Off-shore Tan­za­nia gas sup­plier hit by loss

East African Business Week - - ENERGY -

LON­DON, UK- Dis­agree­ments be­tween the Tan­za­nian gov­er­ment and Amer­i­can en­ergy comp­nay, Sym­bion Power has af­fected the earn­ings of Went­worth, a gas sup­plier. writes JOHN SAMBO.

In a state­ment last week to AIM (for­merly the Al­ter­na­tive In­vest­ment Mar­ket), Ge­off Bury, Went­worth man­ag­ing di­rec­tor said, “Third Quar­ter of 2016 gas sales vol­umes were im­pacted by a com­bi­na­tion of fac­tors that were pri­mar­ily in­flu­enced by con­trac­tual is­sues be­yond the con­trol of the Mnazi Bay joint ven­ture part­ners.

Aim-listed Went­worth re­ported a pre­tax loss of $900,000 end­ing Septem­ber 30 but bet­ter than the $1.3 mil­lion in the same pe­riod the year be­fore. Gas sales rev­enue were $2.4 mil­lion, up from $970,000 year-on-year.

Bury said, “We an­tic­i­pate base de­mand for the re­main­der of 2016 and all of 2017 to be be­tween 40 and 50 mil­lion stan­dard cu­bic feet of gas per day (Mm­scf/d) with pos­si­ble sig­nif­i­cant in­creases orig­i­nat­ing from gas sales to in­dus­trial con­sumers and re­sump­tion of op­er­a­tions at the idle gas-fired Sym­bion power gen­er­a­tion plant.”

AIM is a sub-mar­ket of the Lon­don Stock Ex­change that was launched on 19 June 1995. It al­lows smaller, lessvi­able com­pa­nies to float shares with a more flex­i­ble reg­u­la­tory sys­tem than is ap­pli­ca­ble to the main mar­ket.

IS­SUES: Bury said things will im­prove.

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