Ghana: ECG Tema North District Supports Remar Home
The Tema North District of the Tema Region of the Electricity Company of Ghana has donated to the Remar Ghana Orphanage in Tema as part of their corporate social responsibility.
The items included assorted food items and water valued at GHC3,000 and were presented to the Management of the Home on 14th February 2023.
The gesture also included fully- paid two months’ electricity bills. As the donation was made on Ghana’s Chocolate Day, the children received bars of chocolate from the donors.
Leading the Tema North District for the donation, the District Manager, Mrs. Tamara Asomanin-Wiafe said, “The Management of the Home had appealed to Ato of Accra-based Metro TV, calling for support from benevolent organisations and individuals come to their aid as their situation was getting critical. This donation was, therefore, in response to the appeal made.”
She added: “We work within a jurisdiction. Rhema Home operates within the same jurisdiction. We, therefore, thought it prudent to provide this support as part of our social responsibility in the interest of the public.”
To the children, she told them that they have a bright future ahead of them regardless of their current situation and that they should always remember to be thankful to the Lord.
She also made a promise of continued assistance to the orphanage.
Receiving the items, the Director of the Home, Mr. Edward Gasper thanked the team for the donation.
“On behalf of the Home, I, the Director, want to use this opportunity to let you know that you and your team have solved some months’ worth of expenses and we are truly grateful.”
The Management of the Tema North District was supported by the District’s representatives of the Junior and Senior Staff Unions and the Power Queens Club. These are identifiable groups in the organisation.
The Electricity Company of Ghana has a policy on corporate social responsibility which outlines the various areas where such must be focused on.
The areas include health, education, social welfare and community and national development.
Source: https://energynewsafrica.com
Equatorial Guinea’s New Minister Of Mines & Hydrocarbons Is A Competent Leader –NJ Ayuk
By: NJ Ayuk, Executive Chairman, African Energy Chamber
Equatorial Guinea’s cabinet has seen a changing of the guard. Antonio Oburu Ondo, former Managing Director of national oil company, GEPetrol, has been named Minister of Mines and Hydrocarbons. He is succeeding well-respected leader Gabriel Mbaga Obiang Lima, who assumed the role of Ministry of Economy and Planning.
We at the African Energy Chamber are confident that Minister Ondo will do an excellent job. He brings years of industry experience to the table and has worked extremely hard to strengthen Equatorial Guinea’s national oil company. We do not doubt that Minister Ondo will be successful in fostering growth in the energy sector and the national economy as a whole provided that energy industry stakeholders — from international oil companies (IOCs) to the government to other African energy ministers — join us in supporting him.
We Need A Strategic Response To Natural Decline Of Maturing Oil Fields
It’s no secret that Equatorial Guinea’s energy industry faces some challenges. For one, production in existing oil and gas fields has been in decline. It is not because of the action, or the inaction of anybody: This is a natural decline and to be expected in any production site.
What is needed right now is reinvestment in energy growth. And to achieve that, Equatorial Guinea will need to create an enabling environment for new oil and natural gas exploration projects. Equatorial Guinea must remember that it is competing for capital and investment with Gabon, Guyana, and other countries that offer attractive fiscal terms to entice IOCs. If Equatorial Guinea can’t match that alluring environment, it will be difficult to sustain oil and gas production.
Consider this: There have been no major discoveries in Equatorial Guinea since the introduction of the 2006 hydrocarbon law. In late 2021, Obiang Lima said Equatorial Guinea was revising that law. He recognized that fact that the country needed to give greater consideration to the needs of, and current challenges, facing energy companies if it was going to convince them to make significant investments there.
“Our hope is that it will enable us to attract more regional and international energy participants and incentivize investment across the entire value chain,” Obiang Lima said at the time. “That will allow us to realize the potential of our offshore natural gas industry and become increasingly competitive in the gas sector.”
The decision to revise the law was the right choice. I encourage Equatorial Guinea to complete those efforts promptly. Meanwhile, the Ministry of Hydrocarbons and Mines should be taking practical steps to demonstrate that Equatorial Guinea is investor friendly. Oil majors will notice, for example, how the ministry handles the upcoming departure of ExxonMobil, which has announced plans to leave the country, and West Africa, after its license expires in 2026.
While it may be hard to watch the departure of this excellent partner for the country, it is equally important that Minister Ondo recognize the value of a clean break and an orderly transition to their successor. A diplomatic response will enhance Equatorial Guinea’s reputation as a good country for energy companies.
What’s more, while there’s no question of sun setting wells, let’s not overlook the successful producers in the country who are working to ensure the longevity of aging fields and investigating new finds. Trident Energy and Kosmos Energy, for instance, continue to have successful output in the Ceiba conventional oil field: Although production peaked in 2002 at 51.7 thousand barrels per day (bpd) of crude oil and condensate, the field continues to account for some 4% of the country’s daily output. Meanwhile, U.S.-based VAALCO Energy and Atlas Petroleum are successfully proceeding with the development of the Venus discovery in Block P and there is no longer an exclusive operation. All signs point to a promising yield: The results of its initial discovery well and reservoir modeling anticipate 15,000 bpd from the two development wells and injector well.
Minister Ondo must continue to establish and promote fiscal incentives for investors like these to drive up further production in Block P and other promising hydrocarbon-rich zones. Creating and maintaining ongoing positive relations with these and other companies can go a long way toward developing a reputation as a country serious about its hydrocarbon industry.
Gas Is the Way Forward
I believe Equatorial Guinea’s 1.5 trillion cubic feet of natural gas will become the driving force in the country’s energy industry. To enable natural gas production and monetization to lead to economic development and industrialization, Minister Ondo needs to embrace a pragmatic approach to welcoming credible investors, eliminating red tape, and making good deals.
With this in mind, Minister Ondo will likely find that closing the deal with Chevron regarding a joint development of the YoYo and Yolonda natural gas fields in Equatorial Guinea and Cameroon is going to be critical. Developing this cross-border gas mega-hub could truly transform the economy of both the nation and the region. The LNG market continues to be important and Equatorial Guinea is well positioned to be an active player.
Let’s also consider Golar LNG and the Fortuna floating liquefied natural gas (FLNG) vessel owned by New Fortress Energy. The partners are negotiating about EG-27 (formerly Block R) to develop an easier, fast-tracked system for moving LNG into the market. This is a difficult project and requires really highly skilled companies and deep financial pockets to make this work. The discussions center around bringing LNG from Nigeria or Cameroon to be processed in Equatorial Guinea. Such developments are critical now more than ever, and the ministry would be wise to do everything in its power to make them happen.
Keep It Local… But Balanced
Another challenge Minister Ondo faces is to prioritize keeping markets stable, taking a very market-driven approach both at home and abroad. It’s a delicate balancing act: creating an atmosphere where companies will want to invest in Equatorial Guinea while, at the same time, advocating for the needs of local people and businesses.
This is not the time to leave local content behind. Minister Ondo will want to make it certain that his country establishes a platform that develops its homegrown businesses and businesspeople. This is more than just enabling the local residents and businesses to take commissions from service companies – it is about ensuring that they become an integral part of the industry. Indeed, local content should be seen more as enterprise building and management.
At the same time, Minister Ondo will be wise to follow in his predecessor’s footsteps in denouncing the currency control rules that the Bank of Central African States (BEAC) adopted in June 2019. While the BEAC’s intention was to promote financial transparency and ensure that oil revenues stay within local economies and local banks, these stringent restrictions create a very unwelcoming environment for foreign investors by causing transaction delays and preventing the repatriation of proceeds. These are job killing regulations and it is bad for jobs, bad for local companies and bad for investments.
“The FX regulations adopted in June 2019 make it very difficult for our companies to compete and create employment, and render our business environment very unattractive for foreign investors,” Obiang Lima said shortly after their enactment, while calling on the industry to take immediate action to encourage a reversal of the regulations.
Perhaps a collaboration of the Ministry of Mines and Hydrocarbons and the Ministry of Economy and Planning is in order – a collaboration of outgoing and incoming ministers who can use their expertise and political savvy to overcome these kinds of job-killing and industry-damaging regulations.
I am confident that Minister Ondo has what it takes to make it work. Companies can rest assured: He may be new to the office, but he’s not new to the game. We have all grown accustomed to his predecessor, and now we all need to welcome new ideas from the new minister. Let’s offer him our full support as he works to help Equatorial Guinea’s energy industry get its groove back.
Source: https://energynewsafrica.com
Nigeria Approves $53.1m For Boosting Power Supply
Nigeria has approved 53.1 million dollars and N2.1billion as local components for the procurement and installation of electrical conductors to boost power supply across the West African country.
The Minister for Power, Abubakar Aliyu, disclosed this when he briefed State House correspondents on the outcome of the Federal Executive Council meeting, presided over by President Muhammadu Buhari on Wednesday in Abuja.
He said the conductors when installed, would help address the challenge of constant tripping of circuit breakers due to the overloading of electricity lines.
“The total amount for these four components of conductors is $53,131,128.93 plus an onshore component of N2, 127, 068, 626. 45,” he said.
Mr Aliyu said the new conductors would be used to upgrade existing power lines, with the aim of enhancing their efficiency.
“These are existing lines which are being upgraded. The wires will be removed and new ones put in place and the difference is that the new ones will be more efficient because they carry more load than the old ones.
“They will reduce sagging because once the wires are aged, they will sag and they become vulnerable and heavier.
”So, these ones are lighter and can carry more electricity so it will improve efficiency and address the challenges of constant tripping of the breakers due to the overloading of these lines will be tremendously reduced,” the minister said.
Mr Aliyu listed the four components of the contract to include: 173 kilometres Kubotso- Hadeja line; 105 kilometres Kumbotso-Kankiya line; 90-kilometre Benin-Irrua line and 72 kilometres Irrua-Okpella.
Other components included: 48 kilometres Okpella-Okenne, 58 kilometeres Okenna-Ajaokuta lines and 394 kilometres Gombe-Biu-Damboa-Maiduguri line.
The minister also disclosed that Council approved a N1.46 billion contract for the procurement of 20 transformers ratio analysers for the Transmission Company of Nigeria.
Source: https://energynewsafrica.com
Ghana: Halliburton Loses Appeal Against NLC Ruling In GTPCWU Case
Ghana’s Court of Appeal has dismissed an appeal by a subsidiary of global offshore services company, Halliburton International Incorporated Ghana, seeking to overturn the decision of the National Labour Commission in the case involving the General Transport Petroleum and Chemical Workers Union of Trade Union Congress.
The court presided by three justices namely G. S Suubaareh, J.Dodoo and J. Bartels-Kodwo agreed with the ruling of the National Labour Commission, having analysed the evidence by the Appellant and Respondent and, therefore, dismissed the appeal.
On 4th May 2018, Halliburton International Incorporated Ghana dismissed Margaret Jackeline Adjimah without following due process spelt out in Article 8 of the Collective Bargaining Agreement (CBA) between the General Transport Petroleum and Chemical Workers Union of Trade Union Congress the victim Margaret is a member and Halliburton International Incorporated Ghana.
Unhappy about Halliburton’s decision, GTPCWU, which is the umbrella body of petroleum and chemical workers in Ghana, filed a complaint at the National Labour Commission (NLC) to seek justice for the dismissed worker.
The Commission, after evaluating the evidence put before it by both parties, established that Halliburton failed to follow the processes outlined in sections 19 and 105 of the Labour Act 2003 (Act 651).
The Commission, in its ruling, noted that Halliburton unfairly terminated the contract of Margaret Jackline Adjimah and, therefore, directed them to reinstate her or pay her one-year salary as compensation.
Halliburton, however, did not comply with the ruling of the Commission and, accordingly, went to the Court of Appeal, seeking to overturn the ruling of the Commission.
Unfortunately, the Court of Appeal upheld the ruling of the National Labour Commission and awarded GH¢30,000 cost against them.
GTPCWU was represented by lawyer Kofi Bentil while Halliburton International Incorporated Ghana was represented by Sefakor Kwenyehia and Earl Eyram Fosu.
Commenting on the ruling of the Labour Commission, the National Chairman of the General Transport Petroleum and Chemical Workers Union, Mr. Bernard Owusu welcomed the decision of the Court, saying it is a victory for the Union and urged workers who have not yet joined the Union to do so to enjoy the support and protection of the Union against unfair labour practice from some employers against employees.
Source: https://energynewsafrica.com
Ghana: NPA Celebrates Val’s Day With Dzorwulu Special School Pupils
Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), on Tuesday, joined pupils of the Dzorwulu Special School to celebrate Valentine’s Day, christened Chocolate Day, in the West African nation.
The CEO of NPA, Dr Mustapha Abdul-Hamid, Directors and officers were at the school to show love to the pupils and to put smiles on their faces.
As part of the celebration, the NPA boss, supported by his Directors, heads of the school and the pupils cut a special cake.
Thereafter, the NPA Chief Executive donated chocolates and boxes of pens to the school.
In his remarks, Dr Abdul-Hamid said that even though people were supposed to be showing love every day, the world has dedicated a special day to the show of love.
He said the NPA had always been with the school, which he described as a neighbour of the Authority.
He said, “Today’s visit is an additional visit in line with the spirit of Valentine’s Day. We are here to affirm our commitment to the welfare of the children and appreciate the hard work of the teachers and managers of the school.”
Dr Abdul-Hamid said the Authority intended to make the life of the children easier.
He said chocolates have become symbols of love, hence, the decision of the NPA to donate the same to the pupils.
He expressed the hope that the boxes of pens would improve teaching and learning in the school and impact the knowledge of the children.
In his response, the Headmaster of the Dzorwulu Special School, Mr. Fred Tetteh thanked the NPA for the continuous support and show of love to the pupils.
Source: https://energynewsafrica.com
He said, “Today’s visit is an additional visit in line with the spirit of Valentine’s Day. We are here to affirm our commitment to the welfare of the children and appreciate the hard work of the teachers and managers of the school.”
Dr Abdul-Hamid said the Authority intended to make the life of the children easier.
He said chocolates have become symbols of love, hence, the decision of the NPA to donate the same to the pupils.
He expressed the hope that the boxes of pens would improve teaching and learning in the school and impact the knowledge of the children.
In his response, the Headmaster of the Dzorwulu Special School, Mr. Fred Tetteh thanked the NPA for the continuous support and show of love to the pupils.
Source: https://energynewsafrica.com Ghana: GOIL Announces Significant Reduction In Petrol, Diesel Prices
Ghana’s leading indigenous Oil Marketing Company (OMC), GOIL, has announced a significant reduction in both gasoline and gasoil at the pump effective Thursday, February 16, 2023.
A litre of petrol is selling at GH¢14.50 while diesel is selling at GH¢14.90.
During the first pricing window which ended on Wednesday, GOIL sold both petrol and diesel at Gh¢15.25 per litre.
Per Thursday’s announcement, petrol price has been reduced by 75 pesewas while diesel saw a reduction of 35 pesewas.
Other oil marketing companies are likely to adjust their pump prices later today or tomorrow, Friday.
Crude oil prices have been hovering around US$85 per barrel.
Prices of petrol and diesel may further go down next week as BOST is expecting the arrival of a cargo of gasoline (petrol) under the government’s ‘Gold for oil’ programme.
Source: https://energynewsafrica.com
Ghana: High Cost Of LPG Drops Consumption In 2022
The Liquefied Petroleum Gas (LPG) consumption witnessed a steady decline in 2022 in the Republic of Ghana, energynewsafrica.com can report.
Data sourced from the National Petroleum Authority (NPA) shows that the consumption of LPG, which is mostly used for cooking and powering of vehicles by some drivers, declined in 2022.
According to the data, LPG consumption in 2021 was 345, 477,075 kilogrammes while in 2022, consumption was 305,076,209 kilogrammes
This means that LPG consumption declined by a whopping 40,401,866 kilogrammes.
In 2021, Greater Accra recorded the highest LPG consumption with a figure of 112, 879,836 kilogrammes followed by Ashanti Region with 57,000,038 kilos.
Volta Region recorded 38,862,922 kilos, Brong Ahafo recorded 33,656,852 kilos, Eastern Region recorded 31,882,399 kilos, Central Region recorded 25,928,730 kilos, Western Region recorded 24,750,725 kilos, Upper East recorded 9,065,610 kilos, Northern Region recorded 7,819,850 kilos and Upper West recorded 3,631,113.
In 2022, Greater Accra recorded the highest LPG consumption with a figure of 106, 385,904 kilogrammes followed by Ashanti Region with 44,800,979 kilos.
Volta Region recorded 35,029,509kilos, Eastern Region recorded 29,204,594 kilos, Brong Ahafo recorded 26,669,366 kilos, Central Region recorded 22,904,346 kilos, Western Region recorded 21,277,310 kilos, Northern Region recorded 8,114,437 kilos, Northern Region recorded 7,819,850 kilos, Upper East recorded 7,315,393 kilos and Upper West recorded 3,374,371.
The fall in LPG consumption could be attributed to the high cost of the domestic commodity.
In 2022, LPG prices shot up astronomically with 14.5 kilos cylinder filled at almost GH¢300.
This forced many consumers to resort to alternatives such as charcoal and firewood.
In December 2022, the Chief Executive Officer of NPA, Dr Mustapha Abdul-Hamid, recognising the need for LPG to be made affordable, at an ‘LPG Safety and Awareness’, launch promised to make a case for Cabinet to remove some of the taxes on the product.
Source: https://energynewsafrica.com
Don’t Drop Oil And Gas Too Quickly- Aramco CEO
The Chief Executive Officer of Saudi Aramco Amin Nasser has warned that renewable energy won’t be able to replace oil and gas any time soon and that investment in sustainable energy must not come at the cost of investment in hydrocarbons.
“As the energy crisis in Europe has demonstrated, alternatives are not ready to shoulder the heavy burden of global demand,” Nasser said at the Saudi Capital Markets Forum in Riyadh on Sunday as carried by energyintel.com.
The Aramco chief said environmental, social and governance (ESG) factors are “clearly a rising trend” in capital allocation decisions and a move in the “right direction.”
But he added that if ESG policies are “implemented with an automatic bias against any and all conventional energy projects, the resulting underinvestment will have serious implications for the global economy, for energy affordability, and for energy security.”
He said this was already happening in fact, with the cost of capital for oil and gas projects rising due to higher perceived risks, and upstream investment of around $400 billion last year amounting to less than half of its peak level in 2014.
Saudi Arabia has set a target of net zero emissions by 2060, but Aramco — its national oil company — is also pursuing an expansion of its oil production capacity by 1 million barrels per day to 13 million b/d by 2027.
Jennifer Morgan, Germany’s special envoy for international climate action, held talks in Riyadh on Monday with Saudi Energy Minister Prince Abdulaziz Bin Salman.
“Every country has to find its own path for a just [energy] transition but crucial to exchange and cooperate to contain the climate crisis,” Morgan said in a tweet about her trip to Saudi Arabia.
Germany has ambitious energy transition targets, but has had to scramble to find alternative supplies of oil and gas after moving to end its prior heavy dependence on imports from Russia after that country’s invasion of Ukraine.
Saudi policymakers believe there are many pathways to net zero, including the use of technologies to reduce emissions from oil and gas and capturing and utilizing CO2.
Source: https://energynewsafrica.com
IEA Boss Rallies Global Energy Industry To Send Urgent Support To Turkey
The Executive Director of the International Energy Agency (IEA), Fatih Birol, is urging the global energy sector players to send urgent help to people in earthquake-prone areas in Turkey.
He wants the energy sector players to support those in Turkey with transformers of various sizes, portal solar generators, LPG for rural communities, electric heaters and shelters such as container homes and Artic tents.
In a post on Twitter on Monday, Mr Fatih Birol wrote: “The devastating situation in the earthquake zone in Turkey calls for more international solidarity.”
“I urge the global energy sector to do whatever it can to help. Based on my discussions with authorities & organisations responding to the crisis, these items are urgently needed,’’ he said.
Over 33,000 dead bodies have been recovered from the rubbles following last Monday’s earthquake which occurred in Turkey and Syria.
Over 70,347 people have been injured.
Source: https://energynewsafrica.com
Ghana: GRIDCo Discusses Cooperation With European Investment Bank
A delegation from the European Investment Bank is in Ghana to hold discussions with the Ghana Grid Company (GRIDCo) on possible areas of cooperation.
The discussion involved funding critical projects which will strengthen the cross-border trade between Ghana and its neighbours in the West African Power Pool.
Of key interest was the funding of the second interconnection between Ghana and Côte d’Ivoire at 330kV and co-funding the 330kV Pokuase–Anwomaso project with Kreditanstalt Für Wiederaufbau (KfW).
These projects, when completed, would improve reliability, reduce transmission losses and promote Ghana’s export agenda.
The delegation was led by Mrs. Marielle Leseur, EIB Loan Officer for Ghana.
They were received by Ing Vincent Boachie, Director of Engineering at GRIDCo, and other Management members on behalf of the Chief Executive, who was away on another equally important assignment.
EIB’s focus areas include energy, water and sanitation, transport, cities, SMEs and private sector support.
Source: https://energynewsafrica.com
Ghana: GRIDCo, KNUST Discuss Training And Collaboration
The Ghana Grid Company Limited (GRIDCo) and the College of Engineering of the Kwame Nkrumah University of Science and Technology (KNUST) have had discussions about ways in which GRIDCo could play a stronger collaborative role in the training and support engineers trained by the college.
Prof Kwabena Britwum Nyarko, the Provost of the College of Engineering, engaged the Management team of GRIDCo, led by Chief Executive Ing Ebenezer Kofi Essienyi, with the support of the staff of the Kumasi Area staff.
Prof Nyarko pointed to four areas of interest where GRIDCo could impactfully support the College of Engineering.
These are the proposed construction of a proposed innovation building to be dubbed ‘GRIDCo Centre of Excellence, providing adjunct lecturers and an Accelerated Masters Programme’.
GRIDCo has already been supportive of KNUST’s Endowment Fund and continues to provide internship training for which Prof Nyarko and his team expressed appreciation to GRIDCo.
After discussions, the provost, together with the Dean of Electrical and Computer Engineering Prof Abdul-Rahman Ahmed, provided the GRIDCo Management team with a tour of Levine Hall at the College for which support is required and a piece of land allocated to host the proposed GRIDCo Centre of Excellence.
The two groups also provided a guided tour of the Responsible Artificial Intelligence Laboratory (R.A.I.L.)—a Centre focused on Artificial Intelligence development and training.
Led by Prof Jerry John Kponyo, Principal Investigator and Scientific Director, the objective of the RAIL Centre hopes to address the skills gap in AI within the subregion by training professionals on the practical use of and responsible application of AI to respond to challenges in various sectors within the subregion and beyond.
The College of Engineering has maintained a reputation for quality training for over half a century and has been at the forefront of preparing manpower to support the technological and engineering advancement of KNUST, Ghana, and beyond.
TotalEnergies Halts Hydrogen Plan With Adani Group Over Fraud Allegations
French energy giant TotalEnergies SE has put a multi-billion-dollar plan to produce green hydrogen with Adani Group on hold, pending audits of the Indian conglomerate accused of fraud by a U.S. investor.
The hydrogen partnership announced by the two groups last year “hasn’t been signed, and won’t be signed for the moment,” TotalEnergies Chief Executive Officer Patrick Pouyanne said at an earnings presentation near Paris on 2/8.
“We’ll wait for the results of the audits.”
Shares of the companies of the Indian conglomerate have slumped in recent weeks after U.S. short-seller Hindenburg Research accused Adani Group of stock manipulation.
The company has repeatedly denied the allegations.
The French oil and gas company has invested $3.1 billion in stakes of Adani assets such as Adani Total Gas Ltd. and Adani Green Energy Ltd., which represent 2.4% of TotalEnergies’ capital employed last year.
“These companies have assets and revenue” and are “healthy,” Pouyanné said. The French company conducted due diligence before and after investing in the Adani companies, he said.
Shares of Adani Green and Adani Total Gas are still up by a factor of two and eight, respectively, since Total invested in them, the CEO said.
Source: WorldOil.com
Zambia: ZESCO Declares End To Load Shedding
Zambia’s power utility, the Zambia Electricity Supply Corporation Limited (ZESCO) has announced an end to the load shedding exercise in the country.
The company attributed the decision to end load shedding to rising water levels in Lake Kariba and increased power generation output.
Addressing a press conference, Managing Director of ZESCO, Victor Mapani said households and companies countrywide will now enjoy 24 hours of power supply without any disruptions.
He said ZESCO has also upgraded power generation at Kafue Gorge Upper and Lower Power Stations by over 150 megawatts.
He also disclosed that ZESCO will soon increase power generation at Lake Kariba from the current 250 megawatts to 350 due to the increase in water levels in the Kariba Dam.
Zambia also plans to begin the importation of about 120 megawatts from Mozambique, Mapani further revealed.
Last month ZESCO announced increased hours of load shedding to twelve (12) hours daily with effect from 4 January 2023.
ZESCO said the development was in response to a drastic reduction in available water in the Kariba reservoir for electricity generation as well as routine annual maintenance at a smaller power station.
Source: https://energynewsafrica.com
Ghana: Four Cargoes Of Petrol & Diesel To Arrive Under Gold For Oil Programme
The Managing Director of Bulk Oil Storage and Transportation Company (BOST), Edwin Alfred Provencal, has disclosed that about four cargoes of gasoline (petrol) and gasoil (diesel) under the government ‘Gold for oil’ programme are expected to arrive in the West African nation’s port in the next couple of days.
Giving break down of the arrival fuel consignment, Edwin Provencal said one cargo of gasoline (petrol) would be arriving in the country this weekend.
He said after the arrival of the gasoline this weekend, two cargoes of gasoil (diesel) would also arrive after which another cargo of gasoline (petrol) would also arrive.
Speaking on Asaase Radio’s breakfast show on Monday, Mr Provencal said he expects petrol prices to fall by at least Gh¢1 at the pump during the next pricing window.
He added that the price of diesel would also fall further by around 50 pesewas.
Last month about 41,000 metric tons of diesel were delivered under the gold for oil programme.
The government introduced the gold for oil programme as part of measures to stem the tide of fuel prices and depreciation of the Ghanaian cedis.
Last week, GOIL and Shell reduced the price of diesel, with GOIL reducing it by 50 pesewas while Shell reduced it by 45 pesewas.
The reduction was attributed to the gold for oil programme.
Meanwhile, several industry players have raised questions about the programme, citing a lack of transparency.
Source: https://energynewsafrica.com