Belgium is seeking a ban on Russian LNG imports into the European Union as the current sanctions regime cannot halt rising imports at EU import terminals, Belgian Energy Minister, Tinne Van der Straeten, has told the Financial Times.
Belgium – alongside the Netherlands, Spain, and France – has been one of the top importers of Russian LNG in recent months, especially after the Russian invasion of Ukraine and the cutoff of many EU gas customers from Russian pipeline gas.
Now Belgium sees the recent EU attempts to reduce Russian LNG revenues as insufficient to allow European companies to exit long-term LNG contracts with Russia, most of which were signed before 2022.
“We have Russian gas coming into Belgium. I have looked under every stone and the gas [legislation] is not going to help,” Van der Straeten told FT, adding “We need a European approach.”
The EU’s latest package of sanctions against Russia over its invasion of Ukraine includes banning reloading services of Russian LNG in EU territory for the purpose of transshipment operations to third countries, after a transition period of 9 months.
This covers both ship-to-ship transfers and ship-to-shore transfers, as well as re-loading operations, and does not affect import but only re-export to third countries via the EU, the bloc said.
To further try to restrict Russian LNG revenues, the EU also agreed to prohibit new investments, as well as the provision of goods, technology, and services for the completion of LNG projects under construction, such as Arctic LNG 2 and Murmansk LNG.
Moreover, the package now bans the import of Russian LNG into specific import terminals that are not connected to the EU gas pipeline network.
Yet, these measures haven’t curbed EU imports of Russia’s LNG.
Sophie Hermans, the Minister of Climate Policy and Green Growth of the Netherlands, this week also called for additional sanctions via “a common European approach” as Russian LNG imports into Rotterdam, Europe’s largest port, have increased in the third quarter.
Source: Oilprice.com
The Managing Director of Electricity Company of Ghana (ECG), Mr Samuel Dubik Mansubir Mahama, has reportedly resigned.
It is not clear what could be the possible issue that has influenced his decision to resign barely three months when the West African nation will be going to the polls.
This portal has made several calls to industry players and within the ECG but none could disclose the reasons behind Mr. Dubik Mahama’s resignation.
Several attempts to reach Mr Dubik Mahama via phone and WhatsApp for him to confirm or deny the information in the media have been unsuccessful.
Meanwhile, a report by citinewsroom claimed that Mr Dubik Mahama, in a letter addressed to the Board of ECG, cited personal reasons for his resignation.
“I am writing to formally resign from my position as Managing Director of the Electricity Company of Ghana, effective two weeks from the above date. The decision has not come easily, but after much reflection, I have concluded that it is in my best interest to step away for personal reasons.
“Over the past two years and four months, I have had the profound honour of serving this esteemed organisation, and I am truly grateful for the opportunities I have received. I want to extend my heartfelt thanks to the Board for your unwavering support and guidance throughout my tenure. I also wish to express my sincere gratitude to the President for the trust placed in me, which has been a significant aspect of my journey here,” part of his letter said as carried by citinewsroom.
Energy think tank, African Centre for Energy Policy (ACEP), has put a spotlight on ECG specifically its management, accusing them of failing to live up to expectation.
Kodzo Yaotse, who is a Policy Lead for Petroleum and Conventional Energy at ACEP, demanded that the entire ECG management be relieved of their respective positions.
Mr Dubik Mahama was appointed by President Nana Addo Dankwa Akufo-Addo and assumed the role on May 16, 2022.
At the time of assuming office, ECG’s monthly revenue collection was around GH¢400 million.
However, with the introduction of PowerApp and digitisation of their revenue collection platforms, monthly collection has risen to in excess of GH¢800 million.
This, however, falls short of the required monthly revenue collection of over GH¢2 billion.
Source: https://energynewsafrica.com
Ghana’s technical regulator for electricity and natural gas, Energy Commission, has set June 2025 for a nationwide implementation of the Electrical Wiring Cables and Electrical Wiring Accessories Regulations, LI 2478.
LI 2478 was passed into law by Ghana’s Parliament during the fourth quarter of 2023, and it is expected to ensure that only quality and approved electrical wiring cables and accessories are used in both households and public buildings.
As part of the implementation processes, the Energy Commission was required to develop guidelines for LI 2478 for its smooth implementation.
On Friday, September 13, 2024, the Commission held a stakeholders engagement to give stakeholders an opportunity to make an input into the guidelines.
The attendees included members of Ghana Union of Traders Association (GUTA), Ghana Electrical Dealers Association, Ghana Standard Authority (GSA), Environmental Protection Agency and Ghana Revenue Authority.
Speaking to the press, Mr. Stephen Yomoh, who is the Project Co-ordinator, recalled that the Electrical Wiring Regulations, LI 2008 which was passed in 2011 had been implemented successfully; however, there was a big gap in that law because regulation 4 only talks about certified practitioners or electricians using materials that have been approved by GSA.
Mr. Stephen Yomoh, Project Co-ordinator at the Energy Commission
He said LI 2008 does not talk about the importation or the production of materials that have been approved by GSA and, therefore, there was a need to come up with another regulation that sought to regulate the importation of electrical wiring materials.
He highlighted the steps the Commission would be undertaking ahead of the full implementation of LI 2478.
He said from January 2025, the Commission would commence sensitisation and public awareness about electrical wiring cables and electrical accessories, register all importers and manufacturers, as well as issue conformance certificate or certificate of conformance.
He said this would be followed by the selection of few areas for piloting in March 2025.
“Following the passage of that law, a guideline had to be developed to establish the implementation process and that is why we have gathered here together with stakeholders for their inputs on how we are going to implement the enforcement of the Electrical Wiring Cables, Electrical Wiring Accessories Regulations, LI 2478,” he stated.
He said the Commission would deploy a testing van to markets where electrical cables are sold and conduct on-the-spot test to ascertain whether the cables and electrical accessories meet the standard.
Touching on the penalty that would be applied, he said unlike LI 2008, which only prescribed maximum penalty, LI 2478 prescribed both minimum and maximum penalty to those who flout the law.
He said if after testing of the products it proved to be substandard, they would be withdrawn from the market, re-exported or destroyed.
Awal Sakib Mohammed, President of Ghana Electrical Contractors Association (GECA), said his outfit fully supports the Commission in its effort to rid the market of substandard electrical wiring cables and accessories.
Mr. Awal Sakib Mohammed
Asked whether June 2025, which the Commission has set for a nationwide rollout was enough time, Mr Awal Mohammed said if there is a better time for electrical safety, then it is nothing better than now.
“If you’re on retirement and (God forbid) your building is razed down by fire…how are you going to sustain it?…So for us we are happy and we encourage everybody to support the implementation so that we can have safer electrical installations in Ghana,” he said.
Source: https://energynewsafrica.com
Equinor ASA has signed “all major contracts” to build a major natural gas development offshore Brazil that is expected to start production in 2028, Chief Executive Officer Anders Opedal said Monday.
The Norwegian oil major has secured suppliers to build a floating production vessel, drill production wells and install sea-bed infrastructure such as a pipeline, Opedal told reporters on the sidelines of an oil conference in Rio de Janeiro.
Valaris Ltd earlier this year won a $498 million contract to drill wells for the project, known as Raia. The project will cost an estimated $9 billion and could supply 15% of Brazilian gas demand when it comes online.
Raia is part of Brazil’s efforts to increase domestic gas supplies and bring down prices for industrial and residential consumers.
In addition to producing from offshore fields, Brazil is looking to import gas from the Vaca Muerta region in Argentina, and also wants oil producers including Petroleo Brasileiro SA to send more gas ashore instead of reinjecting it in offshore fields.
Equinor is developing another offshore oil project in Brazil known as Bacalhau. Opedal said it isn’t clear yet if it will be economically viable to build a pipeline and related infrastructure to ship gas to shore, and such an undertaking might need to be done in partnership with other producers to share costs. First oil at Bacalhau is on target for 2025.
Source: Worldoil.com
The Republic of Angola has announced the completion of the 7.19 megawatts photovoltaic solar plant which was under construction since 2022, in the municipality of Lucapa, Lunda Norte province.
The Southwestern African nation plans to commence electricity generation from the plant in October this year.
The energy project will ensure the supply of electricity, via the solar system, to more than 24,000 families in the district that is more than 100 kilometers from the city of Dundo.
The municipal administrator of Lucapa, Agostinho Paiva, who disclosed this stressed that the definitive load tests are currently underway for the start of operation of the project with 12,900 solar panels.
He said that the project started in 2022 is practically completed and also covers the expansion of the distribution network, 1,700 household connections and public lighting.
He informed that the installation of the ten Transformer Poles (PT) foreseen in the project, 22 kilometers of the low voltage line, 600 poles, with the respective connections, are also completed, with only the placement of luminaires in some missing.
The plant installed in an area of 13.52 hectares, is valued at 19,706,428 euros, 80 percent of which is financed by Sweden and 20% by South Africa.
Currently, electricity in the municipality of Lucapa is produced through generator sets, from private individuals, which charge 40 to 60 thousand kwanzas per month, the consumption of the product.
Angola is being a pioneer in the field of renewable energy installation, with seven projects in the provinces of Lunda Norte, Lunda Sul, Moxico, Benguela, Bié and Huambo.
The authorities expect solar energy to benefit about 1.2 million families across the country, with a view to promoting access to clean and cheap electricity.
Source: https://energynewsafrica.com
South Africa’s state-owned power utility has asked the electricity regulator, NERSA, for permission to raise prices by 36% in its 2026 financial year, far exceeding inflation in the continent’s most industrialised economy.
In its submission, Eskom told the National Energy Regulator of SA that it sought the hike because prior increases had been “inadequate” for its financial needs. The nation’s annual inflation rate for August was 4.4%.
South Africa has grappled with rising electricity costs that have roughly tripled over the past 14 years.
The cash-strapped utility, which amassed R400 billion in debt, has benefited from multiple bailouts from the National Treasury to keep its power plants running.
Conditions of that support mean that the loss-making company can’t take on additional loans.
The company, which is responsible for most of South Africa’s power provision, has for years struggled to provide consistent electricity supply, crippling businesses and economic growth.
While the country has now gone for more than 177 days without power cuts, record blackouts last year prompted many rich households and businesses to spend thousands of Rands each on clean-energy solutions.
Eskom has made its revenue application based on the costs it will incur to efficiently provide electricity to the customer.
It is a critical component in ensuring Eskom continues to provide reliable electricity services while improving its financial sustainability.
The utility has applied for an 11.8% increase in fiscal 2027 and 9.1% in 2028.
Eskom said, “Although government’s debt support assists with liquidity requirements, it does not adequately enhance our long-term financial sustainability.”
The government, through the minister of finance, has stressed that Eskom needs to migrate towards cost-reflective tariffs that will make it sustainable.
The government has also said that it will not continue providing support beyond its current guarantee, leaving the power utility to apply for the above-inflation tariff increases.
Source: https://energynewsafrica.com
A seven-member delegation from the Energy Regulatory Board of Zambia has paid a three-day working visit to Ghana’s downstream petroleum regulator, National Petroleum Authority (NPA) to understudy the Authority’s operations in the regulation of the petroleum downstream industry.
The team came to have a better insight into the Unified Price Petroleum Fund (UPPF), fuel marking, and electronic cargo tracking, amongst others, from 18th to 20th September 2024.
In her remarks at a meeting with the Zambian team, a Deputy Chief Executive of NPA, Mrs Linda Boamah Asante, who stood in the stead of the Chief Executive, Dr Mustapha Abdul-Hamid, expressed profound appreciation to the Zambian Energy Board for their continuous engagement with the NPA.
She called for more such learning collaborations and stressed that the doors of the NPA are always open and ready to assist its neighbours in such corporate learning.
For her part, the Director of Corporate Affairs, Mrs Maria Edith Oquaye, welcomed the delegation and assured the members of NPA’s readiness to share experiences with member countries for the good of the continent.
She said the collaboration between countries was critical now, especially for the NPA as a regulator of the energy industry, and indicated that Ghana now exports petroleum products to neighbouring countries like Mali, Niger, Burkina Faso, Cote d’ Ivoire and Togo all within the sub-region.
She assured the delegation of NPA’s readiness to take them through its operations, including visits to system areas in Accra and Tema “to gain insight into what we do.”
The seven-member delegation was taken through a detailed presentation on the UPPF.
The Coordinator of the UPPF, Mr Jacob Amuah, underscored the important role the UPPF plays in the petroleum downstream industry in Ghana.
He said fuel prices directly affect nearly every sector of the economy from food prices to transportation and manufacturing.
Mr Amuah said fluctuations in fuel costs could cause widespread economic disruptions. “By maintaining uniform prices across the country, the UPPF has curtailed regional disparities, stabilised inflation and encouraged economic growth,”
He said the UPPF is a crucial mechanism in the petroleum industry of many nations, aimed at stabilising fuel prices across different regions.
Mr Amuah stressed that the UPPF is essentially a fund set up by the government or a regulatory body to ensure uniformity in fuel prices across various parts of the country.
Given that the cost of transporting petroleum products to different regions in Ghana can vary significantly due to factors like distance and infrastructure, the UPPF acts as a balancing tool.
It helps to ensure that consumers in remote or underdeveloped areas do not pay significantly more for fuel than those in urban centres.
Citing the northern part of Ghana as an example, Mr Amuah noted that for the implementation of the UPPF, consumers in the north would have paid more for the petroleum products than those in the south due to longer distances from the refinery.
However, he said the fund compensates the difference, allowing the price at the pump to remain the same as in more accessible areas.
The team, as part of their learning, was taken to the Bulk Oil Storage and Transportation (BOST) Tema depot, an oil marketing company, and a fully automated retail outlet to have hands-on experience in their operations.
The leader of the delegation of the delegation, Mr Ezra Siamasumo, thanked the NPA for accepting the request to understudy Ghana’s downstream industry and their readiness to replicate the UPPF in Zambia.
He affirmed the commitment of Zambia’s Energy Board to continue its collaboration in the petroleum sector with Ghana.
Source: https://energynewsafrica.com
Singapore-based commodity trading company, Trafigura, has threatened to seize Ghana’s assets in the Republic of South Africa if the West African nation continues to delay in paying a US$134 million judgment awarded against Ghana for terminating a power purchase agreement with the company about four years ago.
As a result, the company has taken control over one of Ghana’s key commercial properties, Regina House, in London.
In a letter addressed to Ghana’s Finance Minister Dr Mohammed Amin dated September 23, 2024, which was leaked on social media, Trafigura expressed frustration over the government’s failure to settle the debt.
“Further to our letter on September 20, 2024, to which we have not yet received a response, we can confirm that we have today filled the relevant papers to commence the enforcement of the arbitral award in South Africa.
“In addition to the 16 banks based in United States that GPGC has subpoenad (as evidence in the attached at Annex 2), we plan to issue further subpoenas to US corporations with ties to the Government of Ghana, this week with further action to follow.
“We would nevertheless like to reiterate the message of our previous correspondence, that we would prefer not to take any further enforcement action and instead to resolve the matter amicably by fully executing the settlement agreement, as soon as possible, ideally within this week, and receiving payment in accordance with the agreed schedule,” Patrick Burke, Managing Director of GPGC wrote to Dr. Mohammed Amin, Ghana’s Finance Minister.
However, this letter has not enthused the Government of Ghana, with the Finance Ministry expressing surprise at the release of the letter on social media.
In a release issued on Tuesday, the Finance Ministry wrote: “It has come to our attention that a letter received today, 24th September 2024, about our engagement with Trafigura is circulating in the media, creating the impression of the government’s inaction on a yet-to-be executed Settlement Agreement.
As it may have been noticed, the said letter references ongoing engagement on pathways towards settling the claims.”
“We have made the necessary arrangements to pay off the outstanding claims agreed with Trafigura after several rounds of negotiations. We are, therefore, surprised at the circulation of this letter on social media.
“The Government of Ghana remains committed to honouring its obligation under the Settlement Agreement with Trafigura with a view to bringing this matter to closure,” the Ministry of Finance said.
Background
The debt dates back to January 26, 2021, when a UK tribunal ruled that Ghana breached its contractual obligations by terminating a power purchase agreement with GPGC, a subsidiary of Trafigura in 2018.
The tribunal awarded GPGC $134 million in damages, including interest and reimbursement of arbitration fees.
In January 2024, GPGC filed a case in the U.S. District Court, seeking to recover the remaining debt under the New York Convention.
Ghana was served with the petition but failed to respond by the deadline.
The court, citing Ghana’s waiver of sovereign immunity and commitment to international arbitration, ruled in favour of GPGC.
The court decision added post-judgment interest to the financial burden on Ghana, further complicating the country’s efforts to resolve the debt.
Source: https://energynewsafrica.com
Richard Holtum will take over as chief executive of global trading house Trafigura from Jan. 1 next year, the company said on Tuesday.
Holtum will take over the helm at a time when trading firms are set to see reduced profits following windfall years after the COVID-19 pandemic, while sharp equity growth in recent years will also mean hefty expenses in paying out departing shareholders.
Holtum becomes the group’s third ever CEO after around 10 years at the company. He joined Trafigura in 2014 on the firm’s Liquefied Natural Gas (LNG) team, rising to global head of gas and power in 2022 and adding renewables to his portfolio in 2023.
His rise at the company coincides with a booming gas market, with prices spiking on the back of Russia’s invasion of Ukraine, which helped to generate billions of dollars worth of profit for trading houses and helped gas and LNG desk profit rise to unprecedented levels.
Prior to joining Trafigura, Holtum worked on rival trader Glencore’s crude oil desk. He began his career in the British army.
Outgoing CEO Jeremy Weir, who held the position for over 10 years, will take up the role of group chairman on Jan 1.
Reuters exclusively reported in April that Weir had begun priming Holtum to take the helm.
“The Board of Directors unanimously selected Richard Holtum to lead the Trafigura Group,” independent non-executive director Sipko Schat said.
The announcement is the second organisational reshuffle in Trafigura in quick succession. A little over a week ago the firm said it would create a fourth pillar for its business, operational assets, to be headed by Jiri Zrust.
Holtum’s former role as global head of gas, power and renewables will pass to current head of power trading, Igor Marin.
PROFIT IN FOCUS
Holtum will take over Trafigura at a time profits for trading houses are set to weaken following two years of jumbo earnings due to energy prices spikes and volatility following Russia’s invasion of Ukraine.
Trafigura’s net profit for the first half of its financial year fell by more than 74% this year, the lowest since 2020 for the same period, after posting record or near-record results every year over 2020-2023.
The drop in profit in the first half of this year came despite a 15% rise in traded oil volumes compared with the same period of 2023.
Record profit in recent years allowed Trafigura to grow equity almost 2.5 times to $16.5 billion in the last 4 years.
The company will therefore have to spend billions on buying out departing shareholders in the next few years.
Former CFO Christophe Salmon, executive director Jose Maria Larocca, and COO Mike Wainwright announced their intention to retire this year.
Source: Reuters.com
The global goal to triple renewable energy capacity by the end of the decade is still within reach, but massive investments in power grids and energy storage will be needed, the International Energy Agency (IEA) said in a new report on Tuesday.
At the COP28 climate summit in Dubai at the end of 2023, nearly 200 countries made a collective pledge to triple global renewable capacity by 2030, aiming to keep within reach the Paris Agreement target of limiting global warming to 1.5 degrees Celsius. They also committed to doubling the rate of energy efficiency improvement by 2030.
However, in order to reach these goals, all countries need to accelerate the work and deployment of renewables and energy efficiency policies.
“The goal of doubling the rate of energy efficiency improvements globally could provide larger emissions reductions by 2030 than anything else, but it looks far out of reach under today’s policy settings,” the IEA noted in the report.
The tripling of renewables capacity will need faster expansion because with today’s policy settings and technology trends, the world is on track to achieve more than three-quarters of the growth needed for the goal, says the agency advocating for a rapid energy transition.
Moreover, countries would need to make huge investments in expanding and strengthening the grids and building energy storage to accommodate the surge in renewables.
“Without grids and storage, the tripling of renewables will not succeed,” said the agency, adding that more than 25 million kilometers of electricity grids will need to be built or upgraded by 2030, and global energy storage capacity needs to grow to 1,500 GW by 2030. Of this, 1,200 GW needs to be battery storage – a nearly 15-fold increase compared to current levels.
Even if the goals are reached, “greater capacity does not automatically mean that more renewable electricity will clean up the world’s power systems, lower costs for consumers and slash fossil fuel use,” the IEA said.
Progress in renewable energy uptake in the largest energy-consuming sectors slowed globally in 2023, amid high interest rates, supply-chain issues, and regulatory and policy uncertainties in the wake of the energy crisis, renewable energy think tank REN21 said in a reportin May.
Source: Oilprice.com
TotalEnergies is interested in partnering with Petrobras on projects outside of Brazil as the French supermajor expands in Latin America’s most populous nation, Chief Executive Officer Patrick Pouyanne said Monday.
Namibia, Suriname and Angola were among the areas Pouyanne mentioned as potential cooperation zones. In Brazil, the offshore Mero project in the so-called pre-salt region, where Total has a partnership with Petrobras, is growing fast, he said.
Total executives used a $50-to-$60-a-barrel benchmark to test the viability of oil projects when presenting them for board approval, and is “very close” to approving a 220,000 bpd project in Suriname, he said at a conference in Rio de Janeiro.
Total’s interest in partnering with Petrobras abroad highlights a rebound in interest in high-risk, offshore exploration at a time when the energy transition appears to be taking longer than what was expected a few years ago.
“Petrobras is ready to explore abroad and in the Atlantic basin, so I keep that in mind,” Pouyanne said. “And if we have opportunities, as we’re exploring in different countries, we could offer to Petrobras to participate.”
Aside from offshore oil, Total also has large investments in wind energy in Brazil and sees more potential in onshore wind than offshore, which Pouyanne said could wait a few years.
Source: World Oil
Nigeria’s national oil company, NNPC Ltd, has begun discussions with investors towards bringing back two Liquefied Natural Gas (LNG) projects, Brass and Olokola LNG projects.
NNPC Ltd’s Chief Financial Officer (CFO), Mr. Umar Ajiya disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition (Gastech), in Houston, United States, last Thursday.
Brass LNG and OK LNG are two LNG projects with the potential of manifold economic benefits for the country which include job creation, power generation, revenue generation and economic diversification.
The multi-billion dollar projects were however stalled due to unfavourable market dynamics and slow decision-making by the political class in the past.
“In the past, gas prices went down, the economics of the projects meant a high Capital Expenditure (CAPEX) and this was a dis-incentive for investors and partners. Also, there was slow decision-making by the political class,”’ the CFO added.
While describing NNPC Ltd as a commercially driven Company which recognises timely project development and execution, the CFO said there are abundant gas resources in many parts of the world and therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.
Ajiya commended President Bola Ahmed Tinubu for his support in driving new projects in the Industry through the Presidential Executive Orders on Oil & Gas Reforms.
“We are also happy to have the Petroleum Industry Act (PIA) has provided fiscal incentives for investors and is creating the enabling environment that has rekindled hope in the energy sector.”
Ajiya described Gastech as an avenue for NNPC Ltd to learn new technologies which will help the Company decarbonise its operations and promote its abundant LNG resources to the global market.
Gastech is the world’s leading forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways towards global energy security for lasting climate impact.
Source: https://energynewsafrica.com
The Chairman of the Dangote Group, Aliko Dangote, has revealed that the Nigerian National Petroleum Corporation Limited made a significant mistake by reducing its stake in the Dangote Refinery.
In a recent interview with Bloomberg, Dangote revealed that the NNPC was originally meant to take a 20% stake in the refinery, but that has now been reduced to 7.2%, a report by Punch said.
According to Dangote, the NNPC had originally agreed to a deal worth $2.79 billion, which included an upfront payment of $1 billion.
However, after renegotiating the terms, the corporation decided to reduce its equity share.
“They’ve made a big mistake, but that’s where we are now,” Dangote remarked, emphasising that the agreement is now finalised, with Dangote Group holding the majority of the refinery’s shares.
He said, “We agreed with them and we gave them a good deal. Well, we structured an agreement. The first agreement was that they would pay us $1 billion as part of a deal worth about $2.79 billion.
They paid that $1 billion roughly a year and a half ago. The balance of the payment was to be split into two portions:
“The first portion is every time they supplied us with crude (around 300,000 barrels), we would deduct $2 from the balance until the debt was paid off.
“The other portion would come out of their profits.
“However, the NNPC opted out of this structure. They got confused, or maybe there was some misunderstanding. They no longer wanted the crude deduction arrangement and preferred to pay the remaining balance in cash.”
Dangote further explained that the company later signed a new agreement to replace the previous one.
He added, “In this new agreement, they agreed to pay us the balance of $1.8 billion, but with no interest, and after one year.
“The due date was in June, but in June, they came back to us and said they had changed their minds. They wanted to stick to their 7.2% stake instead of the original 20%. We accepted that and now we own the rest of the shares. They have 7.2%, and we own the remaining balance.
“I think they made a big mistake, but that’s how things are now. There’s no further negotiation—the agreement is done, and finalised. NNPC holds 7.2%, and that’s where we stand.”
Source: https://energynewsafrica.com
The International Atomic Energy Agency (IAEA) has elected Ambassador Philbert Abaka Johnson as the Chairperson of the IAEA’s Board of Governors for 2024–2025.
His one-year term commences today. He succeeds Ambassador Holger Federico Martinsen of Argentina.
Ambassador Johnson is the Permanent Representative of Ghana to the Agency, the United Nations Offices and other International Organizations in Vienna.
Since his appointment in 2020, he has chaired the 54th Session of the United Nations Commission on International Trade Law (UNCITRAL), Subsidiary Body III of the Tenth Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), the standing open-ended intergovernmental working group on improving the governance and financial situation of the United Nations Office on Drugs and Crime (FINGOV), the Commission on Narcotic Drugs, and the Vienna-based African Group.
He is currently serving as Co-Chair for the preparations of the Ministrial Conference on Nuclear Science, Technology and Application and the Technical Cooperation programme in 2024.
A career diplomat with close to 30 years of experience, Ambassador Johnson’s first diplomatic assignment was in Liberia in 1995.
He has since served in multiple Ghana Missions in Switzerland, the Russian Federation, Belgium, Canada and New York and has held numerous positions in the Ministry of Foreign Affairs and Regional Integration, including as the first Director of the Diaspora Affairs Bureau in 2014.
Before his appointment in Vienna, he was the Director of Africa and Regional Integration Bureau and Head of the Economic Community of West African States (ECOWAS) National Office from 2019 to 2020 and contributed towards Ghana’s bid to host the African Continental Free Trade Area (AfCFTA) Secretariat and the establishment of the ECOWAS Early Warning Centre in Accra.
Ambassador Johnson holds a Bachelor of Arts degree in History and a Diploma in Education from the University of Cape Coast, as well as two master’s degrees: a Master’s of International Affairs from the Legon Centre for International Affairs & Diplomacy in Ghana, and a Master’s of International Law and Economics from the World Trade Institute in Switzerland.
He has participated in various courses on leadership and diplomacy and was the recipient of the Best Ghana Diplomatic Mission Award for 2024.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com
