The African Development Bank (ADB) approved on Wednesday in Tunis, a non-sovereign loan, worth 150 million dollars in favor of the Tunisian Enterprise of Petrol Activities (ETAP).
The loan is repayable over 5 years, and aims to support the investment plan of the company for the 2009 and 2010 period, with a view to develop the oil and gas field "Hasdrubal".
Located in the Gulf of Gabes at a depth of 62 m, the plant will be able to produce 100 million cubic feet per day. The liquid propane gas will be exported and butane gas will be commercialized by the Tunisia gas and electricity company (STEG) on the local market. Liquid gas production should reach 16,000 barrels of petrol equivalent per day.
Work on the offshore plant which is a 50/50 joint venture between British Gas and ETAP, started in 2007. The plant which will considerably increase Tunisia's production levels, will also help meet Tunisia's growing demand for domestic gas.
British Gas Tunisia is the largest producer of gas in Tunisia, supplying more than 50% of Tunisia's gas demand from the Miskar gas field located in the Gulf of Gabes.
The project is in line with ADB's strategy for Tunisia and with the Investment Framework for Clean Energy (CIEP) adopted by the ADB in 2008.
© Tunisia Online News 2010
