Nigeria: President Tinubu Lauds Dangote Refinery For Reducing Diesel Price
The President of Federal Republic of Nigeria Bola Ahmed Tinubu has commended the Dangote Oil and Gas Limited for reducing the price of Automotive Gas Oil, AGO, also known as diesel.
Diesel is mostly used in large quantity in Nigeria by industries and articulated vehicles for transporting goods across the country.
A reduction in the price of diesel will subsequently affect the prices of goods and services across board and reduce the current skyrocketing prices in the country.
Dangote recently reviewed downwards the price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above.
The President in a statement issued by his Special Advisor on Media and Publicity Ajuri Ngelale, said that the federal government has 20 per cent stake in Dangote Refinery.
He said that the President noted the significance of partnership between the public and private entities in advancing the overall well-being of the country.
Mr Ngelale said that the President called on Nigerians and businesses to put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.
Source: https://energynewsafrica.com
Ghana: Who Woke PURC Up From Their Slumber? (Article)
I just woke up to the news that each of the Board of Directors of ECG has been fined some penalty units translating to about GHS 652,000.00 for superintending over a breach of regulation 39 of LI 2413, for not complying with the mandatory 3-day notice to announce a planned outage within a period of about 2 and half months.
I asked, has PURC now woken up from a deep slumber or has always been awake but a mere case of neglecting their duty or better still unraveling an agenda? Anyway, why now? The perfect answer will be that it’s better late than never.
In the absence of the announcements which are supposed to be attached to the response, did PURC even give the benefit of the doubt to prompt ECG on a shortfall of some level of information?
I doubt. Surely, it’s going to be a case of, hurray, we have gotten them. Moreso, when did PURC know that they could sanction the Board Members of ECG for breaching aspects of the LI 2413? Is it also the case that the former board chairman and the current board members are the targets?
Or is it to frustrate the board to resign enbloc so PURC and the powers that be proceed with an agenda best known to them? Or is it a payback time to punish the board of ECG because the PURC feels they have been starved for some time by the purported noncompliance with the Cash waterfall mechanism?
The right answers to the questions above exposes the shocking case of personal agenda but have to be diluted with some cases of public interest to make the case look good.
Has PURC sanctioned GRIDCo for putting off a BSP of ECG without prior knowledge of the latter as a customer? No not that we know of. Can’t PURC be fair and tell Ghanaians the available capacity or deficit and the true state of the power generation situation in the country?
If indeed Why won’t PURC be fair to Ghanaians and provide this information to the customers, they seek to protect? Have GRIDCo board members been fined?
Why will GRIDCo be in an emergency every day to necessitate emergency load shedding even during off-peak time? If emergencies become routine, it means there is a routine problem that is already known by somebody.
At a time Akosombo hydro is at near peak level, with the power exports even curtailed, why still dropping BSPs to save the entire system from collapse as a result of continuous frequency decay? Okay, what percentage of spinning reserve of GRIDCo are we doing?
These are the questions the Ghanaian consumer needs answers to not this distraction emanating from the regulator.
The situation at hand is akin to the situation in 2012 when ECG was being packaged for privatization. The agenda was to make ECG look bad to seek public support for the unpatriotic endeavor. At a time when the picture was so clear the challenges of the power system were as a result of demand exceeding the installed and available capacity of power generation and exposing the real situation as a generation deficit, ECG communication was gagged.
Is it the same thing we are seeing or the same agenda in motion?
To the extent that even CSOs whom we expect to know better are ignorantly or deliberately churning out false figures to make ECG look just bad to push for privatization which some cronies are just waiting to grab.
At least some commitment by ECG and the continuous effort of the management should be hailed and recognized. Being aware that revenue generation is the blood of every business, in the long history of ECG, every staff was pushed out there to compel customers to pay their bills.
Indeed, within the period the medical bill of the company shot up because of the stress staff were put into.
The power App undoubtedly is the most used payment app in the country to mention a few.
At least these are exhibits of the commitment and effort to improve the revenue that should be supported by the regulator and the energy players. What do we hear in the media, none, of these, are ignored and all you hear is biased and unfair criticism.
Can ECG publish a timetable? Why the pressure on ECG to produce one? This is supposed to be a rather follow-up question. The main question should have been ‘Have the upstream power players informed ECG of the expected deficit? If so at within what period was the request made and when was the loading shedding to be implemented? Kindly note that it takes not less than 30 minutes or more for ECG to fully undertake load shedding giving prior notice that is even if a timetable is prepared.
Why will PURC not impress on the IPPs and VRA to publish the generation available or deficit to Ghanaians? Of course, that is all that ECG needs and the customers are itching for otherwise any action compelling ECG to produce and publish such information is just disingenuous and an exhibition of a lack of understanding of the power system structures in Ghana.
For God and Country.
Source: Ing. Peter Kofi Fletcher
Ghana: SONABEL Delegation Visits GRIDCo
Top officials of Burkina Faso’s national electricity company, -Société Nationale d’électricité du Burkina Faso (SONABEL), have met with officials of Ghana Grid Company and its CEO to discuss power supply issues affecting Burkina Faso due to disruptions in Ghana’s Energy Sector.
Mark Baah, Director of Corporate Strategy & Advisor on the Implementation of the Ghana Wholesale Electricity Market, welcomed the team on behalf of the Chief Executive.
He acknowledged SONABEL’s peak demand period and apologised for the current challenges.
Mr Ouegraogo Aristide, Director of Transmission and Energy Movement, led the delegation, which is in Ghana for a week, to finalise power supply agreements with independent power producers such as Genser Energy, Aksa Energy Ghana and Sunon Asogli.
Ing Baah assured SONABEL of GRIDCo’s readiness to transmit power as soon as Genser receives approval to generate power for SONABEL.
The delegation also sought explanations regarding the deficit and outages on specific lines which the GRIDCo team addressed.
Regarding the installation of two new transformers at Nayagnia, Ing Frank Otchere, Director of the System Operations Department, suggested the formation of a joint team to plan the installation works while they waiting for the manufacturer’s installation team.
Operationalised on April 14, 1995, in Ouagadougou, Société Nationale d’électricité du Burkina Faso, is the national electricity company of Burkina Faso.
It is one of GRIDCo’s customers and represents Burkina Faso in the West African Power Pool.
Source: https://energynewsafrica.com
Ghana: Level 400 Sudent Of University Of Energy And Natural Resources Killed In Robbery Incident
A level 400 Renewable Energy Engineering student of the University of Energy and Natural Resources (UENR) in Sunyani in the Republic of Ghana has been killed through a robbery incident.
The deceased, Abdul Aziz Issah, popularly known as Zamani was returning from a field trip with other students when the sad incident occurred.
The incident occurred around Boffourkrom in the Sunyani West Municipality of the Bono Region.
The Management of the University confirmed the unfortunate incident in a statement signed by the Deputy Registrar of the University Relations Office, Alfred Appiah.
“The University Management wishes to inform the general public and parents that an unfortunate incident happened yesterday, Tuesday, 16th April, 2024, at 7 p.m. as a group of armed robbers attacked some 300 and 400 BSc Renewal Energy Engineering students during their return from a field trip to the Bui Power Authority,” the statement said.
The statement further explained that, “tragically, one student lost his life as a result of the incident.”
“The family of the deceased has been notified, and our thoughts are with them during this difficult time,” the University said.
The remaining students have all received medical attention, been discharged, and are currently receiving the necessary counseling.
However, one suspect has been arrested by the Sunyani Police command.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com South Africa: Petrosa Targets Mozambique Gas In New Sales Deal
South Africa’s PetroSA expects the first flows of gas into the country from a deal with Mozambique’s national energy company ENH later this year, officials said, amid efforts to shore up supplies ahead of a potentially crippling shortage.
In March 2024, the company acquired a gas trading licence from regulators and moved quickly to secure a deal for an initial 2 petajoules of gas a year (PJ/a), with scope to rise to 200 petajoules eventually.
That would be enough to supply scores of industrial gas users, including steelmaker ArcelorMittal, which currently relies on around 190 PJ/a, mainly supplied by South African petrochemical firm Sasol.
Sasol has warned customers that it will significantly restrict supplies in a couple of years as its Mozambican gas fields run dry.
PetroSA wants to form a joint venture (JV) with ENH to woo potential gas clients in energy-starved South Africa, and intends replicating the JV model at Mossel Bay to trade gas from offshore fields discovered by TotalEnergies to the Cape market.
“At Mossel Bay we will be looking at potentially two different JVs, one with Total for Brulpadda (field) and then another JV is for the Block 9 development, but the main entity that will trade gas for the group is PetroSA Gas Trading,” Sesakho Magadla, chief operating officer at PetroSA, told Reuters.
The ENH gas sales agreement involves importing gas via the 869 km ROMPCO pipeline that links Pande and Temane fields to South Africa, before supplying users via Sasol’s pipeline network in the north of the country, she said. ENH did not respond to requests for comment.
PetroSA is currently negotiating two gas transportation agreements with Sasol and ROMPCO – the pipeline company it operates, a presentation to lawmakers last month showed.
The ROMPCO pipeline flows from Mozambique to Sasol’s petrochemical complex at Secunda where it operates the world’s largest coal-to-liquids plant.
“Negotiations are currently ongoing relating to a gas transportation agreement to provide PetroSA … access to uncommitted capacity within the pipeline network,” Alex Anderson, Sasol spokesperson, said.
Technical studies are also underway to determine the feasibility of transporting PetroSA’s gas to different locations in the vicinity of the current pipeline network, he added.
Source: Natural Gas World
Nigeria: Dangote Refinery Reduces Diesel Price To N1000 Per Litre To Cushion Nigerians
Africa’s largest crude oil refinery, the Dangote Refinery in the Federal Republic of Nigeria has announced a reduction in rate at which the company sells diesel to local marketers from N1, 200/litre to N1, 000/litre in a bid to cushion consumers from pressures of high energy cost.
This development triggered excitement among operators in the downstream oil sector.
The new price regime was contained in a statement issued on Tuesday night by the spokesperson of the refinery, Tony Chiejina.
When it commenced operation a few weeks ago, Dangote Petroleum Refinery pegged the price of diesel as N1,200.
While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1, 600 per litre.
However, on Tuesday, a further reduction of N200 was noticed in the price, with the product now pegged at N1,000.
“In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1200 to N1,000/litre.
“This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country,” the statement said.
Oil marketers had in the last few days urged the refinery to reduce its diesel price.
Dangote oil refinery began supplying the Nigerian domestic market with petroleum products such as diesel and aviation jet fuel.
The Chairman of Dangote Group, Aliko Dangote recently thanked President Bola Ahmed Tinubu for his support and encouragement, towards the actualisation of this project.
He was said to have also thanked the Nigerian National Petroleum Company Limited, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian Midstream and Downstream Petroleum Regulatory Authority and Nigerians for their support and belief in what he called the historic project.
“We thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to details.
“This is a big day for Nigeria. We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. This is a game changer for our country,” Dangote said.
Source: https://energynewsafrica.com
Libya Overtakes Nigeria As Biggest Oil Producer In Africa In March
Libya has overtaken Nigeria as the continent’s top crude oil producing state, according to the Organization of the Petroleum Exporting Countries (OPEC) latest report.
The north African nation recorded 1.24 million barrels per day of crude oil production in March, an increase of 5.7 from 1.17 million barrels per day in February, while Nigeria recorded production of 1.23 million barrels per day in March compared to 1.32 million barrels per day in February.
Libya recorded the largest monthly increase in oil production in Africa last February, also surpassing Nigeria, which was the largest producer in the African continent.
Source: https://energynewsafrica.com
Nigeria: Crude Oil Reserves Boosted By 1 Billion Barrels
Nigeria’s crude oil reserves have increased by 1 billion barrels while natural gas reserves have jumped by 2.573 trillion cubic feet (TCF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
As of January 1, 2024, Nigeria’s combined proven reserves of crude oil and condensate stood at 37.50 billion barrels, while the reserves of associated natural gas and non-associated gas stood at 209.26 trillion cubic feet, NUPRC’s chief executive Gbenga Komolafe said.
Of the oil and condensate reserves, crude oil reserves were 31.56 billion barrels and condensate 5.94 billion barrels, NUPRC said in a statement on Tuesday.
Nigeria thus ranks second in Africa in terms of crude oil reserves, behind Libya.
In terms of natural gas reserves, Nigeria ranks first in Africa and holds a large portion of Africa’s estimated reserves – more than 33% of these.
Nigeria has 68 years of crude reserves and 97.99 years of natural gas reserves, according to NUPRC’s Komolafe.
“Engr Gbenga Komolafe says these figures shed light on the significant resources Nigeria possesses in terms of Oil and Gas reserves, reaffirming its position as a key player in the global energy landscape, which is crucial for the country’s energy policies, investment decisions, and overall economic planning,” NUPRC said today.
Last year, Nigeria’s state oil firm NNPC said it had started explorationin the onshore frontier basins, aiming to boost the OPEC producer’s proven crude oil reserves to 50 billion barrels.
Oil theft and pipeline vandalism have long plagued Nigeria’s upstream oil and gas industry, driving majors out of the country and often resulting in force majeure at the key crude oil export terminals.
Source: Oilprice.com
Ghana: Fuel Prices Shoot Up … Diesel Sells At Gh¢14.99, Petrol At Gh¢14. 70 Per Litre
The prices of petrol and diesel have gone up significantly at the pump in the Republic of Ghana, effective April 16, 2024.
A litre of diesel is selling between Gh¢14.80 and Gh¢13.83 while a litre of petrol is selling between Gh¢14.99 and Gh¢13.10.
Unlike in other parts of Africa where fuel prices are reviewed monthly, in Ghana, fuel prices are reviewed every two weeks.
During the first pricing window for April which ended on April 15, 2024, a litre of petrol was sold between Gh¢13.13 and Gh¢14.15 while diesel was sold between Gh14.11 and Gh¢14.74 per litre.
The increment in fuel prices is due to the rising cost of refined products on the international market and exchange rate volatility.
Leading oil marketing company—GOIL Plc is selling petrol at Gh¢14.99 per litre while diesel is sold at Gh¢14.70 per litre.
Star Oil is selling petrol at Gh¢13.83 per litre while diesel is selling at Gh¢13.73 per litre.
Shell is selling petrol at Gh¢14.29 per litre while diesel is sold at Gh¢14.74 per litre.
TotalEnergies, one of the market leaders, is selling petrol at Gh¢14.30per litre while diesel is sold at Gh¢14.80 per litre.
Petrosol Ghana Limited, one of the top ten OMCs, has also adjusted its pump prices and is selling petrol at Gh¢14.27 per litre while diesel is sold at Gh¢14.69 per litre.
Zen is selling petrol at Gh¢13.73 per litre while diesel is selling at Gh¢13.96 per litre.
Engen Ghana is selling petrol at Gh¢14.20 per litre while diesel is selling at Gh¢14.60 per litre.
Allied Oil is selling petrol at Gh¢13. 65 per litre while diesel is sold at Gh¢13.83 per litre.
Pacific Oil is selling petrol at Gh¢13.98 per litre while diesel was sold at Gh¢14.28 per litre.
Dukes is selling petrol at Gh¢13.45 per litre while is sold diesel at Gh¢13.80 per litre.
Alinco is selling both petrol and diesel at Gh¢13.80 per litre.
Data from the regulator, National Petroleum Authority (NPA), also showed prices of finished products—diesel and petrol—jumped on the international market within two weeks.
Petrol went up to US$937.68 per metric tonne while diesel went up to US$841.38 per metric tonne.
Source: https://energynewsafrica.com
Kenya: Kenya Power Announces 13.7% Reduction In Electricity Tariff As Cost Of Fuel Drops
Kenyan electricity customers will enjoy up to a 13.7 per cent reduction in the cost of power this month, following the strengthening of the Kenya Shilling and a reduction in the cost of fuel that is used to generate electricity.
The fuel cost charge and foreign exchange fluctuation adjustment, which comprise the key variable components of the electricity bill, were reduced by 37.3 per cent between March 2024 and April 2024, across all customer categories, as gazetted by the Energy and Petroleum Regulatory Authority (EPRA).
The fuel cost charge reduced from KSh.4.64 in March 2024 to KShs.3.26 in April 2024, and from a high of KShs.4.93 in January 2024.
On the other hand, the forex adjustment charge was reduced from Kshs.3.68 in March 2024 to KShs.1.96 in April 2024 and from a high of KShs.6.85 in January 2024.
CEO of Kenya Power, Dr (Eng)Joseph Siror, in a statement, said, “We are happy to note that the reduction has given reprieve to our customers and we are optimistic that the prevailing macro-economic environment and the improved hydrology, which enables us to dispatch less thermal power, will sustain the benefit to our customers.”
A customer under the Domestic Customer 1 (DC1) tariff band (those consuming less than 30 units per month) using 30 units of electricity will pay KShs.629 in April 2024 compared to KShs.729 for similar units in March 2024, representing a 13.7 per cent reduction.
Similarly, a customer under the Domestic Customer 2 (DC2) tariff (averaging 31-100 units per month) who consumes 60 units will pay KShs. 1,574 in April 2024 compared to KShs. 1,773 in March 2024 representing a 11.2 per cent reduction.
A customer under the Domestic Customer 3 (DC3) tariff band (averaging more than 100 units per month) who uses 120 units per month will pay KShs. 3,728 in April 2024 compared to KShs. 4,127 in March representing a 9.7 per cent reduction.
Access to affordable electricity is key to spur the socio-economic development of the country.
To this end, Kenya Power is focused on driving economic development through the provision of reliable and sufficient electricity across the country.
Source: https://energynewsafrica.com
Ghana: ECG Board Members Slapped With Over GH¢5M Fine … Each Member To Pay GH¢652,000
Ghana’s technical regulator for electricity – Public Utilities Regulatory Commission (PURC) – has imposed a fine of five million, eight hundred and sixty-eight thousand Ghana cedis (GH¢5,868,000) on board members of the Electricity Company of Ghana (ECG) for breaching regulatory rules by carrying out power outages without notifying consumers between January and March this year.
Each of the nine-member board of the power distribution company, including the Managing Director, will pay about GH¢652,000 per a calculation by this portal.
The fine was originally slapped on ECG, but the Commission, in a letter, explained that it could not allow the company to bear the cost due to the nature of its business and the likely impact on service delivery.
It thus passed on the fine to the company’s board members which failed to provide strategic direction to ensure the provision of safe, adequate, efficient, reasonable and non-discriminatory service to consumers.
“For failure to comply with the three-day statutory notice on notification and publication of planned outages required under Regulation 39 of L.I. 2413, the Commission in accordance with Regulation 45 of L.I. 2413, also imposed a regulatory charge of 3,000 penalty units on ECG for each of the 163 breaches, amounting to GH¢ 5,868,000.”
“The Commission has determined that having regard to the nature of ECG’s ownership and business, the imposition of the penalty of GH¢5,868,000 on ECG would be counterproductive, as payment from ECG’s revenue would have a rebounding adverse effect on quality of service and consumers who pay tariffs to the company.
“For that reason, in the interest of justice and to protect the interests of consumers, the Commission shall hold the Board Members of ECG who were in office from 1 January to 18 March 2024 liable for the payment of the GH¢5,868,000,” a portion of the letter said.
It would be recalled that the regulator made three requests to the ECG with the timelines of March 25, March 27, and April 2, 2024.
The request from ECG by PURC followed anger from the public demanding that ECG should issue load-shedding timetable for them to know when they would have power in order to plan due to power outages.
The information requested related to the tariff revenue allocation under the Cash Waterfall Mechanism (CWM), the provision of regulatory audit data and the submission of information related to operational matters, as well as the provision of other regulatory audit data.
ECG responded to the Commission’s request.
However, the PURC letter said, “The Commission established from its analysis of data submitted by ECG that there were 4142 outages to consumers within ECG’s operational areas between January and March 2024.
Out of this number, 165 representing 3.98% of the total outages were ECG-planned outages.
“Further analysis showed that of the 165 ECG planned outages, 40 were supported by public notices, while there were no notices for the remaining 125 outages.
“Further, 38 of the 40 notices did not comply with the requisite three-day statutory notice prescribed under Regulation 39 of L.I. 2413.
“This indicates that in 163 instances of planned outages, ECG did not comply with the law”.
The amount is to be paid into a dedicated fuel account under the joint control of the Ministry of Energy and the Ministry of Finance on or before 30th May 2024.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com AfDB President To Co-Chair Clean Cooking In Africa Summit With Leaders Of Tanzania, Norway And International Energy Agency
The African Development Bank Group President Dr Akinwumi Adesina will co-chair the upcoming Summit on Clean Cooking in Africa alongside President Samia Suluhu Hassan of Tanzania, Prime Minister Jonas Gahr Støre of Norway and International Energy Agency Executive Director Fatih Birol.
An estimated four in five Africans cook their meals over open fires and traditional stoves, using wood, charcoal, animal dung and other polluting fuels.
The practice has devastating impacts on health, gender equality, and the environment, with 600,000 Africans, mainly women and children, dying annually from indoor pollution.
Dr Adesina said: “Access to clean cooking isn’t merely an energy issue. It is a fundamental human right, and a promise for a healthier, and more sustainable future. The African Development Bank is committed to tackling this challenge head-on, and I am therefore pleased to co-chair the Summit on Clean Cooking in Africa alongside distinguished global leaders.”
“President Suluhu Hassan, Prime Minister Støre and I are delighted to welcome President Adesina as a co-chair for the Summit,” said Dr Birol.
“The African Development Bank has been involved in early preparations and has been a critical partner for the IEA on the issue of clean cooking. Its support will be an invaluable addition to this major Summit, which aims to deliver strong policy recommendations and additional financial commitments, while cementing clean cooking as a global priority for years to come.”
Last year, the IEA and the African Development Bank co-authored a major report on clean cooking, A Visio for Clean Cooking Access for All .
Alongside the African Union and Clean Cooking Alliance, they also launched the Africa Clean Cooking Consortium at the COP28 climate change conference in Dubai.
The IEA estimates that achieving universal clean cooking access around the world by 2030 will improve health and prevent 2.5 million premature deaths annually.
Globally, it will also avoid 1.5 gigatons of greenhouse gas emissions annually, create 1.5 million jobs and preserve 225 million hectares of forest each year, an area equivalent to the size of Ireland.
Source: https://energynewsafrica.com
South Africa Seeks $21 Billion Funding For Major Grid Expansion
Eskom, the state-owned utility of South Africa, is holding talks with the government on ways to attract public and private financing of the equivalent of $21 billion for a major expansion of the power grid to accommodate an expected rise in renewable energy, the company told Bloomberg on Friday.
Eskom has estimated that it needs $21 billion (390 billion South African rand) to fund its plan to build nearly 9,000 miles of new power lines over the next decade, which would be more than triple the miles of transmission lines it has installed in the past decade.
Currently, coal is the major energy source for South Africa, accounting for around 80 percent of the country’s energy mix. The country is also the world’s fifth-largest coal exporter.
But South Africa is going through a significant energy crisis with daily rolling power cuts that are crippling the economy as state firm Eskom continually fails to boost generation capacity to keep pace with growing demand in recent years.
Eskom is currently in “ongoing discussions with key government ministries on the funding of the South Africa’s transmission capital-expenditure requirements,” the company told Bloomberg via email in response to queries.
Some of the money could come from the so-called Just Transition plan that wealthy nations have pledged to back with funding, according to Eskom.
The state firm is also considering tapping private funding, it said.
The U.S., the UK, France, Germany, and the EU are mobilizing an initia $8.5 billion to catalyze the first phase of South Africa’s Just Energy Transition (JET) Investment Plan as part of a long-term Just Energy Transition Partnership (JETP) signed in 2021.
Under the just transition plan, South Africa will invest in job retraining and reskilling, cash payments to support displaced workers while they find new employment, and redevelopment of former coal mines and coal power plants as clean energy production sites.
Source: Oilprice.com
Niger: Niger, China Sign Crude Oil MoU Worth $400m
Niger has signed a memorandum of understanding with Chinese state-owned oil giant China National Petroleum Corp (CNPC) worth $400 million linked to the sale of crude oil from its Agadem oilfield, Niger state television RTN reported late on Friday.
RTN did not provide details on the agreement.
Niger’s military authorities and CNPC could not be reached for comment.
“China is a great friend to Niger; we can never say it enough,” Prime Minister and Minister of Economy and Finance Ali Mahaman Lamine Zeine said at the signing ceremony, which was broadcast by RTN.
“This signature demonstrates the friendship … and fruitful cooperation between the two states,” Chinese ambassador Jiang Feng said.
An export pipeline project backed by CNPC subsidiary PetroChina was officially launched last November, linking the Agadem oilfield to the port of Cotonou in neighbouring Benin.
Previously, the West African country had a small oil refinery with capacity of around 20,000 bpd that mostly supplies Niger’s domestic fuel market.
Source: Business Recoder