Source: https://energynewsafrica.com Ghana: Sunon Asogli Power Ghana Celebrates Chinese Children’s Day With Kpone Methodist School
Ghana’s largest independent power producer, Sunon Asogli Power Ghana, has donated assorted items to the Kpone Methodist School, where it operates.
The donation was to commemorate Children’s Day in China, where, Shenzhen Energy Group, the parent company of Sunon Asogli Power Ghana, is located.
Children’s Day is observed annually on the 1st of June to demonstrate to children that they are loved and cared for.
In a statement copied to energynewsafrica.com, it said: “In preparation for this day, Sunon Asogli Power employees set up a donation box where they could give from the bottom of their hearts.”
The statement said donations from the donation box were used to purchase school supplies while the company provided two table tennis boards, table tennis bats and balls, a projector, footballs, candies and a variety of snacks.
The General Manager of Sunon Asogli Power, Mr Jin Zhengyi, commented: “The donation was a small gesture to show the children that they are loved and will remain in everyone’s hearts.”
Continuing, he said: “We must all make a small effort to put a smile on each child’s face. We hope that our efforts here today will brighten the day of the children.”
The Headmistress of the Methodist School, Madam Juliana Sarpong-Asante, who received the donation on behalf of the school, expressed gratitude to the company for its generosity.
She was excited to teach the students table tennis, which can be an avenue for the students to gain scholarships.
Sunon Asogli Power employees promised to do more to show their love for the community.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Nigeria: Power Minister Charges New TCN Board To Work As A Team
Nigeria’s Minister for Power, Engr Abubakar D. Aliyu, on Thursday, inaugurated the 14 member- governing board of the Transmission Company of Nigeria (TCN) with a call on them to work as a team while superintending over the affairs of the TCN.
The new Board is chaired by Mr Bukar Bulama Buni.
The rest are Engr Sule Abdulazeez, Managing Director, TCN; Appolonia Okigbo, representative of South-East; Ahmad Talba Imamuddeen, representative of North-East; Clement Omeizabaiye, representative of North-Central, and Muhammad A. Wazaram, representative of North-East.
Nigeria’s Minister for Power, Engr Abubakar D. Aliyu, on Thursday, inaugurated the 14 member- governing board of the Transmission Company of Nigeria (TCN) with a call on them to work as a team while superintending over the affairs of the TCN.
The new Board is chaired by Mr Bukar Bulama Buni.
The rest are Engr Sule Abdulazeez, Managing Director, TCN; Appolonia Okigbo, representative of South-East; Ahmad Talba Imamuddeen, representative of North-East; Clement Omeizabaiye, representative of North-Central, and Muhammad A. Wazaram, representative of North-East.
Other members of the Board are Abdul Karim Babatunde Disu, representative of South-West; Osagie Edible, representative of South-South; Gazalli M. Tukur, representative of North-West; Nsima Udo Ekere, representative of South-South; Ali Haruna, representative of North-West; The Director Transmission Services, Federal Ministry of Power Hajia Aisha Omar, representative Federal Ministry of Finance and the Director-General, Bureau of Public Enterprise.
Source: https://energynewsafrica.com
Nigeria’s Minister for Power, Engr Abubakar D. Aliyu, on Thursday, inaugurated the 14 member- governing board of the Transmission Company of Nigeria (TCN) with a call on them to work as a team while superintending over the affairs of the TCN.
The new Board is chaired by Mr Bukar Bulama Buni.
The rest are Engr Sule Abdulazeez, Managing Director, TCN; Appolonia Okigbo, representative of South-East; Ahmad Talba Imamuddeen, representative of North-East; Clement Omeizabaiye, representative of North-Central, and Muhammad A. Wazaram, representative of North-East.
Other members of the Board are Abdul Karim Babatunde Disu, representative of South-West; Osagie Edible, representative of South-South; Gazalli M. Tukur, representative of North-West; Nsima Udo Ekere, representative of South-South; Ali Haruna, representative of North-West; The Director Transmission Services, Federal Ministry of Power Hajia Aisha Omar, representative Federal Ministry of Finance and the Director-General, Bureau of Public Enterprise.
Source: https://energynewsafrica.com
Other members of the Board are Abdul Karim Babatunde Disu, representative of South-West; Osagie Edible, representative of South-South; Gazalli M. Tukur, representative of North-West; Nsima Udo Ekere, representative of South-South; Ali Haruna, representative of North-West; The Director Transmission Services, Federal Ministry of Power Hajia Aisha Omar, representative Federal Ministry of Finance and the Director-General, Bureau of Public Enterprise.
Source: https://energynewsafrica.com
Nigeria’s Minister for Power, Engr Abubakar D. Aliyu, on Thursday, inaugurated the 14 member- governing board of the Transmission Company of Nigeria (TCN) with a call on them to work as a team while superintending over the affairs of the TCN.
The new Board is chaired by Mr Bukar Bulama Buni.
The rest are Engr Sule Abdulazeez, Managing Director, TCN; Appolonia Okigbo, representative of South-East; Ahmad Talba Imamuddeen, representative of North-East; Clement Omeizabaiye, representative of North-Central, and Muhammad A. Wazaram, representative of North-East.
Other members of the Board are Abdul Karim Babatunde Disu, representative of South-West; Osagie Edible, representative of South-South; Gazalli M. Tukur, representative of North-West; Nsima Udo Ekere, representative of South-South; Ali Haruna, representative of North-West; The Director Transmission Services, Federal Ministry of Power Hajia Aisha Omar, representative Federal Ministry of Finance and the Director-General, Bureau of Public Enterprise.
Source: https://energynewsafrica.com
Nigeria’s Minister for Power, Engr Abubakar D. Aliyu, on Thursday, inaugurated the 14 member- governing board of the Transmission Company of Nigeria (TCN) with a call on them to work as a team while superintending over the affairs of the TCN.
The new Board is chaired by Mr Bukar Bulama Buni.
The rest are Engr Sule Abdulazeez, Managing Director, TCN; Appolonia Okigbo, representative of South-East; Ahmad Talba Imamuddeen, representative of North-East; Clement Omeizabaiye, representative of North-Central, and Muhammad A. Wazaram, representative of North-East.
Other members of the Board are Abdul Karim Babatunde Disu, representative of South-West; Osagie Edible, representative of South-South; Gazalli M. Tukur, representative of North-West; Nsima Udo Ekere, representative of South-South; Ali Haruna, representative of North-West; The Director Transmission Services, Federal Ministry of Power Hajia Aisha Omar, representative Federal Ministry of Finance and the Director-General, Bureau of Public Enterprise.
Source: https://energynewsafrica.com
Other members of the Board are Abdul Karim Babatunde Disu, representative of South-West; Osagie Edible, representative of South-South; Gazalli M. Tukur, representative of North-West; Nsima Udo Ekere, representative of South-South; Ali Haruna, representative of North-West; The Director Transmission Services, Federal Ministry of Power Hajia Aisha Omar, representative Federal Ministry of Finance and the Director-General, Bureau of Public Enterprise.
Source: https://energynewsafrica.com Cameroon: Ghanaian Energy Firm Sunon Asogli, CEECL Win Bid For 350MW Limbe Gas Power Plant
Ghana’s largest independent power producer, Sunon Asogli Power Ghana, and its partner, China Energy Engineering Corporation Ltd, have been prequalified to carry out the construction works of the 350MW Limbé gas power plant and associated power lines in Cameroon.
The consortium was selected following the Restricted International Invitation to Tender launched by the West African nation’s Ministry of Water and Energy.
The results were made public on May 27. There were five which put in the bid for the project.
The call for tenders was launched on May 7, 2020, and the companies had August 10, 2020, as the deadline to submit their bids to the Ministry of Water and Energy (Minee).
After nearly two years of examination, only the offer proposed by Sunon Asogli and its partner was able to meet the expectations of the special commission for partnership contracts set up by the Ministry.
The evaluation was made based on the technical and financial qualifications of each offer.
According to a local report, out of 100 points, Sunon Asogli and CECL were able to pull off 81.7 per cent.
“The Minister invites the Managing Director of the group of companies Sunon Asogli Power (Ghana) Limited/China Energy Engineering Corporation Limited to get in touch with his Cabinet for the start of the pre-qualification dialogue. A consultation to angle on the technical means, as well as the legal and financial arrangement for the realisation of the studies, the construction and the exploitation. ”
However, in the event of non-agreement between the two parties, the invitation to tender may be cancelled and a new recruitment process would be initiated. In addition, said press release invites those companies that have not been selected to collect “within two weeks, their offers from the office of the Minister for Water and Energy, upon publication of this press release. After this period, offers not withdrawn will be destroyed.
The companies which were eliminated for “non-compliant’’ are the Folder Energy partners limited / China Machinery Engineering Corporation Limited group based in Douala in Cameroon, ACWA Power based in the United Arab Emirates, AKSA ENERJI Uretim AS based in Turkey and Power Construction Corporation of China Limited based in China.
Commenting on the development, Director of Sunon Asogli Power Ghana Limited, Togbe Afede XIV, who expressed gladness, said: “This is an exciting milestone in the pursuance of our Pan-African development agenda, and our desire to be part of the solution to electric power supply problems on the continent.”
Source: https://energynewsafrica.com
Why Nigeria’s Power Generation, Distribution Remains Epileptic – Experts
A research conducted by experts in the power sector has revealed why there has been a consistent lapses in electricity generation and distribution chain in Nigeria, despite various intervention programmes.
In the research detailing the challenges still plaguing Nigeria’s electricity distribution companies (DisCos), low system efficiencies or high Aggregate, Technical and Commercial, ATC&C, losses, ageing infrastructure, poor customer relationship management, and a history of less than cost-reflective tariffs were listed as major impediments to the sector.
The research conducted by Nextier, also highlights Nigeria’s electricity supply industry challenges to financing, noting that the capital structure of acquisition debt and expansion financing poses more challenge for infrastructure assets operated in a regulated utility.
Also itemized as hindrance, is the challenge of raising the required long-term patient capital aligned to the long-lived infrastructure assets.
“As a result, it has been a challenge for the companies to service debts, meet the necessary rehabilitation and expansion commitments, improve efficiencies, and simultaneously pay their upstream invoices to other market participants and administrative entities.
“In the context of the Nigerian market, the Multi-Year Tariff Order (MYTO), a methodology for regulating prices and rewarding the performance of industry operators, forms the basis of electricity tariffs. The MYTO allows for bi-annual minor reviews to account for changes in the parameters that influence tariffs, such as available power generation, inflation, exchange rates and gas prices.
“These minor reviews provide a 6-month generation forecast. However, factors such as gas availability, water management and transmission infrastructure capabilities also constrain actual generation,”the Nextier paper report asserted.
It noted that due to these interdependencies within the sector, the DisCos lack complete control of all the factors that impact their operational excellence. Insisting that from a DisCo perspective, some of the upstream expenses are not incurred due to the unavailability of energy supply, system constraints still result in lost revenue and profits.
“A holistic approach to solving the issues in the sector is required if the NESI is to achieve its potential. Furthermore, solving the problems faced by the DisCos would help facilitate a more competitive electricity market, “the report stressed.
Source: independent.ng
Tullow Oil Merges With Capricorn In $827Million All-Share Deal
Tullow Oil will acquire Capricorn Energy in an all-stock deal worth 656.9 million pounds ($826.7 million), keeping a focus on African reserves amid soaring energy prices.
Investors in Capricorn, formerly known as Cairn Energy, will receive 3.8068 Tullow shares for each share they hold, the companies said on Wednesday.
“The combination represents a unique opportunity to create a leading African energy company, listed in London, with the financial flexibility and human resource capability to access and accelerate near-term organic growth,” the companies said.
The Russia-Ukraine war has sent crude oil and gas prices higher as sanctions on Moscow squeeze supplies.
The combined group, to be led by Tullow boss Rahul Dhir and majority-owned by the West Africa-focused firm, is expected to have an output of 96,000 barrels of oil equivalent per day, with pro forma reserves of 343 million barrels of oil equivalent.
Tullow’s flagship offshore oilfields in Ghana will make up the biggest share of the new group’s reserves and production, three- quarters of which will be oil and one-quarter gas.
The larger company, which is expected to have a new name, will have production across Africa, including Egypt, Gabon, and Ivory Coast.
The merger will offer annual savings of $50 million and investors in the new group will get an annual dividend of $60 million, ending a payout drought for Tullow shareholders.
Shares in Tullow, which last closed at a price of 54.60 pence each, reversed initial losses to trade about 0.6% higher by 0759 GMT. Capricorn Energy shares were up 0.7%. The wider oil and gas index fell 0.6%.
Morgan Stanley and Rothschild & Co were Capricorn’s financial advisers, while PJT Partners and Barclays advised Tullow. The boards of both energy companies backed the deal.
Separately, energy services provider Wood Plc WG.L agreed to sell its consulting unit for $1.9 billion.
Windfall Tax To Cost UK-Focused Oil Firms More Than $3 Billion
The new windfall tax on profits of oil and gas companies in the UK is expected to cost the medium-sized North Sea-focused companies a total of $3.3 billion through 2025, according to investment bank Jefferies.
Following months of rumors and indecision, the UK government announced last week a 25 % Energy Profits Levy, commonly referred to as a “windfall tax”, as part of a package to ease the cost-of-living crisis stemming from huge rises in household energy bills.
The move has long been opposed by the industry, which argued that a windfall tax would add uncertainty to the UK tax regime and hit new investments in the UK North Sea at a time when the UK grapples with reducing reliance on foreign imports of oil and gas.
Harbour Energy, Serica Energy, and EnQuest—all listed UK oil and gas producers—will see $3.3 billion going to the energy profit levy by 2025, when the tax is set to expire, analysts at Jefferies say, as carried by Bloomberg.
However, the analysts kept their “buy” ratings on the companies, expecting the high oil and gas prices to still help them generate higher profits this year.
The windfall tax legislation also contains a so-called investment allowance, under which operators developing new fields or improving existing facilities could claim huge additional reliefs against the new tax, Wood Mackenzie said.
“The move is unlikely to render new or existing projects uneconomic and it could even accelerate ‘ready to go’ developments, such as Rosebank and Cambo. Moving those forward to a final investment decision has been incentivized,” Neivan Boroujerdi, Research Director, North Sea upstream, at WoodMac said.
The high profits from the high prices and the diversification of most operators will limit the impact of the windfall tax, Fitch Ratings said earlier this week. Ithaca Energy will be the most affected as all its operations are in the North Sea, Harbour Energy is most affected among the medium-sized companies, while the “impact of the levy on oil and gas majors will be minimal due to their highly diversified operations, income streams coming from various sectors other than oil and gas extraction and strong credit metrics,” Fitch said.
The majors have already voiced concerns over the new tax.
BP said it would review plans for $22.7 billion (18 billion pounds) investments in the UK energy system—investments that include low-carbon projects as well.
Shell said, “in its current form the levy creates uncertainty about the investment climate for North Sea oil and gas for the coming years.”
Source: Oilprice.com
Ghana: Vice President Commissions Second Biggest Bulk Supply Point In Kasoa(Photos)
The Vice President of the Republic of Ghana, His Excellency Dr. Mahamudu Bawumia has commissioned the West African nation’s second-largest Bulk Supply Point (BSP) in Kasoa (BSP) in the East Awutu-Senya Municipality of the Central Region.
The Kasoa BSP is the second-largest Bulk Supply Point after the Pokuase Bulk Supply Point in the Greater Accra Region.
It was funded by the Millennium Challenge Corporation (MCC), a United States Agency, at the cost of US$50 million.
The project was executed by the Millennium Development Authority (MiDA), the entity implementing the Ghana Power Compact II with Siemens Energy SAS as a contractor.
It will ensure improved and reliable power supply to residents and businesses in Kasoa, as well as Winneba and nearby communities.
Speaking at the commissioning of the 435 Mega Volts Amps (MVA) Gas Insulated Switchgear (GIS) substation, Vice President Dr. Bawumia said the project, which started two and a half years ago, would significantly improve power supply in the fast-growing and rapidly industrialising Kasoa community and beyond.
“This strategic investment will also contribute to the reduction in technical losses, improve power quality and also resolve issues related to the quantum of unserved energy, thereby, improving the operational efficiency and finances of ECG and GRIDCo,” Dr. Bawumia added.
The Vice President noted that the Kasoa Bulk Supply Point, which is the second of two programmes under the US Government’s Millennium Challenge Account agreement with Ghana, has, together with the other programme, added to the wealth of Ghana.
“From the Agricultural Transformation Compact in 2007-2012 and to the Power Compact, from 2017 to date, Ghana’s Compact Programmes have benefited from some US$863 million grant funds that have supported investments in vital projects and aided players in our local supply chains,” Dr. Bawumia said.
“These interventions, funded by the Government and People of the United States of America, have resolved some binding constraints in two vital sectors of our economy, and have left excellent benchmarks in Development Programme Management that are worthy of emulation; in particular the use of donor funds to complete projects on time and within budget.”
The Vice President conveyed Ghana’s sincerest appreciation to the Government of the United States of America for its support and cooperation.
On the state of power supply in the country, Dr. Bawumia said the government of the NPP has invested significantly to improve the erratic power supply the government inherited.
“As we inaugurate a significant piece of power infrastructure like this substation today, it is worth noting that lots of resources have also gone into Ghana’s Energy sector since our government came into Office in 2017. This is evidenced by the fact that the phenomenon of erratic power supply has eased, and the availability of good quality power has improved, enabling businesses to gradually increase production and enhance productivity.”
The inauguration of the Kasoa Bulk Power Supply brings to an end Ghana’s second programme under the Millennium Challenge Account agreements.
Ghana remains one of the only a few countries to complete two programmes under the MCA, and Dr Bawumia, who was involved in both agreements, made a call to the United States for a third Compact Agreement.
“As the Compact draws to a close, let me emphasise that the bond between Ghana and the United States of America will continue to strengthen, enabling the realisation of our shared values, which focus on sustainable economic growth, job creation and poverty reduction.
“We eagerly look forward to Ghana’s nomination for yet another Millennium Challenge Compact Programme.
“I was intimately involved in the first Compact, I was intimately involved in the 2nd Compact and I hope to be intimately involved in the 3rd Compact.”
The Board Chairperson of MiDA, Prof Ntiamoa-Baidu, who commended all the stakeholders for contributing to the successful completion and handling of the project, was hopeful that the project would support the development of the power sector, boost private sector investments, improve productivity and raise the earning potential from self-employment, for men and women in the coverage area.
Board Chairman of Ghana Grid Company (GRIDCo), Ambassador Kabral Blay-Amihere, said despite some challenges faced in the energy sector, GRIDCo has worked to improve power transmission to ECG.
On his part, the Managing Director of ECG, Samuel Dubik Masubir Mahama, praised the USA Government and MiDA for the project, noting that it would improve power reliability to ECG customers.
Source: https://energynewsafrica.com
The Vice President conveyed Ghana’s sincerest appreciation to the Government of the United States of America for its support and cooperation.
On the state of power supply in the country, Dr. Bawumia said the government of the NPP has invested significantly to improve the erratic power supply the government inherited.
“As we inaugurate a significant piece of power infrastructure like this substation today, it is worth noting that lots of resources have also gone into Ghana’s Energy sector since our government came into Office in 2017. This is evidenced by the fact that the phenomenon of erratic power supply has eased, and the availability of good quality power has improved, enabling businesses to gradually increase production and enhance productivity.”
The inauguration of the Kasoa Bulk Power Supply brings to an end Ghana’s second programme under the Millennium Challenge Account agreements.
Ghana remains one of the only a few countries to complete two programmes under the MCA, and Dr Bawumia, who was involved in both agreements, made a call to the United States for a third Compact Agreement.
“As the Compact draws to a close, let me emphasise that the bond between Ghana and the United States of America will continue to strengthen, enabling the realisation of our shared values, which focus on sustainable economic growth, job creation and poverty reduction.
“We eagerly look forward to Ghana’s nomination for yet another Millennium Challenge Compact Programme.
“I was intimately involved in the first Compact, I was intimately involved in the 2nd Compact and I hope to be intimately involved in the 3rd Compact.”
The Board Chairperson of MiDA, Prof Ntiamoa-Baidu, who commended all the stakeholders for contributing to the successful completion and handling of the project, was hopeful that the project would support the development of the power sector, boost private sector investments, improve productivity and raise the earning potential from self-employment, for men and women in the coverage area.
Board Chairman of Ghana Grid Company (GRIDCo), Ambassador Kabral Blay-Amihere, said despite some challenges faced in the energy sector, GRIDCo has worked to improve power transmission to ECG.
On his part, the Managing Director of ECG, Samuel Dubik Masubir Mahama, praised the USA Government and MiDA for the project, noting that it would improve power reliability to ECG customers.
Source: https://energynewsafrica.com Ghana: NPA CEO Receives Outstanding Public Sector Leader Award
The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, has been honoured with the ‘Outstanding Public Sector Leader’ Award for the year 2021 at the Ghana CEO Excellence Awards held at the plush Kempinski Hotel in Accra.
He was awarded for his Sterling Leadership, Achievement, Business Excellence and Professionalism over the last decade in the public sector of Ghana’s economy.
The citation in conferring the award said: “He has demonstrated being a model of business excellence leadership, vision, demonstrates a high standard of ethical practices, professionalism, investment, job creation in Ghana and positive impact to the business community over a year.”
Other award winners were Kwame Osei Prempeh, CEO of GOIL, who won the CEO of the Year in the petroleum downstream sector; Selorm Adadevoh; CEO of MTN, who was rewarded the CEO of the Year in the telecommunication category; John Kofi Adomakoh, Managing Director of GCB Bank, who won the CEO of the Year, banking; Emmanuel Antwi-Darkwa, CEO of Volta River Authority, who received the CEO of the Year award in the energy and power sector; Stefano Gallini, MD of GHACEM, who won the CEO of the Year in the manufacturing cement category; and Saiid Masri, CEO of Compu Ghana, who received the CEO of the Year award in the electronics and retail category.
Norkor Duah, CEO of Mullenlowe; Ishmael Yamson, Chairman of Ishmael Yamson and Associates; Dr. K.K Sarpong, former CEO of GNPC and Esther Cobbah, CEO of Stractcom Africa received the Hall of Fame award.
Others were Ernestina Abeh, CEO of Enterprise Insurance, who won the CEO of the Year in the general insurance category; Dr David Ofosu Dorte, Chairman of AB & David Africa, who won the CEO of the Year award in the law practice sector; Daniel Kojo Owusu, Country Manager of Deloitte Ghana, who received the CEO of the Year award in the consulting sector; Dr Daniel McKorley; CEO of McDan, who received the CEO of the Year award in the shipping sector and Amar Dee S. Hari, CEO of IMPC, who won the CEO of the year in the technology/ICT space.
The 6th Ghana CEO Summit theme was: ‘Digital leadership for the digital economy: leading digital business and government transformation. A private-public sector CEO dialogue and learning’.
Source: https://energynewsafrica.com
The citation in conferring the award said: “He has demonstrated being a model of business excellence leadership, vision, demonstrates a high standard of ethical practices, professionalism, investment, job creation in Ghana and positive impact to the business community over a year.”
Other award winners were Kwame Osei Prempeh, CEO of GOIL, who won the CEO of the Year in the petroleum downstream sector; Selorm Adadevoh; CEO of MTN, who was rewarded the CEO of the Year in the telecommunication category; John Kofi Adomakoh, Managing Director of GCB Bank, who won the CEO of the Year, banking; Emmanuel Antwi-Darkwa, CEO of Volta River Authority, who received the CEO of the Year award in the energy and power sector; Stefano Gallini, MD of GHACEM, who won the CEO of the Year in the manufacturing cement category; and Saiid Masri, CEO of Compu Ghana, who received the CEO of the Year award in the electronics and retail category.
Norkor Duah, CEO of Mullenlowe; Ishmael Yamson, Chairman of Ishmael Yamson and Associates; Dr. K.K Sarpong, former CEO of GNPC and Esther Cobbah, CEO of Stractcom Africa received the Hall of Fame award.
Others were Ernestina Abeh, CEO of Enterprise Insurance, who won the CEO of the Year in the general insurance category; Dr David Ofosu Dorte, Chairman of AB & David Africa, who won the CEO of the Year award in the law practice sector; Daniel Kojo Owusu, Country Manager of Deloitte Ghana, who received the CEO of the Year award in the consulting sector; Dr Daniel McKorley; CEO of McDan, who received the CEO of the Year award in the shipping sector and Amar Dee S. Hari, CEO of IMPC, who won the CEO of the year in the technology/ICT space.
The 6th Ghana CEO Summit theme was: ‘Digital leadership for the digital economy: leading digital business and government transformation. A private-public sector CEO dialogue and learning’.
Source: https://energynewsafrica.com Ghana: Petrol To Sell More Than GHc10 Per Litre-IES Predicts
The Institute for Energy Policy (IES) in the Republic of Ghana is predicting that petrol price could go up by between five per cent and nine per cent in the first pricing window in June 2022.
Currently, a litre of petrol is sold between GHc9.55 and GHc9.85 per litre.
Per the prediction of IES, a litre of petrol could be sold for more than GHc10.00.
“On the back of the cedi’s depreciation and the 11.05 per cent jump in the price of gasoline on the international fuel market, gasoline in Ghana is set to sell above Gh¢10.00 per litre, which translates into Gh¢45 per gallon,” it said in a statement.
The energy think tank, however, noted that prices of gasoil (diesel) and LPG will somehow witness some form of stability.
“The 5.49 and 4.13 percentage drops in the prices of fossil and LPG respectively on the international market may not necessarily lead to a reduction at the local retail outlets as most marketers will look to maintain their prices to offset the losses from the depreciation of the cedi,” IES noted.
Meanwhile, the price of gasoil may cross the Gh¢12.00 per litre mark (Gh¢54.00 per gallon) across most OMCs despite the drop in price on the world market, owing to the decline in the value of the cedi against the greenback.
Source: https://energynewsafrica.com
Gazprom Cuts Off Gas Supply To The Netherlands
Russian gas giant Gazprom has announced that it will stop gas supplies to the Netherlands by Wednesday, in a reaction to the refusal by Dutch energy trader GasTerra to pay in rubles.
Gazprom’s move was widely expected following Russian President Vladimir Putin’s announcement that all European gas deliveries should be paid in rubles.
In a reaction, Dutch GasTerra stated that it already secured supply from elsewhere. The cancellation of the current contract is slated to be for the period May 31 – October 1 2022, entailing around 2 billion cubic meters of natural gas, or around 5% of Dutch yearly consumption.
No specifics have been given by GasTerra where it has bought other volumes, but it seems to be either gas from Norway or LNG.
Dutch Minister of Energy and Climate Rob Jetten said that the effects of the Russian move are almost nihil, as there is no threat to any crucial physical gas deliveries.
This means that Dutch consumers will be still able to use natural gas as usual. Still, it seems as if the Dutch minister is now again dismissing growing fears of not only increased shortages on the market, but also another inflationary push as wholesale gas prices will increase substantially. Dutch consumers will see their bills rise as a result. Based on Dutch law, in times of energy shortages, such as the current natural gas crisis, volume reductions will occur first in several energy-intensive industries, lifting prices in a market that is already grappling with supply chain issues.
The Dutch government and GasTerra’s views that Gazprom’s move to cut supply doesn’t have a major impact on the Dutch economy may be short-sighted. Russia’s move will make European gas markets even tighter as Dutch importers will now be looking for alternative supplies in an already crowded European gas market. At the same time, Gazprom has now shown that it is willing to also target large-scale gas clients in NW-Europe.
The GasTerra move is a major one, as Dutch-Russian gas links are deep and historically strategically very good. A full confrontation with major gas importers seems imminent, and other Western European countries should brace for a possible supply cut.
The Dutch are now being made a prime example of Russia’s weaponization of energy. Gazprom’s move is based on Putin’s strategic considerations, as the Netherlands is a crossroads for European gas storage and infrastructure.
The Dutch position shows that not all importers are as flexible as German or Austrian importers. GasTerra’s refusal to pay in rubles, even via a possible financial construction at Gazprombank in Luxemburg, is showing the commitment of the Dutch government not to bow to Putin’s pressure. Moscow is upping the ante, after already blocking gas deliveries to Poland, Finland and Bulgaria.
As Putin implements his gas-for-rubles scheme, consumers and industry will have to prepare for much harsher realities. Gas markets are already overheated, and available LNG volumes on the spot market are shrinking. EU importers don’t really have an alternative if Moscow decides to halt supply.
Source: Oilprice.com
Lukoil Completes Acquisition Of Russian Retail And Lubricants Assets Of Shell
Russian oil and gas super major, LUKOIL, has signed the final agreement on acquisition of Shell’s Russian retail and lubricants assets in Moscow.
The assets include the chain of filling stations primarily located in the Central and Northwestern federal districts of Russia, and lubricants blending plant located in Tver region. The sale was approved by Russia’s Federal Antimonopoly Service.
“Our priority is the well-being of our employees,” Huibert Vigeveno, Shell’s Downstream Director said in a statement issued by Lukoil.
“Under this deal, all the people currently working for Shell Neft, more than 350 in total will remain employed by the company, which is now owned by LUKOIL.”
“We appreciate the fact that Shell chose our Company. I am certain that Shell’s facilities will become a great addition to LUKOIL’s other downstream assets,” Maxim Donde, Vice President for Refined Products Sales of LUKOIL noted.
Source: https://energynewsafrica.com
South Sudan, Ethiopia Sign MoU For Electricity Supply
Ethiopian Electric Power (EEP), the country’s state-owned power company, has signed an agreement to sell 100 megawatts of power to South Sudan for the next three years.
The MoU is critical to satisfying electricity demand in South Sudan while also raising revenue for Ethiopia, with plans to expand imports to 400MW gradually.
After meeting with the South Sudanese team, Ethiopian Electric Power Corporate Planning Executive Officer Andualem Sia stated that his country aims to offer electric power to its neighbours to generate foreign money while also addressing their energy needs.
During an official visit by a delegation from South Sudan to Ethiopia, the arrangement was announced on the margins of signing a Memorandum of Understanding between officials from the two nations for an electrical interconnection project.
Nigeria: Kaduna Electric Appoints Yusuf Yahaya As New CEOThe first step of the power purchase plan, according to the agreement, will be a feasibility study done by both countries in the coming year. Ethiopia and South Sudan will build a 357km, 230kv transmission line connecting Ethiopia’s Gambella region to South Sudan’s Malakal region two years after the research. In addition, a 700-kilometre line will be built from Ethiopia’s Tepi distribution centre to Juba, South Sudan’s capital. According to the MoU, the study is to be completed within a year; construction is also to be completed in the next two years, paving the path for power purchase agreements. In addition, the two countries have agreed to form a joint technical committee to begin work on future projects. During a South Sudanese official visit to Ethiopia’s capital Addis Ababa in the first week of May, Peter Marcello, Minister of Energy and Dams in the Republic of South Sudan, and representatives from Ethiopia’s Ministry of Finance finalized the MoU. Source: https://energynewsafrica.com
Ghana: ECG MD Reshuffles 14 Top Managers
Ghana’s southern power distribution company, ECG, has witnessed a major shakeup in various portfolios within the organisation, with 14 managers being reshuffled.
This was done by the new Managing Director, Samuel Dubik Mahama, who assumed the post barely three weeks ago.
According to a report filed by myjoyonline.com, which was confirmed by the new Managing Director, General Manager for the Eastern Region, Michael Baah, has been moved to the Managing Director’s Secretariat and replaced by the current Metering and Technical Services General Manager, Sariel Adobe Hotwire.
The General Manager for Protection and Control, Chinese Apau, will be heading to the Metering and Technical Services Department while Head of Regulatory Management, Sylvia Noshie, is switching roles with the current General Manager for Management Information System (MIS), Belinda Yebuah Dwamena.
Rural Projects boss, Edmund Quarshie, is also exchanging roles with his counterpart in the Materials Department, Henry Frank Lutterodt.
The changes have also affected the Research and Development, Design and Systems Planning Units as Bernard Bansah of the Research Unit will move to Systems Planning as the occupant of that role.
Godfred Mensah takes over the Design Sector from the former boss, Yaw Osei, who moves to the Research and Development unit.
Other departments affected include Governance and Projects, whose head is now going to lead the management of the application for the General Manager at applications to move to Network and Security.
The current General Manager of Network and Security will then head the Governance and Projects Department.
The last movement is that of the Manager of Protection and Control (P&C), Solomon Wooley, who appears to have been elevated to Acting General Manager of P&C.
This is the first time in decades that such an activity, expected to start on July 1, 2022, has been carried out.
Source: https://energynewsafrica.com