MOSCOW, June 25 (RIA Novosti) - Gazprombank and the National Petroleum Corporation of Namibia have signed a deal to finance the construction of a 800 MW gas turbine power plant in Namibia, the bank said on Thursday.
The agreement was signed during a visit by Russian President Dmitry Medvedev to the southern African state. Medvedev arrived in Namibia on Thursday as part of a four-nation tour of the continent to discuss developing trade and energy projects.
"As a mineral resource base, there are plans to use gas from the Kudu field for the power plant. A considerable part of the electricity to be generated will be supplied to South Africa," the Russian bank's statement said.
The parties also agreed on continuing talks on the implementation of a large number of investment projects in Namibia with the participation of Russian companies and the assistance of Gazprombank.
The Kudu natural gas deposit, discovered in 1974 some 130 km (80 miles) off the southern coast of Namibia, is the country's only commercial hydrocarbon deposit.
The Kudu license is held by the companies Tullow Oil (70%), Itochu Corporation (20%) and the National Petroleum Corporation of Namibia (NAMCOR).
The deposit has proven natural gas reserves of over 40 billion cubic meters.
