production, in terms the supply of crude oil,” Schmatteso said.
“And as soon as we have sufficient supply, we will expand production.”
The gas pipeline project is part of a broader plan to boost production in the region.
Schmitt said he expects the pipeline to be completed by 2026, but he did not give a timeline.
“I am not talking about this project as a priority.
I am talking about all of the projects that will make our country competitive in the international market,” Schmitt told reporters.
The announcement comes on the heels of a U.N. report on the situation in the gas sector, which found that demand for gas in South African ports was in decline.
The country’s economy shrank 2.4 percent in the first quarter of the year compared to the same period in 2016, according to the World Bank.
The report also noted that there were fewer refineries producing gasoline, a trend that could have an impact on gas prices in the long term.
Schmit said the plan will include the addition of gas to the nation’s fuel mix in the months ahead.
Gasolas first oil project, the South Africa-Mexico pipeline, has been halted due to an outbreak of deadly respiratory virus, which caused the cancellation of shipments from Mexico.