Zambia: Two Persons Caged For Vandalising Zesco’s Electrical Infrastructure In West Lusaka
Two persons have been arrested for vandalizing electrical infrastructure belonging to Zambia’s power utility company, Zesco Limited, in West Lusaka.
The suspects whose names are not yet known to this portal are currently being held at the Matero Police Station.
The suspects were arrested on Saturday,13th January 2024 following the vigilance of Sekelela community members.
In a post on Facebook by Zesco Limited and sighted by energynewsafrica.com, the power distribution company praised the vigilance of Sekelela community members for their act, leading to the arrest of the suspects.
“ZESCO sincerely appreciates the bravery and community spirit shown by the residents of Sekelela.
This incident highlights the power of collective action in safeguarding our community’s assets.
“The suspects are currently held at the Matero Police Station and efforts to find the other individuals who escaped continue. Let’s keep up this spirit of vigilance and cooperation! Let’s keep the lights on.
“Report suspicious acts of vandalism to ZESCO Limited Security on 0978-783000,” the company said.
Source:https://energynewsafrica.com/
Electricity Production In Azerbaijan Increased By 0.9% Last Year
Azerbaijan’s Ministry of Energy has revealed that electricity generation in the country increased by 272.3 million kWh (0.9%) in 2023 compared with the same period in 2022.
According to the ministry, during 12 months, electricity production at TPPs amounted to 27 160.4 million kWh, at HPPs to 1757.2 million kWh, and on other sources to 359.0 million kWh.
56.6 million kWh of electricity was generated at WPPs, 79.4 million kWh at SPPs, and 223.0 million kWh at the solid household waste incineration plant.
During the reporting period, electricity generation made up 26441.2 mln kWh on Azerenergy OJSC (24794,2 mln kWh at TPPs, 1647.0 mln kWh at HPPs),
481.0 mln kWh on State Energy Agency of Nakhchivan AR (325.03 mln kWh at TPPs, 95.02 mln kWh at HPPs, 60.93 mln kWh at SPP), 41.9 mln kWh at WPPs on Azerishig OJSC, and 2312.5 mln kWh on Independent PPs).
In 2023, the electricity exports amounted to 3252.5 mln kWh, and imports to 211.8 mln kWh.
The electricity generation in the republic in December 2023 amounted to 2788.7 million kWh.
During the month, exports of electricity production amounted to 504.3 million kWh, imports to 11.0 million kWh.
Source: https://energynewsafrica.com
UK Plans Massive Expansion Of Nuclear Power
The UK has announced a major nuclear power generation capacity expansion, with the government calling it the “biggest expansion of nuclear power for 70 years”.
“Nuclear is the perfect antidote to the energy challenges facing Britain – it’s green, cheaper in the long-term and will ensure the UK’s energy security,” Prime Minister Rishi Sunak said, as quoted by media.
“This is the right long-term decision and is the next step in our commitment to nuclear power, which puts us on course to achieve net zero by 2050 in a measured and sustainable way,” Sunak added.
The news comes on the heels of a recent report that French EDF plans to extend the lives of the nuclear power plants it operates in the UK.
The company said it would invest the equivalent of some $1.65 billion in the initiative, aiming to maintain current power output levels from its nuclear power plants until at least 2026.
“These lifetimes will be reviewed again by the end of 2024 and the ambition is to generate beyond these current forecasts, subject to plant inspections and regulatory approvals,” EDF said.
Nuclear, which many climate activists slam for not being green or renewable enough has recently made a comeback, except in Germany and Spain.
The rest of the world, however, seems to have realized that the rush to net-zero will not happen without nuclear, saying as much at last year’s COP28.
The UK has some of the most ambitious transition targets, with a massive buildout in wind power capacity in the plans.
However, it is also struggling to rein in a cost of living crisis that some commentators of local energy policies have attributed to those same plans.
The country’s current nuclear power capacity of 6 GW is spread across nine reactors at five sites. Six other reactors have been shut down since 2021.
Another two sites are planned to be built, one of them at least with a capacity of over 3 GW. By 2050, the country’s government plans to have 24 GW in capacity.
Source: Oilprice.com
Global Renewable Energy Capacity Additions Jumped By Nearly 50% In 2023
Renewable capacity installations surged by almost 50% last year as global renewable energy capacity hit nearly 510 gigawatts (GW), led by solar photovoltaics and a jump in new Chinese installations, the International Energy Agency (IEA) said in a new report on Thursday.
New renewable capacity saw the fastest growth rate in the past two decades, and 2023 was the 22nd year in a row that renewable capacity additions have set a new record, the IEA said in its Renewables 2023 report.
Renewable capacity growth in Europe, the United States, and Brazil hit all-time highs, but China outshined all with an “extraordinary” acceleration in installations, the agency noted.
Last year, China commissioned as much solar PV as the entire world did in 2022, while its wind additions jumped by 66% year-on-year. Globally, solar PV alone accounted for three-quarters of renewable capacity additions, the IEA’s report showed.
In June 2023, IEA Executive Director Fatih Birol said “This year, the world is set to add a record-breaking amount of renewables to electricity systems – more than the total power capacity of Germany and Spain combined.”
“The energy crisis has turbocharged demand for both large-scale plants & rooftop solar,” the IEA’s top executive added.
Investment in solar power generation was set to eclipse investment in oil production in 2023 for the first time ever, the IEA said in May 2023.
In its latest report today, the IEA said that “The world’s capacity to generate renewable electricity is expanding faster than at any time in the last three decades, giving it a real chance of achieving the goal of tripling global capacity by 2030 that governments set at the COP28 climate change conference last month.”
“The new IEA report shows that under current policies and market conditions, global renewable capacity is already on course to increase by two-and-a-half times by 2030,” Birol said in a statement.
“It’s not enough yet to reach the COP28 goal of tripling renewables, but we’re moving closer – and governments have the tools needed to close the gap.”
Source: Oilprice.com
South Africa: Mulilo Energy, EDF Win 1 Gigawatts Bess Tender
Two renewable energy developers, Mulilo Energy Holdings (Pty) Ltd and EDF Renewables, have been selected as the preferred bidders for three battery energy storage system (BESS) projects in South Africa.
The projects which will be situated in South Africa’s Northern Cape and North West Provinces will deliver cost-effective and efficient storage capacity to the country’s ailing electricity grid.
Boasting a capacity of 257 MW/1,028 MWh,
According to a report by energy capital and power, the project is poised to commence in mid-2024.
The Oasis Aggeneis, Oasis Mookodi, and Oasis Nieuwehoop projects will dispatch electricity under a 15-year power purchase agreement with South Africa’s power utility,Eskom.
The total cost of the projects is estimated to be $375 million.
“We commend the South African government’s strong commitment to the rapid buildout of battery energy storage, a key focus technology for Mulilo,” stated Robert Helms, partner at Copenhagen Infrastructure Partners, majority owner of Mulilo, adding, “With the announcement, we are proud for Mulilo to continue its positive contribution to the country’s energy security, socioeconomic growth, and green transition.”
A total of five projects were awarded under South Africa’s Battery Energy Storage Procurement Program by the country’s Department of Mineral Resources and Energy in March 2023.
The projects make up a 513 MW tender and are poised to provide capacity, energy, and ancillary services throughout South Africa.
Source: https://energynewsafrica.com
Indian Refiners Set To Ask For Extra Saudi Oil After Sharp Price Cut
Two Indian state refiners are seeking to boost imports of Saudi crude oil after the kingdom cut the official selling price of its key export grade for February to the lowest in 27 months, company sources said.
Indian Oil Corp (IOC.NS), the country’s top refiner, and Bharat Petroleum Corp (BPCL.NS), are looking at lifting an additional 1 million barrels of oil each from Saudi Aramco (2222.SE) in February, the sources said.
Saudi Aramco typically notifies Asian buyers of their monthly crude allocations by the 10th of every month.
Indian oil companies did not respond to Reuters emails seeking comments, while Saudi Aramco declined to comment.
IOC is seeking more oil from Saudi Arabia and West Africa partly as it is facing problems in buying Russian light sweet crude Sokol because of challenges in payments, one of the sources said.
India, the world’s third-biggest oil importer and consumer, has been gorging on Russian crude, sold at a discount after western nations shunned purchases from Moscow.
That led to Russia becoming top oil supplier to India, knocking Iraq and Saudi Arabia to second and third place, data obtained from trade sources showed.
Washington last month sanctioned ships and vessel operators for the sale of Russian oil at above the $60-per barrel cap set by the Group of Seven nations and tightened rules, including heightened scrutiny by banks and service providers to ensure that cargoes do not breach the price cap.
Following the sanctions, several tankers meant to deliver Sokol crude to India have been diverted in the past two months depressing India’s Russian oil imports in December to an 11-month low.
India’soil minister Hardeep Singh Puri recently said that the decline in India’s import of Russian oil was due to unattractive prices and not payment issues.
IOC used to receive 6-7 cargoes of Sokol oil every month under its annual deal with Rosneft (ROSN.MN).
The refiner may ask for additional supplies under its term deals with West African producers Nigeria and Angola to make up for loss in Russian oil supply, the source said.
Source: Reuters
Ghana: Gov’t Imposes Value Added Tax On Electricity Consumers…But Consumers Say No Way
The Government of Ghana has announced the imposition of a Value Added Tax (VAT) on residential electricity consumers who consume above lifeline.
Previously, lifeline consumers were those who consumed between 0-50 kilowatts.
However, during the Major Tariff Review in 2023, the Public Utilities Regulatory Commission (PURC) reduced the lifeline band to 0-30 kilowatts from 0- 50 kilowatts.
With the introduction of VAT, consumers who consume above 30 kilowatts of power will now be paying more for electricity.
In a letter dated 12th December 2023 and signed by the Minister for Finance, Ken Ofori-Atta, and addressed to the Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCo), he said the imposition of VAT on electricity consumption forms part of COVID-19 recovery programme and should be charged, starting from January 1, 2024.
“As part of the implementation of the Government’s Medium-Term Revenue Strategy and the IMF-Supported Post Covid-19 Programme for Economic Growth (PC-PEG), the implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units in line with Section 35 and 37 and the First Schedule (9) of Value Added Tax (VAT) Act, 2013 (ACT 870) has been scheduled for implementation, effective 1st January 2024.
“For the avoidance of doubt, VAT is still exempt for “a supply to a dwelling of electricity up to a maximum consumption level specified for block charges for lifeline units” in line with Sections 35 and 37 and the First Schedule (9) of Act 870,” part of the letter which is dated December 12, 2023,” the Finance Minister said.
Ken Ofori-Atta charged ECG and NEDCo to put measures in place and collaborate with the Ghana Revenue Authority (GRA) to ensure that the implementation of the VAT starts on January 1.
“The Electricity Company of Ghana (ECG) and the Northern Electricity Distribution Company (NEDCO) are, hereby, requested to liaise with the Ghana Revenue Authority (GRA) to ensure that the implementation of VAT for residential customers of electricity above the maximum consumption level specified for block charges for lifeline units takes effect on 1st January 2024, in line with Sectio35 and 37 and the First Schedule (9) of Act 870.”
However, some Ghanaians have criticized the government for adding more pain to them by introducing VAT on electricity usage.
Economist and former Board Chair of the Ghana Revenue Authority (GRA), Prof Stephen Adei, is one of the many Ghanaians who have spoken against the imposition of VAT on residential electricity consumers.
“There’s no doubt at all people will be worse off. You’ll first focus on things that increase production and then that in turn will feed into your taxes. You should be going after the billions of uncollected property taxes and people getting away [inaudible], being exempted, not even the more important ones.
“The mines have millions of exemptions and these are the ones we should go after rather than going after the ordinary producer and consumer when it comes to electricity,” Dr Adei said on Accra-based Joy FM.
Commenting on the same issue on Accra-based Citi FM, Mr. Joe Jackson, Director of Business Operations at Dalex Finance described the move as “harsh” and argued that it disproportionately burdens low-income families.
According to him, the current lifeline threshold, set below GH¢50, is too low to effectively shield vulnerable consumers.
“Don’t be deceived by the fact that the tax comes after the lifeline. The lifeline is so low that it barely makes a difference. This effectively translates to over 20% added to your electricity bill, and that’s harsh for struggling families.”
“The government does need money and that is not in dispute because we have crises of cost on our hands and any tax that comes again and is an indirect tax will hurt the poor more than the rich and so it is not enough. The general population is suffering.
“I go for the government raising more money but I am always insisting that that has to be done through direct tax and not through indirect tax at a time when the general population is suffering.”
Source: https://energynewsafrica.com
Ghana: Electricity Supply Improves But Challenges Still Exist
Electricity supply in the Republic of Ghana has begun to improve after two days of emergency meetings between the Ministry of Energy and sector agencies resulting in some interventions being made to address the recent unannounced load-shedding.
The first intervention the meeting produced was the discussion that led to the West African Gas Pipeline Company (WAPCo) to resume gas flow to the power plants in the Tema power enclave on Wednesday.
The meeting also discussed steps to find lasting solutions to the financial challenges in the energy sector which is adversely affecting the performance of the sector.
The West African nation experienced pockets of unannounced power outages in the latter part of 2023 and continued to this year.
The power situation got worse on Tuesday when several parts of the country suffered power cuts at about 6:30 pm.
Many looked forward to seeing power restored later in the night but that did not happen.
In some areas, power was restored at about 6:30 am, the following day while other areas were still without power.
The power situation started improving on Wednesday night after WAPCo resumed gas flow to the power plants in the Tema power enclave.
Sources within WAPCo told this portal that the company agreed to resume gas flow purely for commercial reasons.
The source explained the Ministry of Energy and players in the power sector value chain have agreed to put in place a plan to ensure that invoices for gas supply are paid every month.
The source explained the Ministry of Energy and players in the power sector value chain had agreed to put in place a plan to ensure that invoices for gas supplied are paid every month.
Despite the resumption of gas flow by WAPCo, the West African nation still faces the challenge of getting adequate gas to generate power resulting in some power plants having to reduce generation.
Ghana takes over 40MMscf of gas from its neighbour, Nigeria, to add up to domestic gas production for power generation.
Interestingly, this portal understands that as of Friday morning there was about 78.68MMscfd of gas supplied from Lagos Beach Compression Station in Nigeria.
As of now, Cenit, Tapco, TE66(T3), Ameri power plant, etc. are all not generating power onto the grid, according to the data available.
Meanwhile, one of the six units of the Akosombo hydroelectric power dam is also offline.
In a Facebook post by the Minister for Energy, Dr Matthew Opoku Prempeh, after meeting with heads of the energy sector agencies under the ministry sighted by energynewsafrica.com, he wrote: “Stakeholders of the power sector convened earlier today at the Ministry of Energy to discuss power supply issues.
“We remain committed to addressing all temporary issues to keep the lights on for the Ghanaian people,” he concluded.
This portal understands that the Minister briefed the Cabinet on Thursday about the current issues in the energy sector.
Source: https://energynewsafrica.com
The source explained the Ministry of Energy and players in the power sector value chain have agreed to put in place a plan to ensure that invoices for gas supply are paid every month.
The source explained the Ministry of Energy and players in the power sector value chain had agreed to put in place a plan to ensure that invoices for gas supplied are paid every month.
Despite the resumption of gas flow by WAPCo, the West African nation still faces the challenge of getting adequate gas to generate power resulting in some power plants having to reduce generation.
Ghana takes over 40MMscf of gas from its neighbour, Nigeria, to add up to domestic gas production for power generation.
Interestingly, this portal understands that as of Friday morning there was about 78.68MMscfd of gas supplied from Lagos Beach Compression Station in Nigeria.
As of now, Cenit, Tapco, TE66(T3), Ameri power plant, etc. are all not generating power onto the grid, according to the data available.
Meanwhile, one of the six units of the Akosombo hydroelectric power dam is also offline.
In a Facebook post by the Minister for Energy, Dr Matthew Opoku Prempeh, after meeting with heads of the energy sector agencies under the ministry sighted by energynewsafrica.com, he wrote: “Stakeholders of the power sector convened earlier today at the Ministry of Energy to discuss power supply issues.
“We remain committed to addressing all temporary issues to keep the lights on for the Ghanaian people,” he concluded.
This portal understands that the Minister briefed the Cabinet on Thursday about the current issues in the energy sector.
Source: https://energynewsafrica.com Nigeria: Dangote Refinery Set To Commence Operation After Receiving 6Th Batch Of Crude Oil
Dangote Refinery appears set to commence production of refined petroleum products with the receipt of the sixth batch of barrels of crude supplied by the Nigeria National Petroleum Corporation Limited (NNPCL).
The fresh one million Agbami barrels of crude via MT ALMI SUN is the sixth to complete the scheduled 6 million barrels consignment to be delivered to the Dangote facility needed to commence operations by the world’s largest single-train refinery.
Exactly a month ago, Dangote Refinery received the first one million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day.
Since then, Dangote Refinery has been receiving in batches, one million barrels of crude oil with the latest batch of the 6 million already being discharged at the Single Point Mooring (SPM-C2) at the Dangote Offshore Oil Terminal (DOOT).
Speaking during the maiden delivery then, Managing Director of Dangote Ports Operations, Mr. Akin Omole told newsmen at the Dangote Quay, Ibeju-Lekki, Lagos that the Refinery January would collect all the 6 million barrels of crude before the end of January to put the Refinery in good stead to commence operation.
“Once the 6 million barrels are fully delivered, it will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (PMS),” he said.
This latest development will play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.
Designed for 100% Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.
Dangote Petroleum Refinery can meet 100% of Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also have surplus of each of these products for export.
The refinery was built to take crude through its two SPMs located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs. In addition, the refinery has the capacity to load 2,900 trucks a day at its truck loading gantries.
Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery will conform to Euro V specifications.
The refinery is designed to comply with US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards.
Source: https://energynewsafrica.com
Ghana Begins Unannounced Load Shedding
Ghana has started an unannounced power rationing popularly known as load shedding as a result of shortfall in generation occasioned by several factors.
This portal understands that at about 5pm on Tuesday, West African Gas Pipeline Company Limited, WAPCo, suspended gas transported to Tema and Western power enclaves as a result of $20million debt owed them by the Electricity Company of Ghana.
Several parts of the West African nation suffered power cuts around 6:40 pm and many were anticipating that power supply will be restored later in the night, but that did not happen.
Sources within the power sector revealed to energynewsafrica.com that the power supply cuts or load shedding is going to persist for some days in January 2024 due to generation shortfall occasioned by limited fuel supply.
Issues
Impeccable sources within the power sector indicate that the Takoradi thermal power plant, which is a Combined Cycle Gas Turbine (CCGT) power plant operated by the Volta River Authority (VRA) is currently not generating power onto the national grid due to some ongoing maintenance works which started last year.
According to our sources, one of the 6 units of the Akosombo Hydroelectric Power Dam is currently also not running.
Beside these, Cenit, Bridgepower, Cenpower, Ameri power plant, and T3 did not generate power as of last night.
Most of the above power plants including 400 MW Ameri power plant have been idle for some time now over fuel supply issues.
It is interesting to note that most of the power plants in the country are combined cycle plants and can run on natural gas, HFO or LCO.
So if there is any challenge with domestic gas production all that government could do is making alternative fuel available to operators of the power plants to enable them switch and generate power onto the national grid.
Ghana produces natural gas for power generation from three producing fields namely Jubilee, Sankofa Nyame and TEN.
The country requires more than 450 MMscf of gas for power generation.
However, domestic gas production is inadequate to meet the requirements.
As a result of this, Ghana still relies on Nigeria for gas taking about 40MMscf to complement domestic gas production for power generation.
According to energnewsafrica.com sources, gas supply from Nigeria has been curtailed for some days now due to ongoing Turn Around Maintenance (TAM) work.
Unfortunately, government has not been able to procure fuel for the power generators thereby compelling them to either shutdown or reduce generation.
This has left the power distribution company, Electricity Company of Ghana with no other option than shed load.
According to sources, some of the players in the power sector have advised the Ministry of Energy and Ministry of Information to inform Ghanaians about the current situation to enable them to plan but the advice has not been taken because of how the governing party lambasted the previous government for plunging the country into prolonged power outages while in opposition.
Source: https://energynewsafrica.com
It is interesting to note that most of the power plants in the country are combined cycle plants and can run on natural gas, HFO or LCO.
So if there is any challenge with domestic gas production all that government could do is making alternative fuel available to operators of the power plants to enable them switch and generate power onto the national grid.
Ghana produces natural gas for power generation from three producing fields namely Jubilee, Sankofa Nyame and TEN.
The country requires more than 450 MMscf of gas for power generation.
However, domestic gas production is inadequate to meet the requirements.
As a result of this, Ghana still relies on Nigeria for gas taking about 40MMscf to complement domestic gas production for power generation.
According to energnewsafrica.com sources, gas supply from Nigeria has been curtailed for some days now due to ongoing Turn Around Maintenance (TAM) work.
Unfortunately, government has not been able to procure fuel for the power generators thereby compelling them to either shutdown or reduce generation.
This has left the power distribution company, Electricity Company of Ghana with no other option than shed load.
According to sources, some of the players in the power sector have advised the Ministry of Energy and Ministry of Information to inform Ghanaians about the current situation to enable them to plan but the advice has not been taken because of how the governing party lambasted the previous government for plunging the country into prolonged power outages while in opposition.
Source: https://energynewsafrica.com Ghana: KPMG To Evaluate Prior To Acceptance Of The Request To Audit SML-GRA Revenue Assurance Contract
KPMG, one of the global Audit, Tax, and Advisory services firms was recently tasked by Ghana’s President, Nana Akufo-Addo, to audit the contract entered into by the Ghana Revenue Authority (GRA) and Strategic Mobilisation Ghana Limited (SML) to enhance revenue assurance in the extractive sector, will evaluate and decide whether to undertake the exercise or not.
A source in the accountancy practice industry and knowledgeable about the operations of international accounting firms told energynewsafrica.com that such firm performs evaluation and acceptance procedures prior to formally accepting any offer or appointment. The evaluation includes conflict of interest matters, technical competence, profile of the assignment and timeframe to perform the assignment.
Our source believes KPMG will evaluate the appointment by the President in a similar way as they do for all assignments.
The SML’s contract with GRA has generated public discussion on traditional media and social media following an investigative piece by The Fourth Estate, which alleged some wrongdoings in the contract terms and execution.
Among other things, the report by The Fourth Estate also discounted claims by SML Ghana in 2021 that it had saved Ghana over GH₵1 billion in revenue because of its services.
This prompted the Presidency to act on the issue.
In a statement issued in Accra and signed by the Director of Communication at the Presidency, Mr. Eugene Arhin said the terms of reference for KPMG in the conduct of its audit was to ascertain the rationale and needs assessment performed before the contract approval by GRA.
It was also to assess how the arrangement aligned with specific needs, assess the appropriateness of the contracting methodology, and verify compliance with legal standards and industry best practices in the procurement process for the selection of SML.
Additionally, it is to evaluate the degree of alignment between current activities and the stipulated contract scope, identifying any deviations, evaluate the value or benefit that SML had so far offered to the GRA through the engagement, as well as review the financial arrangements, including pricing structures, payment terms and resolution of any financial compliance issues.
The Presidency charged the firm to submit a report on its findings on the above, together with appropriate recommendations to the President within two weeks.
The statement said President Akufo-Addo had directed the Ministry of Finance and the GRA to provide KPMG with whatever assistance it would require for the conduct of the audit, stressing that “He (the President) has also directed the Ministry of Finance and the Ghana Revenue Authority to suspend the performance of the contract, pending the submission of the audit report.”
Great
Source: https://energynewsafrica.com
Ghana: GTPCWU Demands Removal Of Three Board Members Of TOR
The General Transport, Petroleum and Chemical Workers’ Union (GTPCWU) in the Republic of Ghana has called on President Akufo-Addo to immediately remove three Board of Directors of Tema Oil Refinery (TOR) for hijacking the board for their selfish interest.
The union wants the President to remove David Adomako (Board Chairman), Mrs Edith Sapara-Grant and Mr Leon Kendon Appenteng.
Addressing a press conference in Accra, capital of Ghana, National Chairman of General Transport Petroleum and Chemical Workers Union, Mr. Bernard Owusu stated that the three board members lack objectivity in decisions towards the search and identification of a credible partner for the revamping of the nation’s premier refinery.
He noted that the current Board Members have been in office for 22 months and held 40 meetings at a cost to the refinery but have failed to find a credible partner for the refinery due to their decision not to open up to all interested potential partners.
“We call on the President to suggest the abrogation and termination of any ongoing discussions, intentions, agreements or arrangements involving DC-Vitol/Baybridge Asset Management Limited (BAML)/Torentco Asset Management Limited (TAML) or TEPL or any person associated with these entities because they have demonstrated their inability to partner with TOR.
“For the gross demonstration of incompetence, by colluding and condoning a conflict of interest and chasing after a nonexistent ghost in the shadow of a credible partner for almost two years, we plead that Mr Leon Kendon Apenteng, Mrs Edith Sapara Grant and Mr David Adomako be removed from the TOR’s Board for the lack of objectivity in the search for a credible partner for TOR,” Mr Bernard Owusu said.
He also called on President Akufo-Addo to intervene to get TOR back on its feet.
“We are, by this statement, calling on the President to immediately put measures in place to get TOR back to refining crude again and bring relief to Ghanaians”.
Source: https://energynewsafrica.com
API Reports Unexpected Decrease in U.S. Crude Supplies
Crude oil inventories in the United States fell this week by 5.215 million barrels for the week ending January 5, according to The American Petroleum Institute (API), after analysts predicted a draw of 1.2 million barrels.
The API reported a 7.418-million-barrel draw in crude inventories in the week prior.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels.
Inventories are now at 355 million barrels, with total purchases for the SPR totaling about 8 million barrels since the Biden Administration began its buyback program.
Oil prices were trading up ahead of API data release.
At 3:46 pm ET, Brent crude was trading up 1.71% at $77.42—a decrease of just over $1 per barrel compared to where it was this same time last week.
The U.S. benchmark WTI was trading up on the day by 1.84%, at $72.07–a decrease of roughly $1 per barrel compared to this time last week.
Gasoline inventories saw another large build this week, rising by 4.896 million barrels, after rising by 6.913-million barrels in the week prior. As of last week, gasoline inventories are now slightly above five-year average for this time of year, according to EIA data.
Distillate inventories also rose this week, by 6.873 million barrels, after rising by 6.686 million barrels in the week prior.
Distillates are roughly 6% below the five-year average.
Cushing inventories fell by 625,000 barrels, after rising by 765,000 barrels in the previous week.
Source: Oilprice.com
South Africa: Relief For Motorists As Fuel Prices Drop Substantially
South Africa’s Department for Mineral Resources and Energy announced significant reductions in fuel prices last week, bringing some form of relief to motorists who have been lamenting over the high cost of fuel prices in the country.
In South Africa, fuel prices are reviewed monthly.
Consequently, the Minister for Mineral Resources and Energy, Gwede Mantashe, last week, issued a statement announcing the adjustment of fuel prices based on current local and international factors with effect from the 3rd of January 2024.
The price of petrol (93 ULP and LRP) dropped by 62 cents per litre, while petrol (95 ULP and LRP) dropped by 76 cents per litre.
The price of diesel (0.05% sulphur) was cut by 118.32 cents per litre and that of diesel (0,005% sulphur) was reduced by 126.32 cents per litre.
The wholesale price of illuminating paraffin was cut by 93 cents per litre.
Source:https://energynewsafrica.com