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Songas: difficultés de traouver un prêt à taux acceptable (Le 30/12/2008)

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Celui proposé par Globelec est à 16%

Source
Tanzaia daly news

http://dailynews.habarileo.co.tz/home/?id=9208


‘Interest on loan given to Songas too high’
DAILY NEWS Reporter
Daily News; Tuesday,December 30, 2008 @07:32

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Members of the Energy and Water Utilities Regulatory Authority (EWURA) Consumer Consultative Council yesterday described as extremely high, the16 per cent interest charged by Globelec as loan given to Songas Company Limited.

The council met in Dar es Salaam for preliminary review of a tentative application for tariff formula adjustment, in respect of processing and transporting additional natural gas presented by the Songas Company Limited.

But members said they did not understand why Globelec advanced its own company a loan for investment and imposed on that loan a prohibitive interest. The interest was found to surpass the normal interest rate charged at the local market.

Council Chairman, Prof Jamidu Katima, said “... we find the interest to be extremely high. The standard rate here stands between 7 and 7.5 per cent and therefore, the proposed 16 per cent return (on investment) is absolutely inconceivable.”

The chairman said the council was concerned with the unfairness of the whole investment process.

Songas Corporate Finance and Business Development Manager, Oswald Mutaitina, told the council that the company was requesting to use the proposed mechanism to recover costs on the additional gas processing project and make a reasonable return on that investment.

The proposed expansion project, which is expected to cost around 65 million US dollars advanced as a loan, was needed to provide additional gas required to operate Tanzania’s gas-fired power plants.

The proposed project would double the processing and transportation of gas to users in power sector and industries. The EWURA Director General Haruna Masebu, views on the issue will be collected until January 5, 2009 - the deadline for collecting the views.

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