Oil prices rebounded from $1 down to $1 up in trading on Thursday, after a Russian ban on fuel exports snapped focus away from Western economic headwinds and back to throttled crude supply to the end of 2023.
Brent futures for November delivery were up $1.02, or 1.09%, to $94.55 a barrel by 1348 GMT. U.S. West Texas Intermediate crude (WTI) climbed $1.27, or 1.42%, to $90.93 after falling to their lowest price since Sept. 14 earlier in the session. Both benchmarks had fallen more than $1 earlier on Thursday.
Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect in order to stabilise the domestic fuel market, the government said on Thursday.
The shortfall will mean that Russia’s fuel buyers will have to shop elsewhere, prompting refiners to process more of a dwindling crude supply to meet that demand, said Tamas Varga of oil broker PVM.
“The Russian news came out and tension from the longer-term outlook immediately shifted back to supply,” said Vargas, referencing the U.S. Federal Reserve’s hawkish signals.
The Fed on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end.
That may dampen economic growth and overall fuel demand, and led to the U.S. dollar surging to its highest since early March, making oil and other commodities more expensive for buyers using other currencies.
Central banks’ moves elsewhere also signalled potential pressure on oil prices. The Bank of England mirrored the Fed and held interest rates on Thursday after a long run of hikes, but said it was not taking a recent fall in inflation for granted.
Meanwhile, Norway’s central bank raised its benchmark interest rate on Thursday and, in a surprise move, said it would probably hike again in December.
Earlier price falls were limited by continuous concern on tight supply globally entering the fourth quarter, with crude stocks at Cushing – the WTI delivery hub – at their lowest since July 2022 and production cuts continuing by the Organization of the Petroleum Exporting Countries and allies.
Source: Reuters
Nigeria’s new Minister for Power, Adebayo Adelabu, has promised to increase the West African nation’s power generation capacity to, at least, 20,000 megawatts (MW) from about 12,522MW, within the next three years.
To realise this vision, Adelabu said he would implement the 2023 Electricity Act which set out initiatives for the power and also prioritised universal metering to close over eight million metering gaps.
Addressing a gathering of power sector players, academia, policymakers and the business community on Day 1 at Nigeria Energy 2023 in Lagos, on Tuesday, he said he would use the limited time in the Power Ministry to make a lasting impact in the sector before leaving.
“In an attempt to set targets for the power sector, we also need to set short-term targets and ensure that between now and the next three years, we can diagnose the issues to a large extent and make a significant impact.
“I found out that the solutions in the power sector are not as difficult as we all believe. I will hasten the pace of fact-gathering and leverage the views and experience of stakeholders to understand the sector and build workable solutions that will transform the power sector in Nigeria,” he said.
He noted that energy is the lifeblood of any modern economy, and Nigeria is no exception.
He stated that no meaningful economic growth or industrial development can be achieved without power.
“Sustainable Energy is fundamental to fueling our industries, power our homes, drives economic growth and it is the cornerstone upon which the progress and prosperity of nations are built.
“Nigeria, with its abundant natural resources, growing population and expanding economy, stands on a pivotal stage in its energy journey because the demand for accessible, reliable and sustainable energy has never been greater than we have now,” he said.
The Power Minister promised to balance energy developments that drives socio-economic transformation, adding that the Power Ministry is focused on ensuring that energy development meets the needs of the present without compromising the ability of future generations to meet their own needs.
“We are committed to identifying the challenges and seeing the inert opportunities in the energy sector in Nigeria. We seek collaborations to implement concrete action plans that will lead us toward a brighter and more sustainable energy future.
“I am confident that the narrative in the power sector, which is confronted with several challenges, will change shortly.
“Nigeria’s power sector was privatised a decade ago to establish the competitive markets intended to improve management and efficiency, attract private investments, increase generation, and provide a reliable and cost-efficient power supply to Nigeria. Although some progress has been made across the power sector value chain, there is still a huge gap, especially in the delivery of adequate and stable power supply to consumers nationwide.
“The truth of the matter is all these programs that we say we are best at, they remain, an effort is an energy that is reliable and affordable, but cannot reach the end consumers and households, small businesses, institutions, and industries.”
The Minister reiterated the need for Nigeria to invest in technology to address the over eight-million-metering gap and ensure accurate billing for electricity consumption.
He said, ” We need to come up with technology to ensure that power connections are monitored, and DisCos can improve their collection to 90 per cent of distributed power monthly.
“We need to ramp up our investments in collection technology to close the metering gap as much as possible.
“All households, companies, government institutions, and industries in Nigeria must be properly metered so that everybody accounts for the power they consume and then pays for the utilization,” he told the gathering.
Adelabu said the recently passed Nigerian Electricity Act of 2023, would play a fundamental role in transforming the power sector by unlocking the potential of the energy mix and promoting the integration of renewable energy technologies into the existing grid system.
According to him, the new Act aims to create an environment that supports sustainable growth and investment in the power industry by focusing on accelerated private investment and the promotion of renewable energy sources.
He said, “These challenges also lie in incredible opportunities such as annexing power from renewable energy sources for example, solar, hydro, wind, etc. which will not only reduce our carbon footprints in terms of the nation but also create jobs and stimulate economic growth.
“As a game changer that reformed the NESI, the Electricity Act will undoubtedly engender increased access to electricity and regulatory oversight, clean energy transition, improved service delivery, and infrastructural developments.
“In particular, the act will stimulate economic growth by creating a conducive environment for investment and competition. It will generate job opportunities, encourage entrepreneurship, and attract foreign direct investments,” Adelabu said.
The Minister for Power called on players in the power sector to intensify their efforts towards improving communication with the general public, emphasizing that the Nigerian masses have a lot of roles to play in safeguarding power infrastructure.
Source: https://energynewsafrica.com
Power distribution companies (Discos) in the Federal Republic of Nigeria have been ordered by the regulator, NERC, to reimburse customers who paid for the acquisition of meters under the meter assets provider (MAP) framework.
The order for the reimbursement was contained in a document issued in March 2023 and sighted by energynewsafrica.com.
Per the document, the Discos were to commence disbursement to their customers effective April 1, 2023.
NERC said the 2021 MAP and national mass metering regulations provide for the reimbursement of the cost of meters procured by customers under the MAP framework.
“Section 8 (f) of the Regulations provides that distribution licensees are obligated to reimburse customers who pay for meters under the MAP framework through equal installments of energy credits, at the time of vending, with the cost of the meter amortised over a maximum period of 36 months,” the document says.
“Section 24 (1) (b) of the regulations provides that where a customer elects to make upfront payments for meters under these regulations, the cost of the meter shall be refunded through energy credits by the distribution licensee.
“The reimbursement schedule shall be as approved by the commission, having regard to an evaluation of the financial standing of the distribution licensee.
“This provision also applies to upfront payments made by customers upon commencement of the MAP framework in 2018.”
According to NERC, it evaluated the financial standing of the DisCos, which led to a review of the 36-month reimbursement period that was in place.
The regulator said the order also mandates that all meters installed under the MAP framework should be included in the regulatory asset base (RAB) of the DisCos by the commission at the next major or extraordinary tariff review.
NERC stated that the cost of a prepaid meter paid by a customer under MAP shall be amortised over 120 equal instalments and reimbursed through energy credits computed based on the prevailing tariff at the time of vending.
“Where a customer does not vend in a given month or months, the DisCo shall, at the point of the next vending, refund the accumulated energy credits due to the customer for the period not ended,” the document further reads.
“Where a post-paid customer purchases a meter, reimbursement by the DisCo shall be in the form of a rebate on the customers’ monthly invoice to reflect the fixed monthly reimbursement computed on the cost of the meter spread over 120 months.
“All DisCos shall ensure that the refund of the cost of a MAP meter appears as a distinct line item on the vending receipt of prepaid customers and monthly bill of the post-paid customers. The line item should indicate the energy cost, the corresponding energy value being refunded and the outstanding balance of the cost of the meter.
“All DisCos shall file monthly reports with the Commission containing a breakdown of the total monetary value of refund to customers through energy credit by the Commission’s prescribed template.”
In 2018, the NERC introduced the MAP regulation to new investors in the power sector to fast-track the rollout of meters through the engagement of third-party investors and end the estimated billing regime.
Also in 2019, the commission issued permits to asset providers to begin the rollout of new prepaid meters by May 1, approving 26 contractors under the programme as of December 31 of that year.
Source: https://energynewsafrica.com
The General Manager of Corporate Affairs at the West African Pipeline Company (WAPCo), Dr Isaac Adjei Doku, has assured its customers that the company will not do anything deliberately to jeopardise any of the countries it transports gas to.
Dr. Doku gave the assurance during a training programme for some selected journalists in Accra, the capital of Ghana.
The programme sought to educate the Ghanaian media on the role WAPCo plays in the power sector of four West African nations namely; Nigeria, Benin, Togo and Ghana.
WAPCo is a midstream gas transportation company with over 670 kilometres of pipeline infrastructure from Nigeria through Benin, Togo and Ghana.
There have been times when the media have erroneously described WAPCo as a gas processing company instead of a gas transportation company and Dr Doku used the training programme to clarify the role of WAPCo.
He said in Ghana, WAPCo has signed a contract with Ghana National Petroleum Corporation (GNPC) and transports gas on their behalf to power generation companies in the Western and Eastern enclave.
Dr Isaac Doku in a group picture with some journalists who attended the training programme at the company’s head office in Accra.
WAPCo transports natural gas to customers in Nigeria, Benin, Togo and Ghana.
It operates the Takoradi Regulating and Metering Station in the western enclave and the Tema Regulating and Metering Station in the eastern enclave.
In 2019, WAPCo began reverse flow transportation of gas from the Western Region to Tema, following the successful completion of the Takoradi phase of the Takoradi to Tema Interconnection Project.
According to Dr Doku, WAPCo transports about 47 per cent of gas used in power generation in Ghana.
He told the media that the company transports more gas for Ghana than it does for Togo and Benin.
Recently, WAPCo suspended gas transportation in Ghana over US$13 million in debt.
The company resumed gas transportation after GNPC and ECG paid US$6 million.
Source: https://energynewsafrica.com
Ghana National Gas Company has dismissed media reports suggesting that some of its board members had been engaging in deals which had become a source of worry to some staff.
The Herald Newspaper in the Republic of Ghana claimed in a report on Monday, September 18, 2023, that there were reports about procurement deals among other challenges with claims that a future government would have to thoroughly investigate.
However, reacting to the report, Ghana Gas, in a statement issued by the Head of Corporate Communications, Ernest Kofi Owusu-Bempah Bonsu described the report as completely false, malicious and unfounded.
“Indeed, there is no scintilla of evidence to back the Herald story,” he said.
He stated that the reportage passed for irresponsible media aggression and certainly not journalism.
“There has never been any rot associated with our operations here at Ghana Gas, and we find it very unusual for a journalistic outlet to throw away the cardinal journalistic standard of fairness and the responsibility, to tell the truth as it engages in news reporting.
“We demand a retraction of the story and a formal apology to repair the damage caused to our organisation.
“Ghana Gas remains committed to upholding the highest ethical standards in all our operations,” he concluded.
Source: https://energynewsafrica.com
Mexico’s state-held oil giant Pemex has resumed trade with Vitol Group three years after the world’s largest oil trading firm admitted to bribing officials and two years after Mexico banned the trader from business dealings with Pemex, anonymous sources familiar with the new deals have told Reuters.
Vitol has been accused of corruption by U.S. and Mexican authorities. The company has agreed to settle bribery allegations for the U.S., Mexico, and Brazil, and has agreed to pay $164 million in fines and disgorgement by the DOJ and CFTC for oil bribes in Brazil, Mexico, and Ecuador.
In August 2021, the Mexican government banned Vitol and Trafigura from doing business with the state-owned oil and gas major on allegations of corruption.
“Those who are carrying out corruption shouldn’t be in Mexico,” Mexico’s Energy Minister Rocio Nahle told Bloomberg at the time.
Now, according to Reuters’ sources, two tankers carrying fuel from Vitol docked at Mexican ports last week and have already discharged the cargo.
Lawsuits and legal disputes in the United States over the alleged bribes from Vitol are ongoing.
The U.S. charged in August a former trader at Vitol for violating anti-bribery and anti-money laundering regulations for offering bribes to Mexican officials to obtain business for Vitol.
Javier Aguilar, 49, from Texas, made his initial appearance before a U.S. Magistrate Judge in Houston in late August, the United State Attorney’s Office for the Southern District of Texas said.
The five-count indictment says that Aguilar allegedly conspired to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) and allegedly violated the FCPA, the Travel Act, and the money laundering statutes in connection with a scheme involving Mexican government officials.
The charges allege that between August 2017 and July 2020, Aguilar and others knowingly, willfully, and corruptly offered and paid bribes to and for the benefit of Mexican officials.
Aguilar allegedly intended to obtain and retain business for Vitol related to Mexico’s state oil firm Pemex and PPI, a wholly-owned and controlled subsidiary of Pemex with its principal place of business in Houston.
Source: Oilprice.com
Oil prices rose for yet another day early on Tuesday, with Brent hitting $95 per barrel, as Azerbaijan said it had launched “anti-terrorist” operations in the Nagorno-Karabakh region with mostly Armenian population.
The Azerbaijan-Armenia tensions have been rising in recent months after Azerbaijan imposed a blockade on the ethnic Armenian region also known as Artsakh by Armenians but internationally recognized as part of Azerbaijan.
Last week, for the first time in three months, Nagorno-Karabakh received aid via Azerbaijan’s Aghdam route, while Azerbaijan continues to block the Lachin corridor connecting the region to Armenia.
Today, Azerbaijan’s defense ministry said that “local anti-terrorist activities have been launched” “to disarm and secure the withdrawal of formations of Armenia’s armed forces from our territories, neutralize their military infrastructure.”
Azerbaijan said Armenia’s armed forces targeted a vehicle with a land mine, killing two civilians.
Armenia, for its part, accused Azerbaijan of spreading false information in claiming that there are Armenian military, equipment and personnel in Nagorno-Karabakh.
As of 2 p.m. local time on Tuesday, “the situation on the borders of the Republic of Armenia is relatively stable,” Armenia’s ministry of defense said.
Azerbaijan is an oil and gas producer and exporter and is part of the OPEC+ alliance of producers as a non-OPEC participant in the group currently withholding oil supply to the market.
While tensions in the restive Azerbaijan-Armenia region rise, oil prices were also up on Tuesday morning ET, with Brent topping $95 per barrel and WTI crude up by 1.3% at $92.50.
“A 15% rally in the space of around three weeks to trade at levels not seen since last November and not far from triple figures, it’s been an impressive move and there could be more to come,” Craig Erlam, senior market analyst at OANDA, wrote in a note on Monday.
“This oil rally has been relentless and I’m not seeing any signs of exhaustion yet,” Erlam added.
Source: Oilprice.com
Ghana’s Minister for Energy, Dr Matthew Opoku Prempeh, has called on developed nations to support the effort of developing countries to meet their net-zero targets by redeeming the funding pledges made some time ago towards the reduction in greenhouse gas emissions.
“Developing nations are facing the challenge of achieving the SD7 target of providing clean and affordable energy by 2030, due to the intense financial commitment required,” the Minister said while addressing a high-level SDG Summit Action on the sidelines of the United Nations General Assembly in New York, USA, on Sunday, 17th September 2023.
Most developing countries, he said, heavily rely on wood fuel to meet their energy need and argued that in the face of the global Energy Transition, this type of fuel, if not controlled, would erode the little gains chalked these few years in the quest to combat climate change.
According to him, energy is the heartbeat of every economy, therefore, Africa must have enough of it to support its socioeconomic development to enhance the welfare of the citizenry.
“Our right to develop our energy resources for the benefit of our people must, therefore, be respected and with no interference,” he said.
“We recognise that the electricity, cooking and transportation sectors are key areas in reducing greenhouse (GHG) gas emissions. Consequently, steps must be taken to transition these sectors towards a net-zero emissions future,” he added.
He continued: “To attain this, we must transition to the production and utilisation of clean energy and the implementation of measures to mitigate any emissions that occur in the process.
“This will ensure that we contribute our quota to the reduction of global GHG emissions and more importantly, achieve decarbonisation, energy access, security, and efficiency.”
The Ministry of Energy, the Minister said, is also aggressively promoting clean cooking with a focus on achieving 50 per cent access to the use of LPG as fuel and delivering three million improved efficient charcoal stoves by 2030.
“We have rolled out several programmes, notably, the LPG for Development, Cylinder Recirculation Model and Carbon-for-Free Stoves programme for the biomass sector,” he remarked.
He used the opportunity to reiterate Ghana’s commitment to partnering with investors to explore new energy frontiers to support sustainable, environmentally sound and gender-responsive economic growth.
Source: https://energynewsafrica.com
The Deputy Chief Executive of the National Petroleum Authority (NPA), Mrs. Linda Asante, was last week, honoured as the recipient of this year’s Leadership Excellence Award.
She received the award at the third edition of the Women In Mining and Energy Award (WIMEA), held in Accra on Friday.
At the same event, the NPA was adjudged winner of the Corporate Social Responsibility Excellence Award in the energy sector.
This was in recognition of the Authority’s unrivalled commitment to rolling out various corporate social responsibility interventions including integrating social and environmental concerns in its operations for the benefit of all stakeholders.
Mrs Asante was honoured for her exemplary leadership and hard work in the petroleum downstream industry spanning over two decades, and for becoming the first staff to be promoted to this top executive position in the Authority since its establishment in 2005.
The WIMEA Award is an initiative of Ianmatsun Global Services Ltd. conceptualised to identify and recognise the contribution and value addition of women to Ghana’s Mining and Energy Sectors.
It also aims to celebrate the achievements of women who have made significant contributions to these sectors.
The 2023 edition of the Awards was held on the theme: ‘Empowering Women in Mining and Energy: Breaking Barriers, Building Bridges’.
In a brief acceptance remark, Mrs. Asante thanked the organisers for the honour conferred on her.
She dedicated the award to the Board, management and staff of the NPA, particularly the Chief Executive, Dr Mustapha Abdul-Hamid, for their unalloyed support and cooperation.
Source: https://energynewsafrica.com
Ghana’s strategic fuel stock keeping company, BOST, received three awards at the 2023 Africa Public Sector Conference & Awards (APSCA) held recently in Nairobi, Kenya.
The company was adjudged the ‘Most Transformed Public Sector Agency of the Year’ and ‘Public Sector Team of the Year- Silver’.
Interestingly, Mr Edwin Nii Obodai Provencal, the Managing Director of BOST, was also adjudged ‘Public Sector CEO of the Year’.
The Managing Director, together with Mr Ekow Hackman, the Board Chairman of BOST, was personally present at the ceremony to receive the awards.
Also present were Maame Pokua Appiah, Executive Assistant to the Managing Director, Mrs Harriet Amoah, General Counsel and Head of Legal Services, Ato Amissah Wilson, General Manager of Corporate Planning and Mr Kwabena Appiah, Head of IT.
These awards were recognitions of the performance of the company and its Managing Director during the year 2022.
Source: https://energynewsafrica.com
TotalEnergies EP Uganda has reached another key milestone on the Tilenga project by achieving 20 million man-hours without Lost Time Incidents (LTI).
In a statement posted on the company’s twitter page, it said this significant industry milestone was achieved on August 10, 2023, exactly 226 days since the 10 million man-hour mark that was realized in January 2023.
With safety at the core of its operations, TotalEnergies EP Uganda has relentlessly established and maintained a safety culture among its over 8,000 employees and contractors aimed at reinforcing continuous vigilance of all the risks and mitigations in all the Company’s operations.
“At TotalEnergies, Safety is the cornerstone of the Company’s values because at the end of the day, a company that is not safe is not sustainable. We are therefore uncompromising when it comes to Safety, said Philippe GROUEIX, General Manager TotalEnergies EP Uganda.
“The achievement of this milestone reflects our collective commitment towards delivering this complex and large-scale project without accidents and puts us well on our way towards becoming one of the best performing TotalEnergies affiliates in safety.
“This record is underpinned by our organizational culture, permanent attention to potential risks, systematic implementation of our Safety Golden Rules, leadership commitment, training and involvement of all employees and contractors,” he added.
Cyril CHAMPIGNY, TotalEnergies EP Uganda Health, Safety and Environment (HSE) Director commended the role of contractors in the achievement of the safety milestone.
“Our HSE strategy is heavily reliant on the strict compliance of not only our staff but all contractors whilst also safeguarding community wellbeing. Therefore, it is important to note that 94% of the man-hours have been executed by our contractors and it is a tremendous reflection of our combined commitment towards minimizing risks and enhancing our safety performance on the Tilenga project.”
“Key to our culture is our safety performance. We strive to be world class in everything we do all around the world, and Tilenga is a very important part of that legacy that we hope to instill here in Uganda” said, Kenneth FINDLAY, HSE Manager, McDermott – one of the Tilenga project’s biggest contractor for Engineering, Procurement, Supply, Construction and Commissioning.
A lost time incident (LTI) is an injury sustained on the job by an employee that results in the loss of productive work time for more than 24 hours, permanent disability or even death.
The measurement of LTI is a lagging indicator that is aimed at measuring a company’s incidents in the form of past accident statistics.
Source: https://energynewsafrica.com
Environmental groups have submitted a formal complaint to the World Bank for providing financial support for two coal-fired power plants in Indonesia, violating a pledge to stop backing fossil fuels.
The World Bank’s private sector subsidiary, the International Financial Corporation (IFC), is an indirect backer of the Suralaya coal-fired power complex via its equity investment in Hana Bank Indonesia, one of the project’s financiers, a coalition of green groups said on Thursday.
The Suralaya plant – already the largest in Southeast Asia – has eight units in operation.
Plans to build two more would emit 250 million metric tons of climate-warming carbon dioxide into the atmosphere, the groups said a letter to World Bank compliance ombudsman Janine Ferretti.
“Harm to local communities, including the forced eviction of those who were living on the project site, is already occurring,” said the letter, sent on behalf of local grassroots organisations by Inclusive Development International, a U.S. non-governmental organisation.
The World Bank and Hana Bank Indonesia did not immediately respond to requests to comment.
The IFC vowed to stop investing in coal in 2020, but it continues to hold stakes in financial institutions with coal investments, like Hana Bank, as long as they have plans to phase out their exposure.
It said in updated rules this year that its financial clients must commit to not “originate and finance any new coal projects from the time IFC becomes a shareholder”.
“IFC did not directly support the construction of the Suralaya coal-fired power complex and has not taken part at any stage in its development,” an IFC spokesperson said.
“IFC has an equity investment in KEB Hana Indonesia, which is part of a syndicate of financial institutions that have been financing the project. IFC does not have the ability to stop its development.”
The Helsinki-based Centre for Research on Energy and Clean Air (CREA) said on Tuesday that the Suralaya power complex has had a severe impact on air quality in the region, incurring over $1 billion in annual health costs.
CREA said it also contributes to hazardous smog in the capital Jakarta, which topped the list of the world’s most polluted cities in August.
PT Indo Raya Tenaga, the developer of the Suralaya plants, has said it plans to power some of the new capacity with ammonia, along with coal, to reduce emissions.
The company did not immediately respond to an emailed request for comment.
According to the Global Energy Monitor think tank, Indonesia was one of 11 countries to commission new coal plants last year. Total coal-fired capacity reached 40.6 gigawatts last year, up 60% since 2015, with another 18.8 GW under construction, the third-highest amount in the world behind China and India.
Last November, Indonesia became the second country to enter into a Just Energy Transition Partnership that will deliver $20 billion in funds to help reduce its dependence on fossil fuels, but its announcement of investment plans has been delayed.
The JETP compels Indonesia to impose a moratorium on new coal-fired power plants, though there are exemptions for “captive” plants that serve other industrial facilities.
Source: Reuters
The Managing Director of Bulk Oil Storage and Transportation (BOST) Company, Mr Edwin Alfred Nii Obodai Provencal, participated in the Africa Public Sector Conference & Awards (APSCA) high level dialogue that focused on the future of energy & green economy for sustainable development as part of the 2023 Africa Public Sector Conference held in Nairobi Kenya on Wednesday 6th September 2023.
The dialogue, which was held on the sidelines of the Africa Climate Summit (ACS) 2023, focused on the various initiatives that organizations are implementing as part of their contribution to the transition to cleaner fuels and a green economy across the continent of Africa and the challenges encountered during the implementation.
In articulating the position of BOST, the MD started by indicating the commencement of the company’s realignment in line with the transition from an oil company to an energy company, which began with the change of name from Bulk Oil Storage and Transportation Limited Company (BOST) to Bulk Energy Storage and Transportation Limited Company (BEST).
He mentioned some of the initiatives being executed by the company as building additional pipelines and barges to connect our depots which will reduce the number of BRVs on the road, ultimately reducing our carbon footprints.
According to him, the company also plans to focus on `LPG, which is a transition fuel.
Mr. Provencal furthermore mentioned the carbon sinks initiative where the company, in collaboration with the Forestry Commission, seeks to plant one million trees annually to capture the carbon within BOST’s operational areas.
In the long term, the MD indicated that the company will focus more on gas including Compressed Natural Gas (CNG) and ultimately on hydrogen, blended ethanol.
Overall, the Managing Director indicated BOST’s commitment to transition to cleaner fuels and a green economy.
Source: https://energynewsafrica.com
The Board of Directors of the African Development Bank (AfDB) Group has granted approval for a $104 million funding package to support a transmission project in eastern Ethiopia.
The project aims to transform the region’s power supply infrastructure and enhance the efficiency of the power distribution network.
According to a report by Addisstandard.com, the project will involve the construction of 157 kilometers of 400-kilovolt double-circuit transmission lines, along with strategically located substations in Harar, Jijiga, and Fafem.
Funding for the project will come from the African Development Fund, which plans to provide a $52 million grant, and the Korea-Africa Energy Investment Framework Agreement’s Korea Economic Development Cooperation Fund, which will provide a soft loan of $52 million.
Batchi Baldeh, the Bank’s Director of Power Systems Development, emphasized the importance of improving the power grid to address issues of brownouts and load shedding in the eastern region.
According to him, the project aims to not only connect various industries and households to the electricity network but also eliminate the reliance on diesel generators as the primary source of power.
In addition to the power transmission project, a new initiative will lend support to the government’s agricultural irrigation program in the eastern part of the country, focusing on 462,174 hectares of land.
This program aims to address the food-security challenge faced by the region and ensure sufficient fodder for livestock.
“Those who are carrying out corruption shouldn’t be in Mexico,” Mexico’s Energy Minister Rocio Nahle told Bloomberg at the time.
Now, according to Reuters’ sources, two tankers carrying fuel from Vitol docked at Mexican ports last week and have already discharged the cargo.
Lawsuits and legal disputes in the United States over the alleged bribes from Vitol are ongoing.
The U.S. charged in August a former trader at Vitol for violating anti-bribery and anti-money laundering regulations for offering bribes to Mexican officials to obtain business for Vitol.
Javier Aguilar, 49, from Texas, made his initial appearance before a U.S. Magistrate Judge in Houston in late August, the United State Attorney’s Office for the Southern District of Texas said.
The five-count indictment says that Aguilar allegedly conspired to violate the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA) and allegedly violated the FCPA, the Travel Act, and the money laundering statutes in connection with a scheme involving Mexican government officials.
The charges allege that between August 2017 and July 2020, Aguilar and others knowingly, willfully, and corruptly offered and paid bribes to and for the benefit of Mexican officials.
Aguilar allegedly intended to obtain and retain business for Vitol related to Mexico’s state oil firm Pemex and PPI, a wholly-owned and controlled subsidiary of Pemex with its principal place of business in Houston.
Source: Oilprice.com 
In articulating the position of BOST, the MD started by indicating the commencement of the company’s realignment in line with the transition from an oil company to an energy company, which began with the change of name from Bulk Oil Storage and Transportation Limited Company (BOST) to Bulk Energy Storage and Transportation Limited Company (BEST).
He mentioned some of the initiatives being executed by the company as building additional pipelines and barges to connect our depots which will reduce the number of BRVs on the road, ultimately reducing our carbon footprints.
According to him, the company also plans to focus on `LPG, which is a transition fuel.
Mr. Provencal furthermore mentioned the carbon sinks initiative where the company, in collaboration with the Forestry Commission, seeks to plant one million trees annually to capture the carbon within BOST’s operational areas.
In the long term, the MD indicated that the company will focus more on gas including Compressed Natural Gas (CNG) and ultimately on hydrogen, blended ethanol.
Overall, the Managing Director indicated BOST’s commitment to transition to cleaner fuels and a green economy.
Source: https://energynewsafrica.com 