Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday the gap between crude prices and prices for jet fuel, diesel and gasoline was around 60% in some cases due to lack of investment in refining capacity.
The prince, speaking at an aviation summit in Riyadh, said the world needed to look at energy security, sustainability and affordability as a whole.
“All mobility fuels have skyrocketed … and the gap between crude prices and these products in some cases is actually 60%,” he said.
The minister did not give comparative figures. But, as an example, the average refining margin for energy major BP (BP.L) was 18.9% in the first quarter of this year compared with 8.7% in the first quarter of 2021.
Asked whether geopolitical events in Europe would speed up the transition to cleaner energy or hinder it in the medium-term, the minister said: “I think it provided us with a reality check to how aspirations … can be compromised by the realities of the day.”
Even before the Ukraine crisis, he added, the “la la land scenario about net-zero had been smacked with so many realities”, including cost.
When discussing sustainability goals, the minister used the phrase “low carbon” rather than “zero carbon”, saying that was “the difference between la la land and reality”.
Saudi Arabia and other resource-rich developing nations have often pushed back against calls for a rapid move away from fossil fuels, arguing for a more orderly transition.
Source: Reuters
The Gambia has appointed Hon. Abdoulie Jobe, a former minister of Trade, Regional Integration and Employment during President Yahay Jammeh era as the new Minister of Energy and Petroleum, energynewsafrica.com can report.
He was appointed to replace Hon. Fafa Sanyang.
Until his appointment last Wednesday May 4,2022, Mr. Jobe served as the Head of Study and Planning at The Gambia River Basin Development Organisation (OMVG) Dakar Office.
He previously served as the Director-General of the Gambia Public Utilities Regulatory Authority (PURA).
He also once served as the Managing Director of the National Water and Electricity Company (NAWEC).
Minister Jobe studied Mechanical Engineering and Water Resource Engineering.
He has over 22 years of leadership experience that includes Supply Chain, Logistics, and Distribution Management positions with high-profile companies (Jack in the Box, Carl’s Jr. Restaurants, MBM Customized Foods Distribution, Panda Restaurant Group, others).
Source: https://energynewsafrica.com
The Ghana Grid Company (GRIDCo) has attributed last Saturday’s outage in parts of Ghana to system disturbance as a result of faulty equipment on the Takoradi Extension-Winneba line.
According to a statement issued by GRIDCo on Monday, the development forced all generating plants in Aboadze, Tema (except Kpone Thermal Power Plant), Bui and Kpong to shut down.
“This caused forced outages within the coastal corridor of the national grid which led to power supply interruptions in some parts of Greater Accra, Western/Central, Middle and Northern parts of the country.
“Restoration began immediately and supply was restored to all bulk supply points by 23:29 hrs.”
It said Akosombo and Kpone Thermal Power Plants continued to be in service.
GRIDCo assured Ghanaians that it would continue to work towards the provision of a reliable power system for Ghana’s socio-economic development.
“We apologise for any inconvenience caused,” the statement ended.
Liberia has been hit with shortages of aviation fuel and is expected to ease on Tuesday, May 17, 2022, when the West African nation will receive fuel supply.
A report by Frontpage Africa quoted Conex Energy Inc., the sole company supplying fuel to airlines coming to Liberia, said that its next consignment of jet fuel will arrive in the country on May 17.
This means airlines flying to Liberia may not be able to refuel at the Roberts International Airport, and this could potentially lead to the suspension of some flights to Monrovia or cause a major shift in their flight schedules to the country.
“We have communicated to all relevant stakeholders, including the Ministries of Commerce, Transport, The Roberts International Airport (RIA) and The Liberia Petroleum Refining Company (LPRC).
“This will allow our customers and stakeholders time to plan accordingly,” Conex indicated in a statement.
This is occurring at a time when the Roberts International Airport is going through an energy crisis causing flights including SN Brussels and Royal Air Maroc to divert landing to neighbouring Sierra Leone.
Royal Air Maroc, SN Brussels and Kenya Airways often refuel in Liberia due to the distance they cover before landing in Liberia.
Source: https://energynewsafrica.com
South Africa’s state-owned power utility, Eskom, has suspended power cuts after managing to return more units in service.
“The power system has recovered to a point where rotational blackouts can be stopped after generation units at Matla, Majuba, Grootvlei and Kendal power stations, as well as the non-commercial Kusile unit which has returned to service,” Eskom Holdings SOC Ltd said in a statement on Saturday.
A further unit each at Matimba and Arnot power stations are expected to return to service during the day.
Eskom started cutting 2,000 megawatts from the national grid on May 3, saying it would have to persist until 5 a.m. on May 9.
The cuts were reduced to 1,000 megawatts Friday evening.
The utility is struggling to generate enough power to meet demand with aging infrastructure that regularly breaks down.
Libya’s Zueitina port has received its first oil tanker after temporarily lifting force majeure last week to free up storage space.
While Libya’s National Oil Company (NOC) did not issue a statement, NOC sources told Libyan media that the Melos 21 oil tanker had docked at Zueitina for loading, after which it will sail to China.
Libya’ declared force majeure on Zueitina, along with its largest oil field, Al-Sharara, and the El Feel oilfield in mid-April amid anti-government protests over the way oil revenues are distributed.
On April 30th, the NOC issued an urgent statement warning that the situation at the Zueitina terminal was critical, calling for force majeure to be lifted for safety and to prevent excessive damage to storage system, which can leak when crude oil levels reach a certain level, noting that bottom of the tanks cannot bear the weight.
A day later, the NOC was given permission to temporarily resume operations at Zueitina, with two vessels reportedly allowed to load.
Libya is now losing some $60 million per day due to the production shutdowns, according to the country’s oil minister.
“Production has fallen by about 600,000 barrels a day,” half of the prior level, Oil Minister Mohammed Aoun told AFP last week. “Calculating the sale price at $100 a barrel, losses are at least $60m daily,” he said.
Since last week, things have been quiet on the political front in Libya, as the leaders and backers of two rival governments jockey for position behind the scenes both internally and with external power brokers.
Russia’s war on Ukraine has further muddied the waters.
Until recently, prime minister-designate Fathi Bashagha from the east seemed confident that he, backed by General Hafter of the Libya National Army (LNA), would be able to march into Tripoli and take over the government peacefully. Lately, however, he has been silent, as Haftar loses favor due to the support Russia affords him, along with the Wagner mercenary force fighting in both Libya and Ukraine.
The price of diesel has shot up at the pumps in the Republic of Ghana.
As of Friday, almost all the major oil marketing companies have adjusted the price of diesel at their various fuel outlets across the West African nation.
GOIL, the market leader, adjusted its pump price to Gh¢11.20 per litre while TotalEnergies adjusted its pump price to Gh¢11.30.
Star Oil Company adjusted its pump price to Gh¢11.45 per litre while Shell adjusted their pump price to Gh¢11.20.
Meanwhile, Benab is selling a litre of diesel at Gh¢10.80
The upward review of diesel prices is in response to the rising cost of the commodity on the global market.
Diesel price has been soaring as a result of the Russian invasion of Ukraine.
As of 5th May 2022, the price of diesel was sold at US$1,167 per metric tonne.
It was sold at US$1,212.63 previously.
Meanwhile, the petrol price remains the same at Gh¢9.35 pesewas per litre at most fuel stations.
Source: https://energynewsafrica.com
The Managing Director of the Electricity Company of Ghana (ECG), Kwame Agyeman-Budu is expected to step down by Tuesday, May 17, 2022, energynewsafrica.com can confirm.
Sources within the energy industry told this portal that the Board of ECG decided to let him step down because he has reached 60 years, the retirement age.
When reached via the telephone, Mr Agyeman-Budu confirmed he is exiting the power distribution company on May 17.
Mr Agyeman-Budu was appointed the Managing Director of ECG in November 2019 to replace Ing Samuel Boakye Appiah, who served three years as the MD.
Before his appointment, Mr Agyeman-Budu was Deputy Managing Director in charge of Corporate Services.
He brought on board over 28 years of experience in the energy industry.
Under his tenure, ECG constructed several substations and expanded its distribution network.
Also under his tenure, ECG ICT staff designed ‘ECG Power’ which makes it possible for 2.8 million out of the company’s 3.8 million customers to make payment for power purchased and services rendered by the company.
Source: https://energynewsafrica.com
Ghana’s southern power distribution company, ECG, in Tema Region has commenced the installation of smart meters (Pre-Payment Meters) in the Kroboland in the Eastern Region.
The smart meters installation exercise has started in Kpong and is expected to be rolled out in Odumase, Somanya and other towns in the Kroboland.
As of Wednesday, May 4, 2022, only 25 smart meters had been installed in both residential and non-residential areas.
The Tema Regional Manager of ECG, Ing Emmanuel Akinie, who revealed this during an engagement with stakeholders in Odumase-Krobo on Thursday, said they were doing the installation slowly so that “if there are problems, we will be able to identify them and resolve them.”
That said, Ing. Emmanuel Akinie noted they had so far not encountered any challenge since the beginning of the exercise.
According to him, the exercise went on smoothly.
“Some customers have purchased credit successfully,” he said.
Ing Akinie told the gathering that management had decided to wave the internal protocols whereby postpaid meter customers who are migrated onto the prepaid meters pay part of their outstanding debt anytime they purchase credit.
He said those who have purchased credit onto their prepaid in Kpong could attest to the fact that there were no deductions made to settle their outstanding debt when they purchased credit.
“ECG will not use the prepaid meters to manage the payment of a debt,” he assured the customers.
Touching on the four years of outstanding bills owed by residents, Ing Akinie said upon further engagement with stakeholders and the national security, management had extended the two years duration to five years to make it more flexible for them to pay.
The ECG also took advantage to educate the gathering about the importance of using prepaid meters.
Madam Puumaaiya Ruhiya Fuseini, Marketing Officer, Tema Region said with smart meters or prepaid meters, consumers could manage their electricity consumption.
According to her, with the use of prepaid meters, consumers would no more suffer disconnection as compared to the postpaid meters where consumers are disconnected from the grid for non-payment of bills.
“When you realise you’re consuming more power, you can decide to put some of your appliances like refrigerator and other things off for some hours or days to save cost,” she stated.
Nene Asada Author, PRO of Manya Krobo Traditional Council, who was the chairman of the occasion, urged residents of Kroboland to allow ECG to carry out the installation of the prepaid meters since it would be of help to them.
He, however, urged ECG to resolve any issue the residents may raise.
Source: https://energynewsafrica.com
Ghana’s petroleum fiscal regime is investor-friendly and offers higher returns to investors, a Deputy Minister for Energy in the Republic of Ghana has told investors in the United States of America.
Dr. Mohammed Amin Adam, therefore, wooed them to take advantage of the favourable petroleum market environment in Ghana.
“Our petroleum fiscal regime is investor-friendly offering higher returns to investors. The licensing regime is transparent and provides investor certainty and flexibility,” Dr Amin said on the sidelines at the ongoing Offshore Technology Conference (OTC) investor forum in Texas, USA.
He mentioned that Ghana was aspiring to become a hub for refined petroleum products and petrochemicals in the West African sub-region and that there were numerous petroleum downstream opportunities available for grab.
“Government has, therefore, designated a free zone area for the development of petroleum and petrochemical refineries, storage and transportation facilities for the export of products to largely African markets. This requires collaboration with the private sector to achieve the objectives of the Hub,” he emphasised.
The Deputy Minister for Energy stated that the government established the Ghana Petroleum Hub Corporation which was necessitated by investors’ demands for the removal of ‘regulatory fatigue, red tapes and long lead times in project development’.
That, he said, was to facilitate the issuance of permits and licences to potential investors “and to play a rapid response role in addressing the challenges investors encounter in delivering on projects.”
In a related development, the Deputy Minister for Energy, Dr Mohammed Amin Adam, in a brief ceremony, officially opened Ghana’s pavilion at the OTC at the NRG Park in Houston Texas.
The OTC, an annual event, provides energy professionals with the opportunity to meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters and has expanded technically and globally with the Arctic Technology Conference, OTC Brasil and OTC Asia.
Source: https://energynewsafrica.com
Tanzania has set an ambitious goal of generating 6000Megawatts of power from renewable energy sources by 2025.
Among the renewable energy sources, Tanzania has considered include hydropower, solar and wind.
President of Tanzania, Her Excellency Samia Suluhu Hassan disclosed this in the US on Monday during a discussion themed: ‘A New Day for US-Tanzania Relations’, which was hosted by President and Chief Executive Officer of the Wilson Centre, Ambassador Mark Green.
President Hassan mentioned some of the projects as Julius Nyerere Hydropower Project (JNHPP) which is expected to produce 2,100MW upon its completion, as well as the envisaged Ruhudji and Rumakali hydropower projects anticipated to produce 358MW and 222MW, respectively.
She told the audience during the discussion that Tanzania also has a target to produce between 600MW and 700MW of electricity from solar.
“Tanzania currently produces electricity from natural gas and also plans to tap energy from wind. There are also studies being undertaken to generate electricity from geothermal sources,” President Hassan stated.
Amid the shortage of natural gas due to the Russia-Ukraine conflict, she is confident that Tanzania can be among suppliers of the energy resource as many countries are now looking to diversify their energy mix.
“Tanzania is ready to take off. We are open to anyone in the world willing to invest with us and are embracing the private sector. I believe the private sector can cause growth within the country,” she remarked.
She added: “Economic growth is about working closely with the private sector since it has a significant role in attracting FDI’s (Foreign Direct Investments).”
President Hassan pointed out that the reforms have enabled Tanzania to significantly boost the value of investments from just $1 billion during the fiscal year 2019/2020 to a staggering $8 billion during the financial year 2020/2021.
She noted further that the government of Tanzania is changing its model of cooperation with the US from being dependent on aid and instead focusing on aid to trade.
“We are now charting a new model on trading for mutual benefits of the two countries rather than depending solely on aid as it has been the case in the past,” she declared.
President Hassan told the audience at the meeting that she had fruitful discussions with the Vice-President of the US, Kamala Harris, in which they agreed on cooperation toward socio-economic development.
The Wilson Centre Africa Programme Director, Monde Muyangwa, said the organisation works to address the most critical issues facing Africa and enhance relations between the continent and the US.
She explained further that the organisation works to build mutually beneficial relations between Africa and US.
Source: https://energynewsafrica.com
The Group Chief Executive & MD of GOIL Company Limted, Kwame Osei-Prempeh, has been honoured as the CEO OF THE Year- Energy Sector at the Maiden Ghana CEO Vision Awards Gala.
The Awards Gala, organised by Globe Productions, saw over 30 captains of industry and organisations celebrated for their vision and excellence in the sector they head.
The award was received on behalf of Osei-Prempeh by the Head of IT & Planning, Anthony Twumasi.
Some staff of GOIL at the awards ceremonySource: https://energynewsafrica.com
“Government has, therefore, designated a free zone area for the development of petroleum and petrochemical refineries, storage and transportation facilities for the export of products to largely African markets. This requires collaboration with the private sector to achieve the objectives of the Hub,” he emphasised.
The Deputy Minister for Energy stated that the government established the Ghana Petroleum Hub Corporation which was necessitated by investors’ demands for the removal of ‘regulatory fatigue, red tapes and long lead times in project development’.
That, he said, was to facilitate the issuance of permits and licences to potential investors “and to play a rapid response role in addressing the challenges investors encounter in delivering on projects.”
In a related development, the Deputy Minister for Energy, Dr Mohammed Amin Adam, in a brief ceremony, officially opened Ghana’s pavilion at the OTC at the NRG Park in Houston Texas.
The OTC, an annual event, provides energy professionals with the opportunity to meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters and has expanded technically and globally with the Arctic Technology Conference, OTC Brasil and OTC Asia.
Source: https://energynewsafrica.com
