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Aksa Energy has signed a 12-month Memorandum of Understanding with the Ministry of Water Resources and Energy of Cameroon (MINEE) to develop a 150 MW natural gas-fired power plant in Cameroon and a non-binding term sheet with Gaz du Cameroun S.A., a fully owned subsidiary of Victoria Oil & Gas Plc for natural gas supply.
Aksa Energy has also obtained a 12-month provisional license regarding two natural gas-fired projects for electricity generation and sales in the Republic of Congo.
In order to develop projects in the aforementioned countries, it is necessary to establish a local company as a subsidiary of Aksa Enerji Üretim A.Ş.. Therefore, two companies have been established in these countries.
Our Company does not make any announcements in order to avoid possible competition in current and future negotiations worldwide and to not mislead our investors before final contracts are signed and investment decisions are made. However, this announcement was deemed necessary as the aforementioned developments in the relevant countries appeared on online media.
Execution of a binding agreement as a result of these developments is subject to the parties reaching an agreement on various conditions including tariff price, financial guarantee, project development, equipment to be used, and fuel supply.
Aksa Energy has no projections on the pace of the process at this stage, however should there be any developments in both countries, it will be disclosed to the public.
Respectfully announced to the public and our esteemed shareholders.
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.