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Renergen (ASX:RLT) - Managing Director and CEO, Stefano Marani - The Market Herald
Managing Director and CEO, Stefano Marani
Source: Africa Oil Week
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  • Renergen (RLT) has completed the fifth major milestone at its Virginia Gas Project in South Africa
  • The domestic natural gas and helium producer has shipped equipment from China to South Africa, including an escape air gas heater, liquid nitrogen vaporiser, boil-off gas heater, liquified natural gas (LNG) vaporiser and electrical control technology
  • Other transported materials included cryogenic vacuum jacketed piping, LNG/liquified helium process plant compressor modules and LNG bulk storage tanks
  • Renergen released its quarterly report last month, showing it ended February well-funded with ZAR$131 million (around A$11.5 million) in the bank
  • Meanwhile, Renergen's financial director Fulufhedzani Ravele has resigned to pursue other opportunities
  • Renergen shares are down 4.76 per cent, trading at $2.60 each

Domestic natural gas and helium producer Renergen (RLT) has completed the fifth major milestone at its Virginia Gas Project in South Africa.

The company has shipped equipment from China to South Africa, including an escape air gas heater, liquid nitrogen vaporiser, boil-off gas heater, liquified natural gas (LNG) vaporiser and electrical control technology.

Other transported materials included cryogenic vacuum jacketed piping, LNG/liquified helium process plant compressor modules and LNG bulk storage tanks.

Renergen CEO Stefano Marani said the company is on track to commence production this year.

"Despite the challenging work environment, as a result of the COVID-19 pandemic and the resultant impact to global supply chains, the team has continued to mitigate these impacts to deliver on our stated goal of commencing production in 2021," he commented.

Renergen released its quarterly report last month, showing it ended February well-funded with ZAR$131 million (around A$11.5 million) in the bank.

Director resigns

Meanwhile, Renergen's financial director Fulufhedzani Ravele has resigned to pursue other opportunities.

The board is working to identify a suitable replacement.

Renergen shares are down 4.76 per cent, trading at $2.60 each at 10:18 am AEST.

RLT by the numbers
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