| Thu 20 Sep 2007, 12:50 | | LAF - Lonrho Plc - Completes Logistics Facility At |
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LAF
LOLAF
LAF - Lonrho Plc - Completes Logistics Facility At Luba Freeport
Lonrho Plc
(Formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF & ISIN number: GB0002568813)
("Lonrho Africa" or "the Company")
COMPLETES LOGISTICS FACILITY AT LUBA FREEPORT
Lonrho (AIM:LONR), the conglomerate with a structured portfolio of African
investments, is pleased to announce the completion of a new and comprehensive
logistics facility at Luba Freeport. The new facility has been designed and
built for Mobil Equatorial Guinea Inc., ("MEGI"), an affiliate of Exxon Mobil
Corporation, at Lonrho`s Luba Freeport in Equatorial Guinea.
The `state of the art` 60,000 square metre facility comprises offices, marine
hose storage, warehousing, inspection sheds, wash bays, storage areas and a
pipe yard. The facility has been designed and built to American Petroleum
Industry (API) specifications. Following a six month construction period, MEGI
took possession of the property on September 12, with the exception of the
pipe wash bay which is currently being modified and anticipated to be
completed before the end of September.
Update on development plans
Since Lonrho`s involvement in Luba, (the only natural deepwater freeport in
West Africa), in May 2006, there has been a rapid increase in building work
and improvement in facilities to accommodate the rise in new businesses which
are opening as a result of the boom in the local oil industry, which is fast
becoming one of the world`s leading oil producing regions. The inauguration of
MEGI`s logistics base follows completion of new facilities for Baker Hughes
and MI Swaco, and a new kitchen and dining hall to service upgraded
accommodation at the port.
The development of Luba is ahead of schedule and under budget on completion of
a new 70 metre quay extension, engineered by Danish group E. Pihl & Son A.S.
("Pihl"), a global leader in marine construction. The new quay will be
completed and operational by October 2007, doubling the existing handling
capacity of the port.
Development of a further new 110 metre quay has been brought forward to meet
demand and will be completed in 2008 to service the growth in demand for port
facilities being driven by the burgeoning Gulf of Guinea oil industry. Long-
lead items such as steel sheet piles and anchors have already been placed on
order so that the development of this new quay can begin as soon as the 70
metre quay is completed.
Current clients operating from Luba include Amerada Hess, Baker Hughes,
Marathon, MI Swaco, LOTEG, Schlumberger, Nalco, SBM, and United Africa Lines
(UAL)., Safmarine/Maersk and MEGI.
David Lenigas, Lonrho`s Chairman and CEO commented:
"Today`s announcement is another example that the Luba Freeport is fast
becoming the primary deepwater port servicing the oil industry in the Gulf of
Guinea. With Amerada Hess already operating from Luba, MEGI`s addition means
that Luba now services both of the major oil producers in Equatorial Guinea.
As a result of this, we are now seeing demand from sub-contractors within the
oil and gas industry to invest in operational property within the port which
will continue to drive the development of Luba.
"I am delighted with the speed of development of the project. It is clear that
the potential we identified for the port was conservative. Luba is going from
strength to strength.
ENQUIRIES
Lonrho Plc +44 (0) 20 7016 5105
David Lenigas, Chief Executive +44 (0)7881 825 378
Emma Priestley, Executive Director +44 (0)7867 785 177
Pelham PR
Charles Vivian +44 (0) 20 7743 6672
+44 (0) 7977 297903
Alisdair Haythornthwaite +44 (0) 20 7743 6676
+44 (0) 7714 721379
Collins Stewart Europe
Hugh Field +44 (0) 20 7523 8350
Jonny Sloan
NOTES TO EDITORS
About LONRHO:
Lonrho Plc is an expanding conglomerate that is rapidly growing a successful
business throughout Africa. The Company is listed on the London AIM stock
exchange (LONR). Lonrho is strategically focused on the development of
business opportunities in infrastructure, transportation, support services and
natural resources. The Company has over 20,000 shareholders and substantial
institutional backing to support its mandate to build a profitable business
that plays a fundamental role in the development of the African economy.
Since 2006, the Company has invested in or acquired control of:
Hotel Cardoso - www.hotelcardoso.co.mz (retained)
Nare Diamonds - www.narediamonds.com
Luba Freeport - www.lubafreeport.com
Fly540 - www.fly540.com
Norse Air - www.norseair.co.za
Swissta Holdings - www.swissta.com
SA Independent Liner Services
20th September 2007
South African sponsor to Lonrho Africa Plc
Java Capital (Proprietary) Limited
Date: 20/09/2007 12:50:07 Produced by the JSE SENS Department.
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