LONDON (Alliance News) - Victoria Oil & Gas PLC Tuesday said Paul Biya, the President of Cameroon, has attended the formal inauguration of the company's gas plant and pipeline in the city of Douala.
The African energy utility company, with operations in Cameroon, said that in a speech at the site, the President stressed the importance of sustainable, low carbon energy to Cameroon.
The launch of the Gaz Du Cameroun rebranding of Victoria Oil & Gas' subsidiary Rodeo Development Limited, which operates the site was completed last Friday as part of a major initiative to expand the existing customer base.
The company had said on October 10 that it has missed some of its development targets in Cameroon as its gas pipeline through Cameroon, which was scheduled to pass under the Wouri River in the fourth quarter of this year, was held back by delays in the approval of its Environmental Impact Assessment.
The company also said the development of a cement plant, which will use 10 megawatts of power, is being held back due to the pipeline delay and is now expected to be operational in the second quarter 2014.
Victoria Oil & Gas shares were up 1.0% to 1.14 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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