The China Development Bank will release another $1.2 billion to Ghana by the end of August as part of a $3 billion loan agreement for investment in Ghana's natural gas infrastructure, the state-run China Daily newspaper reported Wednesday, citing a Ghanaian government official.
The $1.2 billion loan is to build a gas pipeline and processing plant for the Jubilee oil field, the newspaper said.
The $3 billion is for a total of 12 projects, the newspaper cited Ghanaian Deputy Finance Minister Seth Terkper as saying during an interview in Beijing.
Ghana and China finalized the first, $1 billion installment of the loan package in April.
The Jubilee pipeline and processing plant is being developed by a unit of China Petroleum & Chemical Corp. (SNP), or Sinopec Corp., and Ghana National Gas Co.
Under the deal, China will gain 13,000 barrels a day of crude oil from Ghana for the next 15 years in return, Ghana's vice president, John Dramani Mahama, said in April.