Subscribe
Be the first with the news that moves the market
- Renergen (RLT) officially switches on its Virginia gas plant in South Africa
- The LNG plant has begun producing liquid hydrocarbons, transitioning the company from explorer to producer status, with the helium module to begin production in due course
- Bulk storage tanks are being filled as RLT rolls out the delivery of its product to customers
- With this, the Virginia project has become South Africa’s first commercial LNG plant
- RLT shares are up 2.41 per cent and trading at $2.98 at 11:10 am AEST
Renergen (RLT) has officially switched on its Virginia gas plant in South Africa.
The company has been working to expand the project to produce liquid helium and liquified natural gas (LNG) by connecting existing wells to a new gas pipeline and constructing a new helium and LNG plant.
Today, the company told investors the project was operational, with bulk storage tanks being filled to begin delivery of its product to customers.
With this, the Virginia project becomes South Africa’s first commercial LNG plant.
Additionally, the news transitions Renergen from explorer to producer status as the company produces liquid hydrocarbons, with the helium module to begin producing liquid in due course.
Renergen CEO Stefano Marani said today’s news marked a significant step on the company’s path to showing the world that Renergen can become a “global player” in liquid helium supply and a local supplier of LNG.
“I am very proud of the efforts, hard-work and determination of the team in getting Renergen to the position we find ourselves in today,” Mr Marani said.
“Virginia is a world-class project, and we will now focus on ramping-up operations to full phase one capacity over the coming months.”
Renergen said ramping-up operations to full phase one capacity would help with reducing South Africa’s carbon footprint by substituting diesel in trucks and for commercial users.
The Virginia project comprises 187,000 hectares of gas fields across Welkom, Virginia and Theunissen in the Free State.
Renergen shares were up 2.41 per cent and trading at $2.98 at 11:10 am AEST.
Discussion about this post