Ghana: Two Leading Renewable Energy Companies To Partner With BPA To Develop Projects

Michael Creg Afful
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Ghana: Two Leading Renewable Energy Companies To Partner With BPA To Develop Projects
Two leading renewable energy companies— UAE’s Masdar and Egypt’s Infinity Power Holdings B.—have agreed to partner with Ghana’s Bui Power Authority to develop solar and wind power projects in the West African nation. To start the processes for the partnership, the CEO of Bui Power Authority and officials of Infinity Power signed a Non-disclosure Agreement during the recent International Renewable Energy Agency (IRENA) conference in Dubai. The Chief Executive Officer of BPA, Mr Samuel Kofi Dzamesi initialed on behalf of the Authority while Mohammed El Amin Ismail Lotfy Mansour, Chairman of Infinity Energy S.A.E initialed on behalf of the partners. The CEO of BPA, Mr. Samuel Ahiave Kofi Dzamesi, also took advantage of the occasion to hold close-door meetings with some other potential investors who participated in the IRENA meeting and the Ghana Investment forum. The BPA team met with the Director General of the Association of Power Utilities of Africa (APUA), Mr Abel Didier Tella, and BPA’s CEO, Mr Dzamesi expressed the desire and readiness of Bui Power Authority to join APUA, formerly known as the Union of Producers, Transporters and Distributors of Electrical Power on Africa (UPDEA). APUA’s mandate is to promote the development and integration of the African electrical sector, the dissemination of best practices of management, the exchange of experience and technical know-how, mutualized training of staff, as well as joint exploitation of the energy resources based on a ‘win-win’ approach for all members. The BPA CEO also had closed-door meetings with Hussein Matar, Senior Director of AMEA Power. AMEA Power is a Dubai-based developer, owner and operator of renewable generation assets backed by the utility and corporate PPAs with a primary focus on the Middle East and Africa. The company has a multi-talented pool of technical, financial, legal and management experts. In West Africa, AMEA Power successfully mobilised funding from UAE and provided technical support for the execution of the 50MWp Solar photovoltaic (PV) project in Togo. The company has strong expertise in the development and hybridization of hydropower and floating solar power plants and would be happy to collaborate with BPA to raise funding for developing floating solar power plants that would be hybridized with the Bui hydropower plant. Mr. Samuel Kofi Dzamesi said BPA would be happy to partner with AMEA and took the opportunity to invite AMEA to visit the Bui Generating Station to access the floating solar potential, following which a Memorandum of Understanding for cooperation would be signed by both parties. AMEA confirmed to visit BPA in March 2023. BPA submitted a draft NDA to AMEA for consideration and signature ahead of the visit to BGS. The Bono Regional Minister, Justina Banahene, in her statement, was full of praise for BPA and the CEO for ongoing projects at the Bui Generating Station (BGS) that have created numerous jobs for the youth in the region. Notable among them is the ongoing installation of the 100MW solar project and the sugarcane plantation. She appealed for more support to BPA to increase its renewable energy portfolio to open up her region and attract more investors.       Source: https://energynewsafrica.com

Ghana: BOST Management Engages Depot Staff

Michael Creg Afful
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The Managing Director of Bulk Oil Storage and Transportation Company (BOST), Edwin Alfred Provencal, and his management team have completed the first phase of engagement with depot staff across the company’s operational areas. The first phase started with staff at the Accra Plains Depot in the Greater Accra Region, Akosombo and Mami Water in the Eastern Region and Kumasi in the Ashanti Region. The purpose of the engagement is to deepen staff awareness, share strategic information, and seek the staff’s opinion and support in the running of the company. During the engagement, Mr Provençal told the staff that the issues bothering employees’ welfare are of paramount concern on his agenda. Mr. Provençal took time to explain the importance of the ‘Gov’t’s Gold-For-Oil’ programme and the role BOST staff are expected to play to ensure the success of the programme. The Managing Director was accompanied by the Deputy Managing Director, Mr Moses Asem, General Manager (GM) in charge of HR & Administration, Mr. Augustine Appiah, GM of Corporate Communications & External Affairs, Mr. Adjei Marlick, GM of Terminal & Transmission, Mr. Josiah Attah Yarley, GM Corporate Planning, Mr. Ato Wilson and Head of IT, Kwabena Brobby Appiah are accompanying the MD on the tour. The second phase of the depot staff engagement will cover Kumasi, Buipe, Bolgatanga and Savelugu.          

Source: https://energynewsafrica.com

Ghana: Gold-For Oil: OMCs Bare Teeth At Gov’t Over Arbitrary Selection Of BIDECs, Unfair Practices

Michael Creg Afful
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Ghana: Gold-For Oil: OMCs Bare Teeth At Gov’t Over Arbitrary Selection Of BIDECs, Unfair Practices
The Association of Oil Marketing Companies (AOMCs) has expressed unhappiness about the government’s plan to distribute imported fuel under the gold for oil programme to only a few selected Bulk Import, Distributing and Export Companies (BIDECs). Last month, the West African nation’s strategic stock keeping company, Bulk Oil Storage and Transportation Company (BOST), took delivery of 41,000 metric tons of diesel under the government’s gold for oil programme. Media reports suggested that BOST distributed the products, resulting in a reduction in diesel prices by OMCs that had a share of the products. In a statement issued by the Association of Oil Marketing Companies (AOMCs), it described the move as unfair, adding that it does not augur well for market fairness. “We note that the declared fact that the imported quantity of products under the Gold for Oil programme is inadequate to meet the monthly consumption of the country and the indication that BOST is compelled to restrict distribution of the products to selected BIDECs to the exclusion of others, notwithstanding that the product is bought and imported with public funds, does not augur well for market fairness. “The indicated mechanism allows for arbitrary selection of BIDECs, and by extension OMCs to benefit from the programme. Also, the fact that this mechanism is intended to force players to reduce prices at the pumps creates some form of arbitrariness which will eventually distort the market and create an uneven playing field.” According to the Association, a rationalized mechanism such as liftings on a “first come, first served” basis or any other approach that gives equal opportunity to all licensed parties to access the products would be legitimate and justifiable as providing for a fair distribution of the product to the market. “It is further worth highlighting that the indicated distribution mechanism has the potential to result in preferential treatment for some industry players which is statutorily and constitutionally untenable as it does not only contravene the Government’s stay policy of operating a deregulated market but also unacceptably impacts the commercial competitiveness of other players in a rather unfair manner. This will also challenge the long-term viability of the industry.” Below is the link to the full statement by the Association of Oil Marketing Companies PRESS RELEASE-1   Source: https://energynewsafrica.com

U.S. Company Strikes Oil Off Suriname Coast

Michael Creg Afful
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APA Corporation has struck oil offshore Suriname in a deposit that could hold more than 200 million barrels in reserves. APA Corp. partners with TotalEnergies in Suriname, with a 50:50 split of the stakes in the project. So far, the two have drilled two appraisal wells and another two are scheduled for drilling in the block that the two companies are exploring. Offshore drilling in Suriname is the object of much attention from oil market observers and industry investors thanks to the huge discoveries made next door, offshore Guyana. Yet Reuters noted in a report that last year APA had ended drilling at another part of Block 58, which it explores with TotalEnergies, because it had failed to find any commercial oil. Block 58 remains the focus of attention, however, because a lot of drilling there was, in fact, successful. APA Corp and TotalEnergies have so far announced five discoveries. This prompted forecasts that first oil will flow in 2025 and by 2030 Suriname will be producing 650,000 bpd. Still, challenges remain and have caused APA Corp and TotalEnergies to postpone the final investment decision on Block 58 for the middle of this year. And they may well make it if drilling results tip in a more positive direction. Morgan Stanley has estimated that Block 58 could contain 6.5 billion barrels of crude. According to the U.S. Geological Survey, the Guyana-Suriname Basin could hold up to 32.6 billion barrels of undiscovered oil resources, underscoring the tremendous hydrocarbon potential that the countries share. It is estimated that Suriname’s offshore oil discoveries held recoverable oil resources of nearly 2 billion barrels as of the end of 2021. Last year, the government of the former Dutch colony announced plans to tender 60 percent of its offshore blocks over the course of 12 months as it seeks to replicate Guyana’s transformation into an emerging oil power. The tenders were to be held in late 2022.       Source: Oilprice.com

Equatorial Guinea: President Reshuffles Mines And Hydrocarbons Minister; Appoints Oburu Ondo To Take Charge

Michael Creg Afful
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Equatorial Guinea: President Reshuffles Mines And Hydrocarbons Minister; Appoints Oburu Ondo To Take Charge
The President of Equatorial Guinea, H.E. Teodoro Obiang Nguema Mbasogo, has appointed Antonio Oburu Ondo, the former Managing Director of GEPetrol, the country’s national oil company, as the new Minister for Mines and Hydrocarbons after a major shakeup in his administration. He replaces Gabriel Mbaga Obiang Lima–current President of the Organization of Petroleum Exporting Countries and the Gas Exporting Countries Forum who has been moved to the Ministry of Economy and Planning. Antonio Oburu Ondo will leverage his years of industry experience and know-how to continue driving the industry forward, demonstrating his resolve by getting various projects off the ground, driving new drilling campaigns and developing new gas plants. Having served as the Managing Director of GEPetrol, Ondo’s experience in the oil and gas industry would be instrumental as he leads the Ministry of Mines and Hydrocarbons towards realising the country’s energy sector and wider national development agenda. Antonio Oburu Ondo has a long history as someone who understands the industry, and as such, he will help keep the market stable and continue working on attracting the necessary hydrocarbon-focused investments into the country, building on the progress that has already been achieved in Equatorial Guinea. With over 1.1 billion barrels of proven crude oil reserves and 1.5 trillion cubic feet of natural gas, and with a slate of large-scale projects being developed under the country’s wider Gas Mega Hub initiative, Equatorial Guinea’s objectives to become a regional hydrocarbon processing hub are well underway, making clear the critical role oil and gas will continue to play in Africa. Commenting on the appointment, NJ Ayuk, Chairman of African Energy Chamber, said: “The Chamber looks forward to strengthening its relationship with Antonio Oburu Ondo in his new capacity as Minister of Mines and Hydrocarbons. We will continue to work closely with him as we have done in the past to help build a sustainable energy industry in Equatorial Guinea. The country is well on its way to become a global oil and gas hub, and at the Chamber, we will continue to make good on our promise to help drive new investment and development across the oil and gas value chain in Equatorial Guinea. “Monetizing and maximizing Africa’s oil and gas reserves represents a critical way forward, especially during times of the energy transition, when Africa most needs industry expansion,” he added.       Source: https://energynewsafrica.com

Ghana: Energy Minister Meets Agitating NEDco Staff Over Their MD

Michael Creg Afful
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Ghana: Energy Minister Meets Agitating NEDco Staff Over Their MD

Ghana’s Minister for Energy, Dr Matthew Opoku Prempeh, is expected to meet the irritated staff of Northern Electricity Distribution Company (NEDCo) today(Thursday, February 9, 2023), over their call for the removal of their Managing Director, Mr.. Osman Aludiba Osman.

The staff of NEDCo, in a 7 page resolution addressed to the Board Chairman on January 11, 2023, chronicled seven points which they believe warrants the removal of Mr Osman Ayuba.

They mentioned, for instance, the worsening financial performance of NEDco, lack of strategy for NEDco, high cost of projects that have not yielded desired results, worsening distribution losses, exorbitant sole source procurement of point of sale device, lack of basic distribution line and substation maintenance tools.

On Wednesday, the staff partially withdrew their services at all operational areas comprising Upper East, Upper West, Savannah, Brong Ahafo, North East, Ahafo Region,Bono Region, Ahafo Ano South and parts of Oti Region.

The industrial action is due to the failure of the Board of Directors to meet the demand of the staff who are calling for the removal of the Managing Director, Osman Aludiba Ayuba, after several engagements.

Meanwhile, the embattled Managing Director, Mr Osman Aludiba Osman Ayuba, has written to the Board of Directors to respond to the claims of the staff.

In a 14 page letter sighted by energynewsafrica.com, Mr Osman Ayuba took his time to respond to all the claims by the staff.

He described the demand by the workers for his removal as baseless.

 

 

 

 

Source: https://energynewsafrica.com

Ghana: Herbert Krapah Appointed Deputy Energy Minister

Michael Creg Afful
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Ghana: Herbert Krapah Appointed Deputy Energy Minister
Ghana’s President Nana Akufo-Addo has appointed Mr Herbert Krapah as the Deputy Minister for Energy. Prior to the appointment, Mr Herbert Krapah was serving as a Deputy Minister for Trade. He is a governance and legal expert who served as Government Spokesperson on Governance and Legal Affairs at the Ministry of Information until December 2020. The astute lawyer who was called to the Ghana Bar in 2017 has experience in Trade and Investment Law, Commercial Law, Debt Restructuring, among others. He previously worked as a lawyer at Africa Legal Associates, a reputable law firm in Ghana. Education Mr. Krapah holds a Bachelor of Law Degree from the University of Ghana and a Master of Law Degree from the London School of Economics and Political Science, UK, where he specialised in International Finance, Secured Financing, International Commercial Arbitration and Corporate Crime. He also holds a Master of Science Degree in Development Finance from the University of Ghana Business School and a Certificate in Human Rights Law from Fordham University in New York. He is a lecturer at the University Of Ghana School Of Law where his research focuses on both legal philosophy and global constitutionalism. Herbert Krapah is a member of the Ghana Bar Association, the Programme for African Leadership and the Criminal Justice Reform Ghana. CREDENTIALS MSc(Development Finance)–University of Ghana Business School, Legon, Accra, Ghana. Master of Laws–London School of Economics and Political Science, London, UK Certificate (Human Rights Law)-Fordham University, New York, USA BL–Ghana School of Law, Accra, Ghana Bachelor of Laws–University of Ghana School of Law, Accra, Ghana BSc (Agricultural Science)-Kwame Nkrumah University of Science and Technology, Kumasi, Ghana.   Source: https://energynewsafrica.com

Biden Wants To Quadruple The Tax On Big Oil’s Stock Buybacks

Michael Creg Afful
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Share repurchase taxes should be quadrupled to punish Big Oil for their “outrageous” profits, President Biden said in remarks to this year’s State of the Union address. “You may have noticed that Big Oil just reported record profits. Last year, they made $200 billion in the midst of a global energy crisis,” the U.S. president said. “It’s outrageous.” He then went on to say that instead of using these profits to invest in more oil production and keep fuel prices down, energy companies were using them to buy back stock, “rewarding their CEOs and shareholders.” The President then proposed that to rectify this sub-optimal state of affairs, oil companies should face quadruple taxes on share repurchases and added that “They will still make a considerable profit.” This is the latest in a series of attacks on Big Oil coming from the White House, as the Biden administration appears to see the industry as the sole party responsible for movements in retail fuel prices as long as these movements are upwards. Last year, the President threatened the industry with a windfall profit tax and accused it of war profiteering because most U.S. oil producers have become careful with their spending plans, giving strong signals that production growth is not their number-one priority. Biden also threatened “other restrictions” that he did not specify as the oil industry remained stubborn in its refusal to heed calls for more investments in new production. Energy executives have repeatedly said there are obstacles to such a strategy, including inflation and the Biden administration’s own energy policies that are heavily subsidizing a shift away from fossil fuels. At the same time, industry insiders have said, the White House is making it harder for any new production to come online with a complex permitting process that compromises the economic viability of some projects.       Source: Oilprice.com

Ghana: NPA Goes After 47 OMCs For ‘Pocketing’ Primary Distribution Margin Fund

Michael Creg Afful
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Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), has issued a warning notice to 47 Oil Marketing Companies (OMCs) that are indebted to Primary Distribution Margin Fund. The Authority gave the companies up to 22nd February 2023 to settle their indebtedness or have their shareholders’ and directors’ names published. In a notice issued by the NPA on Wednesday, 8th February 2023, it said the Authority would be compelled to use all lawful means to retrieve the monies owed if they failed to settle their indebtedness. The NPA did not disclose how many years the companies have owed the Primary Distribution Margin Fund, which is one of the tax components on petroleum products. The Primary Distribution Margin is charged on every litre of petrol and diesel and it’s collected by the Oil Marketing Companies (OMCs). It is used to offset cost incurred in moving petroleum products from the coastal depots to the in land depots. Among the 45 companies mentioned in the NPA statement are Apex Petroleum Ghana Limited, Santol Energy Limited, Havilah Oil Ghana Limited, Life Petroleum Company Limited, Rich Oil Company Limited, Petro Afrique Ghana Limited, and Champion Oil Company Limited. Below is the full list of defaulting OMCs Apex Petroleum Ghana Limited Best Petroleum Bisvel Petroleum Services Black Rock Energy Limited Capstone Oil Limited Champion Oil Company Limited Deep Petroleum Limited Deliman & Co Limited G& G Oil Limited Glee Oil Limited Golden Petroleum Limited Havilah Oil Ghana Limited Hossana Oil Company Limited Humano Energy Limited Jas Petroleum Limited Karela Oil And Gas Limited Life Petroleum Company Limited Lillygold Energy Resources Limited Maiga & Hhm Company Limited Mba Global Petroleum Limited MM Energy Limited Nuru Oil Company Limited Nujenix Company Limited Orient Energy Limited Oval Energy Company Limited P&O Energy Company Limited Perfect Petroleum Company Limited Petra Energy Limited Petro Afrique Ghana Limited Petro XP Ghana Limited Precious Energy Ghana Limited Q8 Oil (Gh) Company Limited Rich Oil Company Limited Rodo Oil Limited Royal Roses Oil Company Limited Safety Petroleum Limited Santol Energy Limited Sawiz Petroleum Company Limited Sephem Oil Company Limited Sky Petroleum Limited Spirits Petroleum Limited Titan Petroleum Limited Union Oil Ghana Limited Universal Oil Company Limited Warren Oil Company Limited Zoe Petroleum Limited     Source: https://energynewsafrica.com

French Strikes Halt Fuel Shipments From Refineries And A Fuel Depot

Michael Creg Afful
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A nationwide strike in France over a proposed pension reform interrupted on Tuesday the shipment of fuels from refineries and a fuel depot of TotalEnergies, the French supermajor told Reuters. Workers and employees in various sectors, including the energy sector, civil servants, and teachers, have been staging strikes for weeks to protest against President Emmanuel Macron’s plan to raise the retirement age.   Workers at the oil refineries at Donges and Feyzin, operated by TotalEnergies, are on strike today, a representative of the Force Ouvriere trade union told Reuters. Workers at the fuel depot Flandres have also joined the massive industrial action in France, the official added.   This is not the first time that fuel deliveries have been disrupted by strikes this year.  Two weeks ago, the strike in France halted wholesale fuel deliveries from three refineries operated by TotalEnergies on the first day of a series of planned nationwide strikes in many sectors. The Donges, Normandy, and Feyzin refineries of TotalEnergies stopped the wholesale supply of gasoline and diesel, while the refinery at Feyzin had to reduce processing rates to a minimum on January 19. TotalEnergies and the French unit of ExxonMobil hold most of the refining capacity in France. The strikes against Macron’s unpopular pension reform are expected to continue. The most recent wave of strikes comes three months after refinery workers went on strike for weeks in September and October amid a pay row. Strikes at refineries in France in the autumn of 2022 left more than 60% of the country’s refining capacity offline while gas stations in and around Paris and in the northern part of the country began to run out of fuel. The strikes against the planned pension reform also come just as the EU banned imports of petroleum products from Russia as of February 5.     Source: Oilprice.com

Ghana: Dr. Amin Adam Removed From Energy Ministry

Michael Creg Afful
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Ghana: Dr. Amin Adam Removed From Energy Ministry
Ghana’s President Nana Akufo-Addo has removed Dr. Mohammed Amin Adam, as deputy Minister for Energy and replaced him with Mr. Herbert Krapah. The President, however, reassigned him to the Ministry of Finance as Minister of State. Dr. Amin served as deputy minister for energy since 2017 and has spearheaded the drafting and formulation of Ghana’s Gas Master Plan. He did a lot of extensive work in Ghana’s extractive sector prior to becoming a deputy minister in 2017. He studied Petroleum Economics from CEPMLP of the University of Dundee in the UK specializing in petroleum fiscal systems, fiscal policy in resource-led economies, and resource governance. He also holds an MPhil (Economics) and B.A. (Hons) Economics from the University of Cape Coast in Ghana and is a Fellow of the Institute of Certified Economists of Ghana (ICEG).     Source: https://energynewsafrica.com

Ghana: Gold For Oil: NPA Offers Explanation In 23 Points

Michael Creg Afful
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Ghana: Gold For Oil: NPA Offers Explanation In 23 Points
Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), has explained to Ghanaians the Government of Ghana’s Gold For Oil programme. This comes on the back of the controversy surrounding the programme following the arrival of 41,000 metric tons of fuel in the latter part of January 2023. Below is an explanation by NPA:  Introduction:
  1. The Gold for Oil (G4O) Programme is an initiative of the Government of Ghana to use the existing Bank of Ghana (BoG) Domestic Gold Purchase (DGP) Programme to support the import of petroleum products into Ghana.
  2. The prime objective of the programme is to use additional foreign exchange resources from the BoG’s DGP programme to provide foreign currency for the importation of petroleum products for the country which currently stands at about USD350 million per month.
  3. The government has begun the implementation of the G4O Programme where gold purchases under the BoG’s DGP Programme mainly through the Precious Minerals and Marketing Company (PMMC) and where required from aggregators and mining firms is used to purchase petroleum products.
  4. This is intended to free up foreign exchange resources to meet petroleum imports of the country thereby reducing pressures on the Bank of Ghana’s foreign reserves and the banking sector emanating from the Bulk Import, Distribution and Export Companies (BIDECs) request for foreign exchange.
  5. The programme also aims to procure petroleum products at very competitive prices through Government-to-Government (G2G) arrangements. The programme will ensure that the cost of importing the products from international oil traders will always be comparatively lower.
  6. The consequent reduction in foreign exchange pressures, the reduction in premiums charged by international oil traders as well as efficiency gains from the value chain will translate to lower ex-pump prices in the country. The G4O Programme Process Flow and Requirements:
  7. Under the programme, all the more gold produced and exported by companies with licensed small-scale concessions including community mines through the PMMC shall be purchased by the BoG. The Ministry of Lands and Natural Resources has issued directives towards the realisation of the programme.
  8. The purchased more gold is used for the payment of oil supply to Ghana. Payment for oil supply is to be done in two channels: by way of barter trade or via broker channel.
The Barter Channel:
  • For suppliers willing to take gold in direct exchange for petroleum products, BoG will provide equivalent volume of gold. Both the Bank and the International Oil Trading Companies (IOTCs) are required to open Gold Metal Accounts in a mutually agreed gold refinery for the purpose of gold transfer.
  • BoG accumulates refined gold in its metal account at a refinery nominated by a supplier to fund petroleum product shipments.
  • BoG transfers equivalent amount of gold based on petroleum products supply invoice from its metal account to a supplier’s metal account on receipt of Quality Certificate (QC) of the product supplied and final invoice from Bulk Oil Storage and Transport Company (BOST). The Broker Channel:
  • BoG executes a Gold Supply Agreement under which it sells gold to a gold broker, which provides forex cover to pay for petroleum products.
  • Gold Broker buys dore gold from BoG and deposits the proceeds in BoG gold holding account.
  • BoG transfers funds from gold holding account to an Escrow Account to pay for petroleum product shipment on receipt of QC and final invoice from BOST.
  1. BOST, a state company, operates as an off taker for petroleum products, and therefore executes an agreement with IOTCs for the import of petroleum products to Ghana, for onward sale to licensed BIDECs.
  2. BIDECs buy directly from BOST with cash and or a letter of credit (guarantee) from a reputable financial institution.
  3. BOST and the National Petroleum Authority (NPA) ensure that the cedi proceeds from the sale of imported petroleum products will be collected and deposited with a collection bank in favour of BoG. The collection bank is required to transfer collected funds into BoG’s G4O proceeds account within 48-hours which is then used to fund the next cycle of gold purchases.
  Pricing of Products:
  1. To ensure that the price of petroleum products imported under the G4O programme reflects at the pumps to benefit the consumer, the NPA will regulate the prices of these products in the interim to correct market failure until the policy matures.
  2. NPA will work with BOST to negotiate prices with the international oil traders to ensure that the landed cost of products procured under the programme are always competitive. NPA will approve the IOTC that will be selected to supply products to BOST under the programme based on the competitiveness of the offers made by them. BOST will sign supply contracts only after approval has been granted by the NPA.
  3. The price at which BOST will sell the products to BIDECs will be approved by the NPA. The price at which the BIDECs will sell the products to Oil Marketing Companies (OMCs) will also be approved by the NPA.
  4. The applicable exchange rate for pricing the products supplied under G4O will be based on the average rate at which the gold was purchased from the licensed gold exporters by BoG.
  5. The NPA will put measures in place to ensure that OMCs that lift products supplied under the G4O programme pass the price on to consumers accordingly. In this respect, BIDECs and OMCs who lift and supply G4O products will sell at the ex-refinery and ex-pump prices that will be determined by the NPA. If there must be a comingling of products supplied under G4O and other sources, the ex-refinery and ex-pump prices will be computed using a weighted average.
  6. All BIDECs and OMCs who wish to purchase products under the G4O programme will be required to sign off an undertaking confirming their willingness to comply with the terms and conditions for partaking in the purchase and sale of G4O products.
  7. To ensure that the impact of the G4O programme on ex-pump price will be significant and effectively monitored, the number of BIDECs and OMCs who will be permitted to lift G4O products will be controlled. Payment Structure:
  8. BOST will be required to pay for products supplied to it under G4O into an Escrow Account at BoG within 60 days of receipt of products from the international oil traders.
  9. BIDECs will be required to pay for products procured from BOST within 15 days of loading. Payment for the products will either be on a cash basis or with a 15-day letter of credit (LC) from reputable commercial banks.
  10. BOST will be required to provide BoG with copies of the LCs from BIDECs for verification and to give BoG the assurance that receipt of payments will be made on agreed dates.
Laycan Allocation for Product Imports:
  1. The NPA will ensure that adequate laycan slots are allocated to BOST to import products under the programme.
  2. NPA will advise BOST on the projected demand on a monthly basis.
      Source: NPA

Uganda: UETCL Appoints Joshua Karamagi As New CEO

Michael Creg Afful
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Uganda: UETCL Appoints Joshua Karamagi As New CEO
The Board of Uganda Electricity Transmission Company Limited (UETCL) has appointed Mr. Joshua Karamagi as the company’s new Chief Executive Officer (CEO). He replaces George Rwabajungu who resigned in August 2022. According to UETCL, Mr. Karamagi will assume his new role on March 1, 2023. ”The board and management of UETCL welcomes Mr. Joshua Karamagi the new incoming CEO who will assume office on March 1, 2023,” the company said in a tweet on Monday. Prior to his latest appointment, Karamagi has been serving at Uganda Electricity Generation Company Limited (UEGCL) as the chief finance officer, since 2015. Karamagi is accomplished finance professional and business leader boasting over 25 years of CFO experience, in energy infrastructure finance and investments; business consulting, audit and assurance. At UEGCL, he is remembered for being a key member of the team that developed two major hydro power projects worth $2 billion. Before joining UEGCL, he served across a number of senior positions in the public sector including at Makerere University and NSSF. He has also previously served as an assistant commissioner (Treasury) at the Ministry of Finance, Planning and Economic Development, where he was in-charge of monetary and fiscal policy for Uganda’s budget. He holds a Master of Business Administration from Edinburgh Business School, Herriot-Watt University, as well as Bachelor of Commerce from Makerere University.       Source: https://energynewsafrica.com

OPEC “Cautiously Optimistic” About Oil Demand Amidst Reopening Of China

Michael Creg Afful
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OPEC “Cautiously Optimistic” About Oil Demand Amidst Reopening Of China
OPEC’s top official said he sees a “more upbeat” economic outlook as China reopens after several years of virus restrictions. “There’s a positive mood and optimism, which I must always say is cautious optimism,” Secretary-General Haitham Al-Ghais said on Monday, February 6, 2023 at the India Energy Week forum. While there’s a lot of potential for oil demand this year, the “beast” of Covid-19 means there’s also the risk of volatility, Al-Ghais cautioned. Ministers from the OPEC+ coalition are just “a phone call away to step in when necessary,” he added. Oil is trading at about $80 a bbl in London after a rocky start to the year, as traders weigh China’s resumption of travel against a renewed wave of virus cases and signs of plentiful supply. The Organization of Petroleum Exporting Countries and its allies opted to keep output levels unchanged at a monitoring meeting last week, deciding that hefty cutbacks agreed late last year should be sufficient to stabilize markets for the time being. At the same time, the group has indicated that despite the nascent signs of demand recovery, it’s still too early to start lifting production levels again. “I will believe it when I see it and then take action,” Prince Abdulaziz bin Salman, energy minister of OPEC leader Saudi Arabia said on Saturday in Riyadh.    

Source :Worldoil.com

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