Ghana: There Are Huge Investment Opportunities In West Africa’s Energy Sector–Amonoo-Neizer
The Executive Secretary of the Energy Commission, Ing Oscar Amonoo-Neizer, has called on foreign investors who are looking for a place to invest in the energy sector to turn to West Africa.
According to him, the West African sub-region is endowed with different energy resources notably natural gas, solar, wind and hydro.
He said there is demand for power in the sub-region and underscored the need to harness the various energy sources to make power accessible and affordable.
Currently, about fourteen countries in West Africa are interconnected with transmission lines to make power export or trading feasible.
Speaking at a press briefing ahead of the 9th Regional Electricity Forum scheduled between 24 and 25 July,2024, in Accra, capital of Ghana, Ing Amonoo-Neizer noted that the interconnection in West Africa is a major boost for power trading.
He assured that regulators in the various ECOWAS member states have put in place regulations to guarantee security of their investment.
Source: https://energynewsafrica.com
Ghana: ERERA To Host 9th Regional Electricity Forum In Accra
The ECOWAS Regional Electricity Regulatory Authority (ERERA) will be holding its 9th Regional Electricity Forum in the capital of Ghana, Accra, between 24th and 25th July 2024.
The Regional Electricity Forum will be on the theme: “Trade Security in ECOWAS Region: the interplay between National Policies and Free Markets Principles”.
The event, which is being hosted in collaboration with Ghana’s technical regulator for electricity and natural gas, Energy Commission, and Public Utilities Regulatory Commission (PURC), the economic regulator for electricity and water utilities, is expected to attract about 50 delegates, notably power generators and regulators from ECOWAS member countries.
Established in January 2008 as a specialised institution of ECOWAS, the general mission of ERERA is to regulate cross-border electricity exchanges between ECOWAS member states, while overseeing the implementation of the necessary conditions to ensure rationalisation and reliability and contributing to setting up a regulatory and economic environment suitable for the development of the regional market.
Despite the successes ERERA has chalked up in advancing development of transmission infrastructure through the West Africa Power Pool (WAPP) to boost electricity trade within the member states, several obstacles still hinder the full development of the potential of this market.
Currently, electricity trade within the ECOWAS region is limited, with most countries relying on domestic generation to meet their electricity demand.
Challenges, such as inadequate infrastructure, regulatory barriers, and political instability, hinder the expansion of electricity trade in the region.
According to ERERA, only 8.5% of the region’s total electricity production was traded across borders.
Addressing a press conference in Accra on Wednesday, 17th July 2024, the Chairman of ERERA, Mr Kocou Larent R. Tossou, stated that the primary objective of ERERA is to ensure that all the ECOWAS member states have access to reliable and affordable electricity.
He said so far 14 countries in West Africa are interconnected, adding that “you can buy power anywhere in West Africa.”
He said the forum would be used to review actions that had been taken since the establishment of ERERA. He said the security of electricity supply in the subregion would be a key issue to be discussed.
“Our region is not easy today. Some countries are not happy with the marriage and we need to work hard and show them that they need to stay and work with the electricity market,” he said.
The Executive Secretary of Energy Commission, Ing. Oscar Amonoo-Neizer, noted that the subregion is endowed with different energy resources, such as natural gas, solar, wind and hydro.
He said the ability to harness all these energy resources together could lead to competitive energy pricing in the subregion.
He, therefore, underscored the need to fast-track the development of the region’s energy resources to ensure accessible, reliable and affordable electricity.
On his part, the Executive Secretary of the Public Utilities Regulatory Commission (PURC), Dr Ishmael Ackah, highlighted the importance of electricity and stressed the need for a reliable, affordable and accessible electricity for all.
Dr Ackah, who expressed concerns about electricity pricing, said it cost 40% less to import power from Cote d’Ivoire than producing it locally.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com
Ghana: NPA Boss Urges LPG Marketing Companies To Embrace Cylinder Recirculation Model Programme
The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid has urged LPG marketing companies to amend their opposition to the cylinder recirculation model (CRM) and embrace the policy.
He said CRM was being implemented in all the countries in the West African sub region, including Cote d’Ivoire, Togo, Burkina Faso and Senegal, and indicated that Ghana could not afford to continue to lag behind.
Speaking at the opening of the 2024 Ghana International Petroleum Conference (GhIPCon) in Accra on Wednesday, the NPA Boss said he had noticed the aggressive advertisements run by LPG marketing companies (LPGMCs) promoting the current LPG filling station concept.
He acknowledged that it may be within the rights of the LPGMCs to run the advertisements but urged the companies to adjust and accept the change since it would ensure safety and convenience in the distribution and use of LPG in the country.
“I urge you to reassess your opposition to the CRM policy because all across the world, very few countries still adopt the filling station concept as far as LPG distribution is concerned. All across the West African sub region Cote d”Ivoire, Burkina Faso, Senegal, Togo, everywhere else people are running the CRM model.
” I don’t think Ghana can afford to continue to lag behind. I think that it is important that we catch up with the modern trends and to adopt to the flow”, he stressed.
Dr. Abddul-Hamid said CRM had the potential to create more jobs along the value change.
He mentioned the operations of LPG bottling plants, depots, exchange points, and transportation of filled cylinders as some of the job opportunities in the CRM value chain.
The two-day conference organized by the NPA in collaboration with the Chamber of Bulk Oil Distributors (CBOD), the Association of Oil Marketing Companies (AOMC)and the Ministry of Energy was held on the theme: “‘The Petroleum Downstream: Building a Future for Growth, Efficiency, and Sustainability’.
This year’s GHIPCON, the sixth in the series, has the overall objective of addressing critical issues and exploring opportunities within the petroleum downstream sector.
Dr. Abdul-Hamid said that over the years, the petroleum downstream industry had evolved into a vibrant and dynamic industry with increased private sector participation.
“It has become a key contributor to the growth and development of the economy, we estimate that the sector had a monetary value of over GHS71 billion, representing about 8.4% of the country’s 2023 GDP.
“Over the past seven years, the industry returned an average annual value of over GHS35 billion,” he said.
The NPA Boss said as a result of improvements in the performance of the economy driven by deliberate government policy initiatives aimed at expanding the productive sectors of the economy, Ghana”s neighbouring countries such as Mali, Niger, Cote D’Ivoire, Togo and Burkina Faso had been importing petroleum products from the country”s petroleum downstream industry.
He said the volumes of petroleum products re-exported and transited to the neighbouring countries totalled 385,154,100 litres in 2023.
Dr. Abdul-Hamid said the increase in volumes of the exports was a testament of significant successes in the NPA’s efforts towards curbing illicit fuel activities in the country.
He indicated that the Authority has intensified its collaboration with the navy, marine police and immigration to continue to arrest people engaged in illicit activities.
He announced that Senegal and Gambia had also begun the importation of petroleum products from Ghana.
The Vice President, Dr. Mahamudu Bawumia, in a speech read on his behalf by the Minister of State at the Ministry of Energy, Mr. Herbert Krapa noted that since the last GhIPCon in 2022, Ghana has made significant progress towards an efficient and sustainable energy industry.
He said the government had introduced and implemented the Gold for Oil Programme, which had reduced the demand on forex reserves required for the importation of petroleum products, increased local product supply volumes, and reduced premiums from significantly, resulting in a relative reduction in the prices of petroleum products.
Besides, the Vice President said the Board of the Petroleum Hub Development Corporation had been sworn in, and a $12 billion Agreement with TCP-UIC Consortium had been signed for the development of the first phase of the Petroleum Hub project at Jomoro, in the Western Region.
He said the country had also seen the nation’s accessibility to LPG increase from 25% in 2020 to 40% at the end of 2023, and through this period, government launched the National LPG Promotion Programme with LPG cookstoves and related accessories being distributed to first-time users.
In their remarks, the CEO of the Chamber of Bulk Oil Distributors, Dr. Patrick Ofori, and the CEO of the Association of Oil Marketing Companies, Dr. Riverson Oppong affirmed their commitment to collaborate with the NPA to promote the growth and sustainability of the petroleum downstream industry
Source: https://energynewsafrica.com
UAE Considering Building A Second Nuclear Power Plant
The United Arab Emirates is considering building a second nuclear power plant to meet surging electricity demand, a government official has told Reuters.
Home to 10 million people, the UAE commissioned the first unit of the Barakah Nuclear Energy Plant in 2020, becoming the first Arab country to build a nuclear power plant.
The UAE completed the fourth unit of the power plant in 2023 with total construction costs approaching $25 billion.
The final reactor of the UAE’s only nuclear plant is set to start commercial operations in the current year
“The government is looking at this option. No final decision has been made in terms of the tender process but I can tell you that the government is actively exploring this option,” Hamad Alkaabi, permanent representative of the United Arab Emirates to the IAEA, has told Reuters.
According to Alkaabi, any new power plant would likely consist of two or four reactors.
Abu Dhabi is projecting there will be a substantial increase in electricity use over the next decade mainly driven by population growth and an expanding industrial sector.
The UAE awarded Korea Electric Power Corporation (KEPCO) a $20 billion contract in 2009 to design, build and operate Barakah Nuclear Energy Plant’s four reactors in Abu Dhabi towards the border with Saudi Arabia.
The UAE is a close security partner of the United States, having signed a nuclear energy cooperation agreement with Washington in 2009.
The country buys the fuel it needs for its reactors from the international market to avoid enriching uranium which can be used to make nuclear bombs.
The country has declared that its nuclear programme is peaceful and solely for energy purposes in a bid to lower its reliance on oil.
It’s interesting to note that the UAE sits right across the Gulf from Iran, which the US accuses of illegally enriching uranium in a bid to develop nuclear weapons.
The UAE also shares a border with Saudi Arabia, which is in talks with the United States over ambitions to develop its own civil nuclear power industry.
Source: Oilprice.com
Kenya: KenGen To Add 42.5MW Of Green Energy At Seven Forks
Kenya Electricity Generating Company (KenGen) has announced plans to install a 42.5 megawatt (MW) solar power plant along the Seven Forks dams, where the company generates most of its hydroelectricity.
The project, which will be implemented in partnership with the French Development Agency (AFD) and is expected to last for two years and four months, seeks to scale up Kenya’s green energy deployment, according a report by Capital FM.
The power producer assured that the project will provide additional capacity aimed at delivering more renewable energy to the national grid in the wake of climate change.
Energy Principal Secretary, Alex Wachira, said the additional power generated will not only scale up renewable energy but also cushion Kenyans against the rising cost of power.
“The project will provide affordable, reliable, clean energy, create employment opportunities and community engagement through Corporate Social Responsibility (CSR),” said PS Wachira.
“Indeed, Kenya and France have enjoyed longstanding cordial relations, especially in the energy sector and this cooperation continues to advance our energy infrastructure for the benefit of the great people of Kenya.”
Bertrand Willocquet, AFD Country Director, stated the 42.5MW solar power plant will complement hydroelectricity generation during the day and save water for power generation at night, particularly during drought season.
“France is keen on partnering with Kenya in the deployment of renewable energy to stem climate change for which Kenya has shown its prowess as demonstrated in the Olkaria Geothermal Field and the Seven Forks area,” said Willocquet, AFD Country Director.
KenGen Managing Director and CEO, Peter Njenga, affirmed the company is working to scale up its renewable energy capacity by adding additional electricity drawn from clean sources, moving Kenya towards a 100 percent green energy transition.
“We have made significant progress towards this goal and our partnership with AFD has been instrumental in achieving this great milestone.
“We are now ready to develop our 42.5MW solar power project, adding more renewable energy to the national grid within 28 months,” added Njenga KenGen CEO.
Source: https://energynewsafrica.com
Ghana: Petrol, Diesel Prices Hit More Than Gh¢15 Per Litre
Fuel prices have gone up in the Republic of Ghana, with both petrol and diesel selling more than Gh¢15 per litre.
As of Tuesday afternoon, Shell, Zen, Star Oil and Allied Oil had adjusted their pump prices, with petrol selling between Gh¢13.93 and Gh¢15.10 per litre while diesel is selling between Gh¢14.70 and Gh¢15.25 per litre.
Unlike other parts of Africa where fuel prices are reviewed every month, in Ghana, fuel prices are reviewed every two weeks.
The hike in fuel prices is fuelled by the continuous depreciation of the Ghanaian cedi.
During the first pricing window which ended on July 15, a US dollar was exchanged for between Gh¢15.48 and Gh¢15.55.
Data from the National Petroleum Authority, the petroleum downstream regulator, showed that the price of crude increased to US$843.52 from US$816.61 per metric tonne while diesel price rose to Gh¢791.57 from US$778.32 per metric tonne for the second pricing window of July.
Crude oil prices also witnessed some increases during the first week of July, with Brent soaring to $87 per barrel and WTI moving up to $84 per barrel.
However, both WTI and Brent thumbled, with WTI falling to about US$82.49 per barrel while Brent went down to US$85 per barrel as of Monday.
GOIL is selling petrol (Ron 91) at Gh¢15.10 per litre while petrol (Ron 95) is sold at Gh¢16.00, with diesel being sold at Gh¢15.22 per litre.
Shell is selling petrol at Gh¢15.10 per litre while diesel is sold at Gh¢15.25 per litre.
TotalEnergies is selling petrol at Gh¢15.10 while diesel is sold at Gh¢15.20 per litre.
Star Oil is selling petrol at Gh¢13.93 per litre while diesel is sold at Gh¢14.70 per litre.
Petrosol Ghana is selling petrol at Gh¢14.60 while diesel is sold at Gh¢14.85 per litre.
Puma is selling petrol at Gh¢14.45 per litre while diesel is sold at Gh¢14.60 per litre.
Allied is selling petrol at Gh¢13.93 while diesel is sold at Gh¢14.48 per litre.
Pacific is selling both petrol and diesel at Gh¢14.39 per litre.
Engen Ghana is selling petrol at Gh¢14.95 while diesel is sold at Gh¢15.15 per litre.
Benab is selling petrol at Gh¢13.66 while diesel is sold at Gh¢14.42 per litre.
Zen is selling petrol at Gh¢13.93 per litre while diesel is sold at Gh¢14.48 per litre.
Source: https://energynewsafrica.com
Ghana: President Appoints Afenyo-Markin As Board Chair Of ECG
Ghana’s President Nana Akufo-Addo has appointed the Member of Parliament for the Effutu Constituency in the Central Region, Alexander Afenyo-Markin, as the Board Chairman of the Electricity Company of Ghana (ECG).
He replaces Herbert Krapa who was recently appointed as Minister for State-designate for the Energy Ministry.
The appointment is contained in a letter signed by the Secretary to the President, Nana Bediatuo Asante.
The letter said: “The President of the Republic has nominated Hon. Alexander Kwamena Afenyo-Markin (MP.), Member of Parliament for Effutu in the Central Region, as the Chairman of the Board of Directors of the Electricity Company of Ghana Limited.”
“Kindly take the necessary steps to give effect to the President’s nomination in accordance with the Companies Act 2019 (Act 992) and the Regulations of the Company.”
Mr Afenyo-Markin is currently the Majority Leader in Parliament
Source: https://energynewsafrica.com
TotalEnergies, SSE Join Forces To Establish EV Charging Infrastructure In The UK & Ireland
TotalEnergies and SSE have signed a binding agreement to create a joint venture to establish a new major player in EV charging infrastructure in the UK and Ireland, under the brand “Source”.
The new business will deploy in both countries up to 3000 high power charge points, meeting demand from EV and fleet owners to provide fast and reliable charging, a statement issued by TotalEnergies said.
Within the next 5 years, Source will deploy up to 3000 high power charge points (of 150 kW and more) grouped in 300 “EV hubs”, targeting 20% market share.
“Charging hubs will be in prime locations in and around urban areas and powered by renewable energy provided by SSE and TotalEnergies.
“Several hubs are already under construction with plans for dozens more, currently in development studies.
In the UK, Source will provide the reliable ultra-fast charging infrastructure needed across the country to meet the demand from EV drivers and fleet operators.
“This demand was recently triggered by the enforcement into law of the UK Government’s zero vehicle emissions mandate for all new cars and vans, raising power supply infrastructure for EV and fleet owners as one of the biggest challenges facing the decarbonisation of transport.
“Similarly in Ireland, Source’s plans will help accelerate action to meet the government target of placing almost 1 million electric vehicles on roads by 2030, while building consumer confidence in EV charging.
“TotalEnergies is proud to contribute to the development of electric mobility to decarbonize transportation in the UK and Ireland.
“This is a great opportunity to extend our network in Europe and stake out a key position as a reference high-power charging player.
“We want to offer our customers – passenger cars and fleet alike – a nationwide, ultra-fast and reliable charging service that allows them to travel efficiently with complete peace of mind.
“This development also contributes to our integrated power strategy in the UK, combining renewable and flexible power generation capacity, trading and marketing of low-carbon electricity available 24 hours a day,” says Mathieu Soulas, Senior Vice President New Mobilities at TotalEnergies.
“SSE is already playing a leading role in decarbonising the UK and Ireland’s power system including building the world’s largest offshore wind farm and transforming electricity networks.
“Now this agreement will help accelerate progress towards a decarbonised transport system too, ensuring the vehicles that keep the economy moving can do so in a more sustainable and efficient way,” says Neil Kirkby, Managing Director of Enterprise at SSE.
This agreement is subject to the applicable regulatory approvals being obtained from the relevant authorities.
Source: https://energynewsafrica.com
South Africa: Koeberg Nuclear Power Station’s Lifespan Extended To 2044
The National Nuclear Regulator of South Africa has announced the extension of the operating life of Eskom’s Koeberg Nuclear Power Station Unit 1.
The unit will continue to contribute to the grid for another 20 years until July 2044.
Reacting to the news, Energy and Electricity Minister Kgosientsho Ramokgopa described the decision as an affirmation of the importance of nuclear energy’s contribution to the country’s energy needs.
Eskom’s spokesperson Daphney Mokwena has allayed any safety concerns due to Koeberg’s life extension.
“Koeberg’s unit 1 will join approximately 120 reactors worldwide that have safely continued operations beyond their initial 40-year life.
“Eskom has operated the plant for 40 years and has invested in safety improvement and extensive maintenance to ensure that it continues safely into the future.
“Together with our business partners, we are proud of our achievements that ensure that Africa’s first and only nuclear plant continues to operate into the future,” said Mokwena as carried by Sabcnews.
Source: https://energynewsafrica.com
South Africa Aims For Zero Emissions By 2050
President Cyril Ramaphosa says South Africa aims to reach net zero carbon emissions by 2050.
Speaking at the Climate Resilience Symposium underway at the Council for Scientific and Industrial Research (CSIR) International Convention Centre in Pretoria, President Ramaphosa said the revised Nationally Determined Contribution balances the country’s developmental needs and economic realities.
“It takes into account the feasibility of undertaking a climate response through a set of just transition pathways. Importantly, it notes carbon tax as a vital component of our mitigation strategy to lower greenhouse gas emissions,” President Ramaphosa said.
By internalising the cost of carbon emissions, the President said the carbon tax incentivises companies to reduce their carbon footprint and invest in cleaner technologies, and also generates revenue for climate initiatives.
The President said these funds can be reinvested in renewable energy projects, energy efficiency programmes and social support mechanisms.
Government has launched a number of other initiatives to meet the country’s emissions targets, and these include the Renewable Energy Independent Power Producer Procurement Programme, which has been successful, attracting over R209 billion in investment and adding much-needed capacity to the electricity grid.
President Ramaphosa said the Integrated Resource Plan, which outlines the country’s energy mix, is in the process of being updated.
The plan sets out a viable energy mix over the medium- and long-term to achieve the decarbonisation objectives.
The President said the Just Energy Transition Investment Plan sets out a quantified investment plan of some $98 billion, noting this will drive huge investments in the electricity grid, green hydrogen, electric vehicles, economic diversification, and skills development, amongst others.
“We continue to explore opportunities to meet our emissions reduction targets in minerals extraction, in green hydrogen production, in new power infrastructure, in electric vehicle manufacturing, and economic infrastructure upgrades.
“It is crucial that the transition to a low-carbon economy is just and inclusive and that no worker or community is left behind.
“The growth of clean tech, renewable energy, battery storage, green hydrogen and minerals for the future low-carbon economy must result in opportunities for affected sectors, employees, and communities,” the President said.
The President also noted that government is investing in retraining programmes, creating new job opportunities in renewable energy, and supporting small enterprises in affected areas.
The President further underscored a need for substantial investments to build sustainable infrastructure, develop green technologies and support social programmes.
Moreover, he noted the substantial gap between available disaster funds and the cost of disaster response.
“Even as we have taken proactive measures like setting up a Climate Change Response Fund, we need to think seriously about the urgent financial and policy measures needed to address these shocks, and how to strengthen the National Treasury’s disaster financing response,” the President said.
He said the Department of Forestry, Fisheries and the Environment is already working with the Presidential Climate Commission on recommendations for the Climate Change Response Fund, and an Adaptation and Resilience Investment Plan to accompany it.
The President called on international partners to fulfil their commitments to finance both, noting that mitigation and adaptation financing remains a challenge.
While acknowledging the positive steps taken with the establishment of the Green Climate Fund, including the Loss and Damage Fund, and other global mechanisms, President Ramaphosa emphasised a need for more innovative financing solutions that mobilise private capital and incentivise sustainable practices.
“The National Treasury’s Climate Finance Strategy is pivotal in this regard, outlining how we can leverage public and private finance to achieve our climate goals.
“We must not underestimate the importance of our own domestic capital and financial markets to innovatively mobilise and deploy capital towards our just transition,” President Ramaphosa said.
The President announced that the Just Energy Transition Funding Platform will be launched in the next few months.
The funding platform will be an important precursor to a broader Just Transition Financing Mechanism, proposals for which are being developed by the Presidential Climate Commission.
“We call on South African business to invest in the projects needed for a successful just transition in this country. We need to use blended finance to unlock private sector flows,” President Ramaphosa said.
Source: South Africa Government News Agency
Nigeria: ASI Engineering Ltd Acquires 60% Stake In Kaduna Electric
ASI Engineering Limited (ASI), a Kaduna -based firm has announced the successful acquisition of a 60% equity stake in Kaduna Electricity Company Plc (Kaduna Electric), as approved by the Nigerian Electricity Regulatory Commission (NERC).
A press statement issued by company said the acquisition of the Kaduna Electric marks a significant milestone for ASI Engineering Limited as it continues to expand its global footprint and contribute to the development of critical infrastructure in emerging markets.
The statement reads: “The acquisition of Kaduna Electric aligns perfectly with our strategic vision to enhance energy access, reliability, and efficiency in Nigeria.
“Kaduna Electric serves as a vital lifeline for residents, businesses, and industries in the franchise states (Kaduna, Zamfara, Sokoto, and Kebbi) and we are committed to leveraging our expertise, resources, and technology to optimise its operations and service delivery.
“ASI is collaborating with stakeholders, especially the state governments within its franchise licence area, to create sustainable solutions that align with the region’s unique needs.
“These unique collaborations will attract the needed investments to upgrade and turn around electricity distribution in the Kaduna Electric franchise area.
“ASI’s vision is to make Kaduna Electric a national leader in electricity distribution, driving sustainable development and enhancing the quality of life through innovative and reliable solutions.
“Our collaborative approach will focus on modernising the electricity distribution network, implementing innovative solutions for energy management, and fostering greater customer satisfaction and engagement.”
The company said: “The acquisition of 60% equity of Kaduna Electric, which NERC has approved, marks a new dawn in the turnaround and repositioning of Kaduna Electric.
“ASI Engineering Limited’s entry into the Nigerian Electricity Market currently is a testimony and demonstration of faith in the efficacy of the renewed hope agenda of His Excellency President Bola Ahmed Tinubu.
“ASI Engineering Limited is bringing new dynamic leadership to Kaduna Electric through a newly invigorated board and management with vast experience in utility turnaround.
“We want to thank the Nigerian Electricity Regulatory Commission (NERC), the Bureau of Public Enterprises (BPE), the interim board and the Administrator of Kaduna Electric for their work so far at Kaduna Electricity Distribution Company.”
Source: https://energynewsafrica.com
Kenya: EPRA Announces A Drop In Fuel Prices
Kenya’s Energy and Petroleum Regulatory Authority (EPRA) has announced a drop in fuel prices effective today, July 15, to August 14.
According to the regulator, petrol price will drop by Sh1, diesel by Sh1.50 and kerosene by Sh1.30.
“The prices are inclusive of the 16% Value Added Tax (VAT) in line with the provisions of the Finance Act 2023, the Tax Laws (Amendment) Act 2020 and the revised rates for excise duty adjusted for inflation as per Legal Notice No. 194 of 2020,” EPRA said in a statement.
The drop in prices was necessitated by various factors including a decrease in the average landing cost of imported Super Petrol by 4.65 per cent from US$750.95 per cubic metre in May 2024 to US$716.03 per cubic metre in June 2024; Diesel decreased by 1.19 per cent from US$690.99 per cubic metre to US$682.73 per cubic metre while Kerosene increased by 2.01 per cent from US$679.14 per cubic metre to US$692.80 per cubic metre.
The drop in prices now means that consumers in Nairobi will pay a maximum of Sh188.84 for a litre of super petrol, Sh171.60 for a litre of diesel and Sh161.75 for a litre of kerosene.
Source: https://energynewsafrica.com
Nigeria: Dangote Refinery To Source Crude Oil From Oil-Producing Nations In Africa
Africa’s largest crude oil refinery, Dangote Refinery, has announced plans to source crude from oil-producing African nations to feed the refinery.
The Nigeria -based Dangote refinery recently secured six million barrels of oil from the US, which is expected to reach the $19 billion facility by August.
In addition, the mega refinery will also receive about five million barrels of crude oil from the US by September, data from Bloomberg shows.
Dangote is also sourcing crude from the South American country, Brazil, in the coming months to ramp up production as it sets to commence the supply of petrol to the market this month.
Speaking to newsmen during the weekend, Chief Executive Officer and founder of the refinery, Aliko Dangote, mentioned that the refinery is expecting feedstock acquired from the US and Brazil in the coming months.
According to him, conversations are ongoing to secure more crude from African countries like Angola, Senegal and Libya, all of which are oil-producing nations.
“We will start importing crude oil from African countries. When we get to those countries, we’ll start negotiating with them. We’ll start bringing in from there.
“We have just bought from the US and Brazil. So I think by next month, we’ll expand the scope to most Asian countries.
“If we have availability in Nigeria, we won’t have to turn to these other countries,” Dangote said.
When asked about the timeline for sourcing crude from these African countries, Dangote stated that it could begin as soon as next month.
“Very soon. I think by next month. You know, crude…you have to book two months in advance. So, I’ll say October, we’ll be bringing in from these African countries,” Dangote responded.
The leadership of Dangote has vehemently lamented the unavailability of crude in Nigeria, forcing the oil facility to seek alternatives from other countries.
Source: https://energynewsafrica.com
Botswana: World Bank Supports Botswana To Enhance Renewable Energy And Improve Electricity Services
The World Bank’s Board of Directors has approved its first lending operation supporting renewable energy development in Botswana.
The Botswana Renewable Energy Support and Access Accelerator (RESA) Project, approved on July 11 2024, aims to transform the country’s energy landscape through enabling renewable solutions and improved electricity access.
Botswana has vast untapped resources for renewable energy. It has set an admirable target to increase renewable energy to 30% of its energy mix by 2030 and 50% by 2036.
The first wave of 335MW renewable energy projects is already at different stages of development by private sector power producers.
This new World Bank project will finance the necessary grid investment and Botswana’s first 50MW utility-scale battery energy storage system to enable the first wave of renewable energy generation to be smoothly integrated and managed in the grid.
In addition, the World Bank project will support the Government of Botswana’s continued effort to enhance energy access by financing the grid expansion to rural villages and improve electricity services in the Southern districts.
“With the financing support and technical assistance from the World Bank, this investment will support us to harness our rich renewable energy resources for a reliable, affordable and sustainable energy future.
“This is not only critical for our own energy security, but also provides an important driver of economic growth,” said Honorable Minister of Minerals and Energy of Botswana, Lefoko Moagi in a statement issued by World Bank.
The project is financed through a loan of $88 million from the World Bank as well as a $30 million loan and a $4 million grant from the Green Climate Fund’s Sustainable Renewables Risk Mitigation Initiative Facility.
The project will also benefit from technical assistance on solar, wind, and storage project development carried out through an additional $3.5 million grant from the Energy Sector Management Assistance Program.
By combining technical assistance and public investments, the project will help mitigate the risks in renewable energy investments.
“The World Bank is pleased to support Botswana’s commitment to expand domestic energy generation with renewable solutions.
“In addition to financing, the World Bank will provide technical assistance to facilitate further renewable energy projects.
“This is an important part of our commitment to support more sustainable and inclusive growth in Botswana,” says Satu Kahkonen, World Bank Country Director for Botswana.
Source: https://energynewsafrica.com