Lake Kivu Gas Project
November-2019: GasMeth Energy (“GasMeth”), the Kigali based Gas Development and CNG business, is pleased to announce the successful completion of a $3.5m Two Year Short Term Loan with the Bank of Kigali. The Loan can be drawn in tranches, in Rwandan Francs, over two years and is repayable in a bullet at Maturity, along with interest that will be capitalised with the loan principal. The main application of the Loan proceeds is toward working capital needs as the Company progresses its Corporate establishment, and completes the detailed design work for the Lake Kivu Project.
November-2019: The addition of new equity sees Gasmeth welcome new shareholders to the company. The equity is intended to sit alongside the successful closing of the new working capital
facility provided by Bank of Kigali and will be focused toward completing the detailed design work and Environmental & Social Impact Assessment.
December-2019: Environmental and Social Impact Assessment “ESIA” for the project is underway. This critical aspect of the project designed to ensure that we understand the views, needs and concerns of the local communities in the areas where we operate. The ESIA will run until late April 2020.
February-2020: Gasmeth meets with key stakeholders within the Government of Rwanda to provide a comprehensive update on the designs and progress of the project. Project has made great progress, the design & modelling is comprehensive and the project remains on track to begin construction later this year.
March-2020: Gasmeth gratefully receive approval from the Rwandan Mining Board and the Rwandan Defence Force for the acquisition of the onshore site. The site is a substantial area on the shore of Lake Kivu will be used to bring the gas ashore and host a compression site for the processing of Compressed Natural Gas “CNG”.