BB Energy Group, a leading independent energy trading company, has invested in Gasmeth Energy Global, a company focused on the responsible extraction, processing, and distribution of methane gas from Rwanda’s Lake Kivu
The naturally-occurring gas from the Lake will be separated from the waters and processed into compressed natural gas (CNG), a non-fossil biogas, to replace conventional fuels. The CNG will substitute gasoline, diesel, and coal across the transport, industrial, and power generation sectors in Rwanda. The project has been seen as a significant step towards a green, energy-secure, and affordable future for the Rwandan people.
Gasmeth Energy has been awarded a 25-year concession by the Government of Rwanda to extract up to 40 MMscf per day of methane gas from the deep, methane-rich waters of Lake Kivu. By investing in Gasmeth Energy, BB Energy will contribute to the improvement of health and socio-economic conditions of the Rwandan people while reducing GHG emissions by approximately 7.05mn tonnes of CO2e over the next 25 years. SP Rwanda, part of BB Energy Group’s downstream business, will provide its expertise and retail network to distribute the CNG to the market.
Mohamed Bassatne, CEO of BB Energy Group, commented, “Our investment forms part of BB Energy’s strategy to provide sustainable and affordable solutions to the energy transition and the fight against climate change. This project will contribute to the UN SDG 7 on clean energy, SDG 13 on climate action, and SDG 8 on decent work and economic growth. The project will reduce the GHG emissions in the country, tap into Rwanda’s gas resources and as a result reduce the country’s energy import bill. We will support Gasmeth Energy with SP Rwanda’s advanced resources to distribute the CNG to the local market.”
Stephen Tierney, group CEO of Gasmeth, added, “We are pleased to work closely with BB Energy in bringing sustainable, carbon-efficient fuel to the local market. Our combined efforts will allow us to drive the methane extraction project further, capitalize on our shared industry expertise, and support Rwanda’s economy by providing jobs to the local population. The transformational project will bring impactful economic, environmental, and social benefits to the people of Rwanda.”