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Ipsa boosted by South African energy deal

South African focused power plant developer and operator IPSA ( [url=http://www.proactiveinvestors.co.uk/chart.asp?IPSA new=true]AIM: IPSA[/url] ) climbed higher this morning after announcing a memorandum of co-operation ('MOC') with the Central Energy Fund, a subsidiary of the Government of South Africa.

The MOC proposes that IPSA proceeds with the development of the 1,600 megawatt Coega Fast Track Combined Cycle Gas Turbine Project at Port Elizabeth in close collaboration with PetroSA and iGas, the South African's state oil and gas subsidiaries which are represented through the Central Energy Fund. Also under the MOC, the Department of Minerals and Energy will enter into a joint working group with PetroSA and iGas for the co-ordinated developement of a Liquefied Natural Gas ('LNG') project at Port Elizabeth which will fuel IPSA's Coega Plant.

The MOC will be seen in South Africa as a positive step towards solving the companies severe power shortages, highlighted on the BBC in recent days.

Peter Earl, CEO of IPSA commented:

" We are pleased to have taken the first steps towards making Coega South Africa's first integrated LNG to power project. This is an important diversification away from the dependence on the country's northern coal reserves. We intend to produce electricity locally in Port Elizabeth to permit the development of the strategic metals processing businesses at Coega which will add considerable value to the raw materials currently being exported from South Africa in their basic state."



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South African focused power plant developer and operator IPSA climbed higher this morning after announcing a memorandum of co-operation ('MOC') with the Central Energy Fund, a subsidiary of the Government of South Africa.

The MOC proposes that IPSA proceeds with the development of the 1,600 megawatt Coega Fast Track Combined Cycle Gas Turbine Project at Port Elizabeth in close collaboration with PetroSA and iGas, the South African's state oil and gas subsidiaries which are represented through the Central Energy Fund. Also under the MOC, the Department of Minerals and Energy will enter into a joint working group with PetroSA and iGas for the co-ordinated developement of a Liquefied Natural Gas ('LNG') project at Port Elizabeth which will fuel IPSA's Coega Plant.

The MOC will be seen in South Africa as a positive step towards solving the companies severe power shortages, highlighted on the BBC in recent days.

Peter Earl, CEO of IPSA commented:

" We are pleased to have taken the first steps towards making Coega South Africa's first integrated LNG to power project. This is an important diversification away from the dependence on the country's northern coal reserves. We intend to produce electricity locally in Port Elizabeth to permit the development of the strategic metals processing businesses at Coega which will add considerable value to the raw materials currently being exported from South Africa in their basic state."



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AIM:IPSA
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