Saudi Aramco Buys 10% Stake In China’s Rongsheng Petrochemical
Saudi Aramco, one of the world’s leading integrated energy and chemicals companies has acquired a 10% stake in the Chinese firm, Rongsheng Petrochemical Co. Ltd. for US$3.4 billion through its subsidiary Aramco Overseas Company BV, based in the Netherlands.
The acquisition follows the signing of definitive strategic agreements by both parties announced on March 27, 2023.
The acquisition represents the continued growth of Aramco’s downstream presence in China and includes the supply of 480,000 barrels per day of Arabian crude to the largest Chinese integrated refining and chemicals complex, which is owned by Rongsheng affiliate Zhejiang Petroleum and Chemical Co. Ltd (ZPC).
“Our strategic partnership with Rongsheng advances Aramco’s liquids to chemicals strategy while growing our presence in China and showcases our importance as a reliable supplier of crude oil. This key acquisition is an important part of Aramco’s long-term growth strategy, expanding our presence in a vital market,” said Mohammed Y. Al Qahtani, Aramco Downstream President in a statement issued on Friday and copied energynewsafrica.com.
On his part, Li Shuirong, Chairman of Rongsheng, said: “The completion of this transaction marks the entry of Rongsheng and Aramco into a new era together and also signifies an important step forward in Rongsheng’s internationalization strategy.”
Rongsheng owns a 51% equity interest in ZPC, whose complex has the capacity to process 800,000 barrels per day of crude oil and to produce 4.2 million metric tons of ethylene per year.
Source: https://energynewsafrica.com
UAE: President Erdogan Presents UAE President With Turkish-Made Electric Car
President of Türkiye Recep Tayyip Erdogan has presented a Turkish-made electric car to President His Highness Sheikh Mohamed bin Zayed Al Nahyan, during the Turkish President’s official visit to the UAE.
President Erdogan described the gift of the Togg electric vehicle as an expression of his pride in the strong relations that unite the two countries.
His Highness Sheikh Mohamed expressed his appreciation to the Turkish President for the generous gesture, and wished Türkiye and its people further progress, growth and prosperity.
He also conveyed his best wishes for the future success of Türkiye’s national projects and industries, and for their contribution to the country’s sustainable development and economic growth.
His Highness, accompanied by President Erdogan, drove the car in the courtyard of Qasr Al Watan while being briefed on its specifications and environmental credentials.
Source: https://energynewsafrica.com/Emirrates News Agency
Ghana: Boakye Agyarko Nails Gabby, Atta Akyea In Ameri Power Plant Renegotiation Saga
A former Minister for Energy, Mr Boakye Agyarko, has made yet another startling revelation about the renegotiation of the terms of 250 Megawatts Ameri Power Plant by naming persons whose conduct and actions during the renegotiation formed the basis for his removal from office in 2018.
Narrating the circumstances leading to his removal from office on Kumasi-based Asanteman FM, Mr Boakye Agyarko, a former Policy Advisor for then-candidate Akufo-Addo, said when the New Patriotic Party was in opposition, one of the things they planned to do was to renegotiate the terms of the power plants contracted by the previous National Democratic Congress (NDC) including the Ameri Power Plant.
Consequently, Mr Agyarko stated that an eighteen-member committee with institutional representation from the energy sector agencies was constituted and chaired by Lawyer Philip Addison and Vicky Bright.
He said the decision Cabinet took was to find a way to get Ameri Energy Group, the owners of Ameri Power Plant out of the contract and instead negotiate with Metka, a company which was operating the plant, by making the cost of the contract lesser.
He explained that the committee started the negotiations and everything was going on smoothly.
I’m the course of the negotiations, the committee members travelled to Dubai, UAE, to meet officials of Ameri Energy Group to continue the negotiation but said during one of the visits to Dubai, the officials of Ameri Energy Group became very hostile and he had to order the negotiations team to leave and return to Ghana.
Mr Boakye Agyarko continued that during the period of renegotiation of the contract with Ameri Energy Group, he was onboard an aircraft at the Kotoka International Airport to Houston, Texas, USA when he received a telephone call from Mr Gabby Asare Otchere- Darko, a cousin of President Akufo-Addo lamenting that he had been trying to reach him but he (Agyarko) was not answering his calls.
“I told him I was onboard a flight travelling. Then he (Gabby) told me that he was sending me a document via email so I should check.
“When I arrived safely and went to my hotel room, I opened my email address and saw the document. To my surprise, Gabby had, on the blind side of the Committee set up and approved by the President to renegotiate with Ameri Energy Group, contracted a law firm to engage Ameri Energy Group and completed their negotiation and recommended a certain company to operate the Ameri Power Plant and extended the contract to 20 years.
“I sent Gabby mail and asked him what authority he had to do that. And I told him Cabinet has given specific instructions to follow and his response was what makes me think that my Boss (President Akufo-Addo) doesn’t know about what he has done…so I kept quiet,” Mr Agyarko stated.
According to Mr Agyarko, when he returned from the trip, he went to President Akufo-Addo and told him about what ensued between him and his cousin, Gabby Asare Otchere-Darko.
He said President Akufo-Addo asked him what he thought was wrong about what Gabby has done and his response to him was that “the authority to renegotiate the terms of the Ameri Power Plant doesn’t lie in the hands of Gabby and that the proposal the firm he contracted had violated all the Cabinet instructions and extended the contract to 20 years.”
He said President Akufo-Addo was satisfied with the explanation he gave, adding that he, however, requested him to forward the proposal by the law firm Gabby had engaged to the Chairman of the Committee and he did so.
Based on President Akufo-Addo’s instruction, Mr Agyarko said he sent the document to Lawyer Philip Addison but upon receipt of the document, he flared up because he did not understand what was happening.
Mr Agyarko revealed that a prominent person told the Committee that President Akufo-Addo did not support the renegotiation they were doing and that, Mr Agyarko said, discouraged the members of the Committee.
Continuing, Mr Agyarko said he went to Parliament for a Ministry of Energy business and while in Parliament, the Member of Parliament for South Abuakwa, Lawyer Atta Akyea warned him not to set foot in Parliament to present the Addison Committee Report.
Mr Agyarko said Atta Akyea said he would mobilise the whole House to walk him out if he set foot in Parliament.
He said unknown to him, Mr Atta Akyea had already prepared the ground and so when he went to meet the Parliamentary Select Committee on Mines and Energy and Finance, the MPs were very hostile and did not even offer him a seat.
Mr Agyarko explained that President Akufo-Addo called the speaker of Parliament, Rt. Hon. Aaron Ocquaye, and Hon. Osei Kyei Mensah Bonsu, the Majority Leader, at the time Parliament was about to rise to make sure that the Ameri Power Plant Renegotiated Agreement was passed before the House rose for recession.
He said when he arrived at Parliament, the Speaker told him that the mood in Parliament was not favourable so instead of seeking Parliamentary approval, they should go by Executive Approval. Given that, he called Vice President Mahamudu Bawumia since President Akufo-Addo was out of the country.
He stated that the Vice President was at an event in Tamale and could not respond but the information was relayed to him and requested that the document be sent to him at home.
Mr Agyarko said he sent four people led by one Michael Opam but they did not meet the Vice President at home. He said a lady who received them wanted them to leave the document, a request he said his messengers declined and so they returned the document.
Mr Agyarko said the four people went to Dr Bawumia’s home for the second time and when they met him, they left the document with him to append his signature.
Surprisingly, Mr Agyarko revealed that when they went back for the document, they noticed that Lawyer Nana Bediatuo Asante, Executive Secretary of President Akufo-Addo, had signed the document instead of Vice President Dr Mahamudu Bawumia.
When energynewsafrica.com reached him on WhatsApp for his response to the claims by Mr Boakye Agyarko, Gabby Asare Otchere-Darko stated that he was not interested in commenting on the issue
Background
The Ameri Power Plant was procured during the John Mahama administration for US$510 million to increase the country’s energy capacity to meet the country’s energy demand.
The agreement was signed in February 2015 under Build, Own, Operate and Transfer (BOOT) after five years.
Source: https://energynewsafrica.com
Russia Recycling Used Cooking Oil To Make Marine Fuel
Russia’s state-owned oil and gas company Gazprom has teamed up with Russia’s successor to McDonald’s, Vkusno & tochka, to make marine biofuel produced using waste cooking oil, Reuters has reported.
Gazpromneft-Marine Bunker, Gazprom’s bunkering business subsidiary, says it was the first company in Russia to feed a vessel with marine fuel blended with biofuel.
Moscow says it remains committed to climate goals despite facing heavy sanctions following its war in Ukraine.
Last year, Gazpromneft-Marine Bunker sold over 200,000 tonnes of environmentally friendly marine fuel with sulfur content of less than 0.5%.
This type of fuel is supplied to all the 35 Russian ports covered by the company.
“The company has developed and launched industrial production of low-sulfur marine fuel well in advance of MARPOL-2020 requirements coming into force. The product with a sulfur content of less than 0.5% is produced at the company’s Moscow and Omsk Refineries as well as at Gazpromneft-Marine Bunker’s fuel terminals,” Aleksey Medvedev, General Director of Gazpromneft Marine Bunker has revealed.
According to Medvedev, the share of low-sulfur marine fuels now exceeds 60% of the company’s total sales over the three-year period.
Oilfield Services Giants Signal Weaker U.S. Shale Drilling
Although fossil fuels dominate Russia’s current energy mix, the country is home to abundant and diverse renewable energy resources including wind, geothermal, hydro, biomass and solar.
Practically all regions in the country have at least one or two forms of renewable energy that are commercially exploitable, while some are rich in all forms of renewable energy resources.
According to the IEA, Russia’s volume of renewable energy with economic potential corresponds to about 30% of the country’s actual total primary energy supply.
Some 179 TWh of Russia’s energy production comes from renewable energy sources, out of a total economically feasible potential of 1823 TWh.
About 16% of Russia’s electricity is generated from hydropower, although less than 1% is generated from all other renewable energy sources combined.
Roughly 68% of Russia’s electricity is generated from thermal power and 16% from nuclear power.
Source: Oilprice.com
Ghana: GRIDCo’s Northern Network Department Holds Capacity Building Training
GRIDCo’s Northern Network Department (NND) has organised a two-day conference for operating supervisors in the Department to build their capacity.
The conference which was on the theme: ‘Efficient and Effective Operation of the Power System, and Best Operating Practices’ brought together operating supervisors from the Kumasi, Techiman, Tamale, and Bolgatanga operational areas.
It was chaired by the Director of the Northern Network Department, Ing Benjamin Ntsin.
During the conference, Ing. Ntsin emphasised the significance of the operators’ work and its critical role in ensuring the sustainability of GRIDCo.
He also assured attendees that prompt action would be taken to address issues raised during the conference.
Notable participants at the conference were two retired Operating Chief Technician Engineers, Messrs Augustine B.S. Ennin and David Dadzie, who willingly offered to share knowledge and experiences gained whilst in active service [when they were approached].
Also in attendance were Ing. Bismark Anane, Network Maintenance Manager, Northern Network Department; Ing. Peter Acquah, the Kumasi Area Manager; Ing. Aaron Adjabeng, Manager of Transmission Assets; Mr Cyril M. King, the Chairman for the GRIDCo Operators’ Welfare Association (GOWA) and Mr Joseph Ennin, Operating Chief Technician Engineer, Northern Network Department and Programme Coordinator.
Source: https://energynewsafrica.com
Nigeria: PSGN Acquires Kano Electricity Distribution Company
Powercom Smart Grid Nigeria (PSGN), the subsidiary of POWERCOM, has announced its acquisition of Kano Electricity Distribution PLC (KEDCO).
A statement issued by PSGN said: “This acquisition presents a significant opportunity for KEDCO to implement a comprehensive turnaround plan aimed at improving performance and efficiency.”
The statement said PSGN Turnaround Plan encompasses a strategic approach to address the challenges faced by KEDCO and transform it into a highly efficient and financially viable electricity distribution company supporting five million customers.
The plan focuses on revenue enhancement, operational performance optimisation, revenue collection, customer service and overall system reliability.
PSGN would supply KEDCO smart electricity endpoints including the full backbone infrastructure to manage the grid.
The project is meant to upgrade the existing distribution grid into a modern platform, addressing services such as revenue enhancement, reduction of energy losses, debt recovery, reduction of outages, grid optimisation, asset recording, asset protection, peak load management; workforce automation, reducing operational expenditure and improving customer service.
PSGN’s “turnkey” solution includes the Vending Platform and a Control Room with GIS visualisation for grid management.
The system would allow real-time notification of any event on the map.
All prepayment tokens would be loaded remotely to the smart meters through real-time communication.
PSGN Dashboard System would provide BI and AI real-time visibility of all Key Performance Indicators (KPIs) providing insights into all the KEDCO levels.
The platform would support the highest levels of cyber security.
Touching on the benefits, the statement said PSGN Consumer Engagement Software would provide consumers with access to consumption data, events, notifications, billing data, tariffs and notifications.
“PSGN will implement and manage the overall project scope and will provide a Technology Transfer skill to KEDCO personnel throughout the implementation of the project.
“The PSGN solution will supply accurate data in real time allowing configurable demand response and remote disconnection. PSGN Smart Grid Platform will provide monitoring, analysis, control, and communication within the electrical & Water grid to help improve efficiency and minimise energy consumption and cost. With a view to the future, the PSGN solution will allow integration with future technologies such as solar panels (PV) generation, Embedded Power, and electric vehicles (EV),” the statement concluded.
Source: https://energynewsafrica.com
Senegal’s Sandiara Gas-To-Power Plant To Begin Construction In 2024
Spanish construction company TSK, which provides sustainable solutions and services to the industrial and energy sectors, has partnered with LFR Energy – a subsidiary of Senegalese holding company LFR which invests in energy, hotel, and real estate projects – for the construction of the Sandiara Power Plant, a gas-to-power facility located in Senegal’s Special Economic Zone (SEZ).
Construction is slated to begin in 2024.
Speaking in an exclusive interview with Energy Capital & Power (ECP), LFR CEO Pierre Diouf stated that “the consortium has ambitions to build the largest gas-to-power plant in Senegal with the objective to develop Sandiara as a regional energy hub through the exploitation of the country’s gas and oil resources.”
The power plant comprises a combined cycle power station (CCG) that uses Siemens Energy SGT-800 gas turbines to meet industrial power generation demands.
With a capacity of 360 MW and utilizing natural gas resources, the project is estimated to have an annual production capacity of 2,900 GWh.
CCG plants are well-known for their dependability as well as ability to run on a variety of fossil fuels, making them an appealing alternative for fulfilling the rising need for power production capacity.
In the case of a gas supply outage, the power plant will be able to function on light crude oil as an alternate fuel source.
“TSK has expertise creating CCG power plants, which offer sophisticated technological design and highly efficient power producing capabilities,” Diouf stated, adding that the plant has the potential to integrate resources, “…perhaps with solar energy as well, since we intend to build photovoltaic panels near the plant.”
Still, the power plant will mostly run on domestic gas obtained from Senegal’s western hydrocarbon reserves, most likely the Greater Tortue Ahmeyim (GTA) and Yakaar Teranga gas basins. “Gas from GTA will be mostly used for export,” Malick Guaye, First Deputy of the Municipality of Sandiara, who is in charge of the energy projects in the SEZ, told ECP. “Sangomar has gas, but it is mostly an oil field, and first gas from Yakaar-Teranga will be exclusively for domestic use, making it the most appropriate field for the project.” The gas will be transferred to the power plant via a pipeline connecting Sandiara and the Malicounda power station, which is currently under construction.
LFR plans to begin construction of the facility in the first quarter of 2024, with the goal of having it operational by 2026. The project will be funded by loans, mostly from the Emirati investment fund Al Furqan Credit, with the remaining half (around 15 to 20%), financed by shareholder equity. The project will be structured in accordance with Senegalese law governing public-private partnerships while the produced electricity, a portion of which will be dedicated to SEZ demands, will be provided by the state utility SENELEC under a 25-year power purchase agreement.
Surplus electricity will be exported to West African neighboring nations, with Diouf stating that “Niger has already expressed interest in our project and Mali has initiated a similar project in Sandiara to power mining plants near the Senegalese border. The municipality suggested they partner with us to build the pipeline infrastructure.”
Guaye added that, “Currently, many West African countries have a power deficit, and it is cheaper for them to buy electricity directly from us instead of transporting natural gas.”
“But the main focus of the project remains Senegal,” concluded Diouf. The project itself provides several benefits to the country, including reducing Senegal’s electricity deficit, creating direct and indirect job opportunities, promoting industrial development for both large and small- to medium enterprises, and transferring technology and competencies to the local workforce.
Overall, the project aims to combat power outages, lower electricity costs, stimulate economic growth, and enhance regional cooperation, a key goal at the heart of the MSGBC Oil, Gas & Power 2023 exhibition and conference.
The event will take place in Nouakchott from November 21–22 and is expected to unite a strong slate of regional and global energy players, brightening the future of the region through the signing of deals and forging of partnerships.
Source: https://energynewsafrica.com
UK Launches SMR Selection Competition
The UK’s Energy Security Secretary Grant Shapps on Tuesday launched Great Britain Nuclear, saying the aim of the arms-length body was to “drive the rapid expansion of new nuclear power plants in the UK at an unprecedented scale and pace”.
When the Powering up Britain policy paper was unveiled in March, it said that the SMR competition would be the top priority for the newly created GBN, with “an ambition to assess and decide on the leading technologies by autumn”.
The detailed timeline published on Tuesday says the first stage of market intelligence gathering, concluded in June 2023, with the “technology initial down-selection, launched in July, concluding in autumn 2023”.
It adds that “the next phase to launch as quickly as possible after that … successful technologies will be supported to be ready to enable a Final Investment Decision by 2029”.
Shapps, speaking to reporters at the launch, said the aim was to have the first SMRs up and running “in the early 2030s”. Although there is no immediate funding commitment announced as part of the competition launch, he said that the contract document suggested the total could eventually reach GBP20 billion (USD26 billion).
GBN’s over-arching role is to help the UK to move towards the UK government’s goal to provide a quarter of the UK’s electricity from nuclear energy by 2050 – a task which includes the need to “consider the potential role of further large gigawatt-scale nuclear power plants” in addition to the current Hinkley Point C and proposed Sizewell C projects.
Shapps said: “Britain has a rich history as a pioneer of nuclear power, having launched the era of civil nuclear power – and I’m proud to be turbocharging its revival and placing our country once again at the forefront of global innovation.” He said lessons had been learned “from the past developer-led approach”, and government backing with GBN was going to create “long-term market certainty” and oversee the process from development to deployment.
Andrew Bowie, Minister for Nuclear, said: “I look forward to seeing the world-class designs submitted from all around the world through the competitive selection process, as the UK takes its place front and centre in the global race to unleash a new generation of nuclear technology.”
Interim chairman of GBN, Simon Bowen, said: “Building on the work done at Hinkley Point and Sizewell, today’s announcement of the start of the SMR selection process signifies a real step forward in delivering the scale of nuclear power that Britain needs for a secure, sustainable energy future. We look forward to working with all interested parties – technology vendors, the supply chain, the wider industry and local communities as we move this essential programme forward.”
In an interview ahead of the launch, for the Financial Times, Shapps said the UK engineering group Rolls-Royce SMR was “obviously in a good position”, having already received GBP210 million (USD275 million) of government grants for its project. At the launch he said that he expected between two and four different technologies to be selected and said by the autumn he wanted a shortlist of “finalists to go through to the final design stage”.
Asked about the process of selecting sites, he said there was no shortage of options at the moment, with existing and former nuclear locations keen to become home to SMRs.
Tom Greatrex, CEO of the Nuclear Industry Association, said: “Focus on the SMR selection will demonstrate the commitment to deployment of innovative technologies and open up new opportunities for the UK industrial supply chain here and abroad. There are a range of sites and communities across the country ready to host SMR technology, alongside the large scale nuclear capacity we will also need.”
There are many different small modular reactors in development around the world. The UK’s best known offering so far is Rolls-Royce SMR, a 470 MWe design based on a small pressurised water reactor which has progressed to the second stage of the UK’s Generic Design Assessment, the only SMR to reach that stage so far. The company has also identified its preferred sites. But others, with prospective orders from other countries, are set to enter the competition.
Among them is GE Hitachi, whose CEO Jay Wileman said they “hope and expect” the UK’s nuclear ambitions “will be delivered by multiple SMR operators and we look forward to playing our part in delivering a substantial share of this capacity … we have assembled a first-class team to deliver the BWRX-300 in the UK and today’s news will help accelerate its deployment while we continue to develop a robust UK supply chain”.
Also announced were a series of grants, totalling GBP157 million (USD205 million) including GBP77.1 million “to accelerate advanced nuclear business development in the UK and support advanced nuclear designs to enter UK regulation, maximising the chance of small and advanced modular reactors being built during the next Parliament”.(The next Parliament is expected to run from 2024 to 2029).
There is also GBP58 million for further development and design of advanced modular reactor and next generation fuel – GBP22.5 million for Ultra Safe Nuclear Corporation UK “to further develop the design of a high temperature micro modular reactor”, GBP15 million to the National Nuclear Laboratory in Warrington “to accelerate the design of a high temperature reactor following its success in Japan” and up to GBP16 million to the National Nuclear Laboratory in Preston “to continue to develop sovereign coated particle fuel capability, a type of robust advanced fuel which is suitable for high temperature reactors”.
There are also awards under the GBP22.3 million Nuclear Fuel Fund:
- GBP10.5 million to Westinghouse Springfields “to manufacture more innovative types of nuclear fuel for customers both in the UK and overseas”
- GBP9.5 million to Urenco UK in Capenhurst, Chester “to enrich uranium to higher levels, including LEU+ and high-assay low-enriched uranium
- GBP1 million to Nuclear Transport Solutions, part of the Nuclear Decommissioning Authority, “to develop transport solutions to facilitate a supply chain for highly enriched uranium in the UK and internationally”
- GBP1.2 million to MoltexFLEX “to build and operate rigs for the development of molten salt fuel”
Niger Sets To Welcome Participants To ERERA’s Regulatory Forum
The eighth Regional Electricity Regulatory Forum of the ECOWAS Regional Electricity Regulatory Authority (ERERA) will take place from July 19 to 20, 2023 in Niamey, Niger, with “Building Competitive Electricity Markets: Regulatory Imperatives in the Current Global Context” as its theme.
This edition of the forum is significant as it is Niger’s first hosting of ERERA’s forum, which coincides with the institution’s 15 years of development of the regional electricity market.
The flagship event which will be held under the auspices of the Prime Minister of Niger, Mr. Ouhoumoudou Mahamadou, is a platform for discussions among regulators and all stakeholders in the electricity sector in West Africa on current issues concerning energy security and the electricity market in West Africa.
The forum will feature presentations on the journey through the construction of the West African electricity market, taking into account the evolution of ERERA and the West African Power Pool (WAPP).
In this regard, the role and expectations of key stakeholders and actors in the development of the Regional Electricity Market will be considered.
Presentations will also focus best practices on policies and reforms for opening electricity markets to competition; the role of the regulator in attracting investment in energy infrastructure regulation and financial viability of the electricity market, including challenges faced by regulators in implementing reforms for the viability and attractiveness of power markets.
The forum will also hold discussions on the mandate, power and independence of the regulator in the context of the ECOWAS Regional Electricity Market.
Participants will be expected to generate fresh ideas, innovations, and strategies to address the challenges of energy security for West Africa as the forum will also contribute to capacity building of market players and operators of the electricity industry in ECOWAS Member States.
The eighth forum is also expected to provide an opportunity to reaffirm the commitment of ECOWAS to good governance and strengthen the role of ERERA as an institution for the harmonization of regulations, policies and practices of the electricity sector.
Generally, ERERA forums bring together representatives of the Ministries in charge of Energy and Finance, national regulatory authorities, utility companies, parliamentarians, academics, researchers, consumer groups, civil society organizations, banks, regional and international development partners, to share ideas and discuss issues related to chosen themes for the forums and the development of the ECOWAS Regional Electricity Market.
Source: https://energynewsafrica.com
Niger: ECOWAS Experts To Meet In Niamey On Regional Power Market Documents
ERERA’s Consultative Committees of Regulators and Operators – two main organs that assist the institution’s Regulatory Council in its decision-making – will hold their joint 21st session on July 17 and 18 2023 in Niamey, Niger to discuss issues related to the status of essential documents for the ECOWAS regional power market.
The documents include the Tariff Methodology and Regional Transmission Pricing Model Procedures as well as the development of Market Surveillance Rules.
The transmission tariff methodology for the West African Power Pool (WAPP) will be used by the Regional System and Market Operator (SMO) to develop a clear, transparent and predictable model for the calculation of transmission prices.
In addition, it will help define rules that will govern transmission pricing between parties involved in cross-border exchange transactions in the regional electricity market.
For its part, the Market Surveillance Rules have been developed by ERERA to provide transparent procedures and processes to monitor the regional electricity market, in accordance with its powers to prevent abuse and distortions as well as sanction defaulters.
They will also specify the roles to be played by the various stakeholders in the region to facilitate effective monitoring of the market.
The Consultative Committees which comprise experts drawn from the national regulatory authorities and operators from ECOWAS Member States will be briefed on the development of the rules for determining regional market fees and levies.
These experts will also receive updates on the activities planned to enhance synergy with sub-regional energy organizations.
They include The Gambia River Basin Development Organization (OMVG) with four countries States – The Gambia, Guinea, Guinea Bissau and Senegal; the Communauté Electrique du Bénin (CEB), composed of Benin and Togo; Transco CLSG, involving Cote d’Ivoire, Liberia, Sierra Leone and Guinea; and the Organization for the Development of the Senegal River (OMVS).
The sub-regional energy organizations, which will be affected by the market rules, will be integrated in the approval process of the WAPP Grid Code.
Members of the joint Consultative Committees will further be briefed on ERERA’s gender mainstreaming activities, including ERERA’s collaboration with the ECOWAS Gender Development Centre and development of guidelines for gender mainstreaming for electricity regulators in Member States.
Ghana: PETROSOL Pays Over GHS240M As Petroleum Taxes And Levies In 2022
PETROSOL Ghana Ltd, a leading privately-owned Ghanaian Oil Marketing Company (OMC), has paid a total of two hundred and forty-one million, four hundred and ninety-two thousand, one hundred and seventy-five Ghana Cedis (GHS241,492,175) to the Ghana Revenue Authority (GRA), the National Petroleum Authority (NPA) and the Bulk Oil Storage and Transportation (BOST) Ltd as petroleum taxes, levies and regulatory margins in 2022.
Ms. Lawrencia Himans, the Head of Finance & Planning of PETROSOL, in making this disclosure, indicated that though the current economic challenges are adversely affecting the company’s operations, the leadership of the company has committed itself to maintaining the company’s ethical business practices by ensuring that it dutifully meets its tax and regulatory margins payment obligations to the state.
In this regard, Ms. Himans disclosed that though the first half of 2023 continued to be very challenging due to the country’s economic challenges, PETROSOL has maintained its tax compliance record as it had successfully paid all its petroleum taxes, levies and regulatory margins obligations to the state agencies totalling over one hundred and seventy million Ghana Cedis (GHS170,000,000).
Mr. Michael Bozumbil, the Chief Executive Officer of PETROSOL, also indicated that besides PETROSOL’s tax compliance, it also continues to operate in compliance with the regulations of the NPA in terms of its fuel stations infrastructure standards and health and safety requirements; as well as meeting the standards of the Ghana Standards Authority (GSA) as it continues to deliver quality fuel in full quantity to its consumers through its licensed fuel stations across the country.
He also said the company’s lubricants are of very high quality suitable for both new and old vehicles and equipment.
Mr. Bozumbil expressed his appreciation to the company’s customers for their loyalty to the brand over the years.
He said a nationwide brand-health survey conducted early this year for the company by a reputable research firm has shown growth in customer loyalty to the brand.
He said he and his team would not rest on their oars but would continue to improve upon their operations to meet the needs of their customers.
He also expressed his appreciation to the hardworking and dedicated dealers and the staff of PETROSOL and urged them to continue to work diligently and ethically, notwithstanding the economic challenges.
Again, he expressed his gratefulness to the regulatory agencies, especially the National Petroleum Authority, for their support and cooperation.
Mr. Bozumbil urged all state agencies to identify Ghanaian companies such as PETROSOL, that strive to operate by the rules, notwithstanding the challenges, and provide them with the needed support to grow and do more for the state.
PETROSOL has over the years demonstrated remarkable tax and regulatory compliance.
The company’s tax compliance was acknowledged last year by the Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Dr. Amishaddai Owusu-Amoah, when he congratulated PETROSOL for its tax compliance.
Besides meeting the requirements of the regulatory agencies in Ghana, PETROSOL has also stepped up its compliance level higher by receiving triple international certification from the International Organisation for Standardisation (ISO) for Quality Management; Occupational Health and Safety Management; and Environmental Management.
With 120 fuel stations spread across the country, PETROSOL is currently ranked among the top-10 Oil Marketing Companies (OMCs) by the NPA and has won numerous awards for its commitment to best industry practices.
Source: https://energynewsafrica.comIvory Coast: Petrofac Wins Facilities Management Contract For FPSO
Petrofac, an international energy services company has been awarded a facilities management contract by CNR International (CNRI) offshore the Ivory Coast, West Africa.
The initial three-year, multi-million-dollar contract will see Petrofac’s Asset Solutions business providing integrated services for the Espoir Ivoirien Floating Production Storage and Offloading (FPSO) vessel.
Around 110 personnel currently supporting the FPSO, including those onshore and on the vessel, will transition to Petrofac from BW Offshore following the recent sale of the vessel to CNRI.
The transition of people and operatorship is expected to complete before the end of July.
The contract will be managed from Petrofac’s technical hub in Aberdeen, using decades of experience in the mature and highly regulated UKCS market.
Nick Shorten, Chief Operating Officer for Petrofac’s Asset Solutions business, said, “We bring our considerable global FPSO experience to the Ivory Coast, adding to our portfolio of service contracts in Africa. Petrofac is expanding across the continent, providing local jobs, developing local skills and collaborating with local partners.
This latest award builds on contract successes achieved throughout 2022, including decommissioning in Mauritania for Tullow Oil, operations and maintenance for Tullow Oil in Ghana and the provision of offshore operations services for bp’s Greater Tortue Ahmeyim (GTA) Project, including an FPSO, in Mauritania and Senegal.
Turkey Raises Fuel Tax By 200% As Budget Deficit Soars
Turkey has raised its special consumption tax on fuels by 200%, which resulted in 21% more expensive gasoline and diesel at the pump, as Recep Tayyip Erdogan looks to raise budget revenues after massive spending for rebuilding from the February earthquake and for the May presidential elections that saw the Turkish President securing another five years in office.
Turkey’s public finances have deteriorated as the country has had to pay much higher prices for energy imports and has earmarked funding for rebuilding the areas hit by the devastating earthquake in Turkey and Syria in early February.
Erdogan also splurged on spending ahead of the presidential election in May.
Overall, the rebuilding from the earthquake is estimated to cost Turkey around $100 billion.
The country, however, has been struggling with finances in recent years and has seen double-digit inflation rates, and even 85% inflation at the end of last year.
Turkey has tried to prevent its currency from collapsing and has spent a lot of its foreign currency reserves to do that.
The fuel consumption tax, which was tripled this weekend, is the latest move to collect revenues for an increased budget.
This tax, together with the value added tax, will see gasoline and diesel prices for consumers surge by 21%, which would further stoke inflation.
In June, Turkey’s inflation rate was at 38.21% compared to June 2022, slightly lower than expected, but the collapse of the Turkish lira continues to be a concern for government finances.
Despite the soaring inflation, Turkey’s Erdogan insisted until recently to keep interest rates as low as possible, running in the May elections on a platform of low interest rates.
Days after he was re-elected, Erdogan replaced the central bank governor with an economist with U.S. finance background.
In June, the central bank raised the key interest rate from 8.5% to 15%, as it decided “to begin the monetary tightening process in order to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior.”
Source: Oilprice.com
Ghana: Jubilee Field Production Surpasses Over 100,000 Bopd
Oil production at the Jubilee Field offshore Republic of Ghana has surpassed 100,000 barrels per day, the lead operator of the field, Tullow Oil Plc, has said.
The field dwindled in gross production to about 74,300 barrels per day in 2021.
However, to revive the field and spur production, Tullow introduced what it described as Value Maximum Plan (VMP) and invested heavily in infrastructure and the development of new wells.
Last week, Tullow announced the start-up of the Jubilee South-East (JSE) and was hopeful that this would help to sustain gross production of 100,000 barrels per day.
In a statement issued Monday and copied to energynewsafrica.com, Tullow said it is delighted to provide an update on production from its Jubilee field following the recent start-up of the Jubilee South East (JSE) Project, offshore Ghana.
“Gross production from the field has surpassed 100,000 bold, after a second JSE production well was brought onstream. Both of the JSE wells are performing in line with expectations. Two further wells are on track to be tied in during the remainder of the year.”
Rahul Dhir, Tullow’s Chief Executive Officer, commented today: “Reaching production of over 100,000 bopd from the Jubilee field is a major milestone for Tullow, our partners and for Ghana.
“I look forward to working with our partners to sustain these higher levels of production for several years and to realise the full potential of the Jubilee resource base.
“For Tullow, delivery of this step up in production is a key part of our business plan, in line with our commitment to deliver over $800 million of free cash flow between 2023 to 2025.”
Source: https://energynewsafrica.com