Victoria Oil and Gas partners with Naturelgaz in compressed natural gas project

Cameroon-based gas producer and distributor Victoria Oil and Gas has entered into an exclusive agreement to partner with Naturelgaz Sanayi ve Ticaret, Europe's largest compressed natural gas supplier and distributor.

Victoria Oil and Gas, via its wholly-owned subsidiary Gaz du Cameroun, will design, build and operate compressed natural gas infrastructure and solutions with Naturelgaz, initially in GDC's home market of Cameroon before rolling the project out into other African countries.

Naturelgaz, a 93.7% subsidiary of Global Investment Holdings, will also assist Victoria in marketing compressed natural gas products, including bulk compressed natural gas and gas-to-power energy solutions, as well as auto-compressed natural gas for alternative mobility solutions.

Kevin Foo, chairman of Victoria Oil and Gas, said, "The agreement to partner with Naturelgaz, starting in Cameroon, brings together GDC's upstream gas capabilities and experience of the Douala energy market with Naturelgaz' proven track record of delivering CNG solutions. We are excited to be adding CNG to our product mix."

Hasan Tahsin Turan, chief executive of Naturelgaz, added, "We are enthusiastic about the tremendous growth opportunities this partnership offers and we are keen [to] bring in our know-how, capital and long-term commitment."

As of 1450 BST, Victoria Oil and Gas shares had grown 7.09p to 29.45p.