African Export-Import Bank’s ( Afreximbank ) Advisory and Capital Markets ( Acma ) has been chosen as the financial adviser to raise capital for the US$4.5 billion EG-27 liquefied natural gas ( LNG ) project being developed by Sociedad Nacional de Gas de Guinea Ecuatorial ( Sonagas ), Equatorial Guinea’s national gas company.

Under the terms of the advisory mandate, Acma will mobilize capital for the development of the EG-27 project, the first phase in the development of Equatorial Guinea’s Ebano Field, which holds 3.8 trillion cubic feet of proven gas reserves.

The project is expected to receive 360 million standard cubic feet per day of feed gas and to produce 7,055 tonnes of LNG per day, or 2.4 million tonnes per annum, over a 20-year period.

The EG-27 project is part of efforts to monetize Equatorial Guinea’s natural gas resources and promote the Central African country’s industrialization, with the goal of significantly enhancing its role in global energy markets while contributing to regional energy security.

Established to lead the development and monetization of Equatorial Guinea’s gas sector, Sonagas is using the EG-27 project to reinforce the country’s energy independence, increase gas-based revenues, and catalyze industrial diversification by harnessing its abundant natural resources.