Zambia’s Energy Regulation Board (ERB) has announced an upward adjustment in fuel prices, effective September 1, 2025.
According to the Energy Regulation Board (ERB), the price of petrol has increased to K29.18 per litre from K28.00 per litre, diesel to K25.05 per litre from K23.13 per litre, kerosene to K23.64 per litre from K21.98 per litre, and Jet A-1 to K25.83 per litre from K23.94 per litre.
In a statement issued on Sunday, the ERB attributed the increase in pump prices to developments on both the local and international fronts.
The ERB noted that since July 31, 2025, the Zambian Kwacha has depreciated against the United States Dollar by 2.50%, from K23.23/US$ to K23.81/US$.
During the same period, premiums for petrol increased by 17.27%, from US$132.45/MT to US$155.33/MT, while premiums for kerosene and Jet A-1 rose by 3.16%, from US$190.00/MT to US$196.00/MT under the Tanzanian Bulk Procurement System (BPS).
However, the ERB emphasised that diesel premiums remained stable under the TAMA Open Access framework.
The ERB also noted that international petroleum prices declined marginally. Petrol prices dropped by 0.35%, from US$74.58/bbl to US$74.32/bbl; diesel declined by 2.81%, from US$86.70/bbl to US$84.26/bbl; and kerosene/Jet A-1 prices decreased by 1.48%, from US$83.27/bbl to US$82.04/bbl.
“The combined effect of the depreciation of the Kwacha against the United States Dollar and the increase in petroleum product premiums outweighed the impact of the decline in international oil prices, thereby affecting the September 2025 domestic price review,” the statement read.
Based on the foregoing, the Energy Regulation Board (ERB) has revised the pump prices of petrol, diesel, kerosene, and Jet A-1 for the month of September 2025.
Source: https://energynewsafrica.com
Crude oil will continue to be in demand for a very long time yet, the chief executive of Chevron, Mike Wirth, told the New York Times in an interview.
Asked about his take on International Energy Agency predictions of peak oil demand, Wirth said that “First of all, the I.E.A. has not always been right, historically, on things, and it wouldn’t be surprising if the I.E.A. is not right about this.”
“Even if they are, once oil demand reaches a level where it’s no longer growing, it’s unlikely to drop off quickly. It’s more likely to stay at a plateau,” the executive added.
Wirth then went on to explain that oil and gas production is “a depletion business”, meaning that once a barrel of oil is produced, it cannot be produced again. This, in turn, means that investment in new supply is necessary even when demand is not growing—as suggested by the IEA itself more than once, when the global oil market balance threatened to tip into a shortage.
In response to a question on whether Chevron could one day stop producing oil and gas altogether and become a “renewable energy sources” producer, Wirth said “One day, I’m sure it will make sense to do that. Probably a long time from now. When the world stops using oil and gas, we’ll stop looking for it.”
However, Wirth noted, “to stop beforehand runs the risk of creating a lot of adverse consequences in terms of the world not having the energy that it needs.” In that, the Chevron CEO echoes a concern also expressed by other oil industry executives and OPEC officials.
Chevron also put its money where its mouth is with regard to future demand for oil, with its acquisition of Hess Corp and its stake in the Stabroek Block in Guyana, which has turned into the rising star of the global oil stage.
Source: Oilprice.com
Angolan President João Lourenço has commissioned the Cabinda Refinery, marking a major milestone in the country’s ongoing efforts toward energy independence and economic diversification.
The refinery, a joint venture between Angola’s state-owned oil company Sonangol and private investment firm Gemcorp, was developed at a total cost of $473 million.
Of this amount, $138 million was provided in equity by the project sponsors, while a $335 million debt facility was arranged by the Africa Finance Corporation, the African Export-Import Bank, and a consortium of international and local financial institutions.
Designed to eventually reach a total processing capacity of 60,000 barrels of oil per day, the refinery will initially operate at 30,000 barrels per day.
Key products to be refined include diesel, aviation fuel, and other petroleum derivatives.
The refinery is expected to significantly increase the availability of refined fuels in the domestic market and reduce Angola’s reliance on costly fuel imports.
The government also aims to position the country as a regional hub for refined petroleum exports, especially to neighboring countries.
Speaking at the commissioning ceremony, the Minister of Mineral Resources, Petroleum and Gas described the Cabinda Refinery as a strategic asset that strengthens national energy security, creates jobs, enhances the value of the Cabinda Province, and demonstrates that the Angolan State continues to guide, with a firm hand, the management of mineral resources in the service of all Angolans.
Diamantino Azevedo clarified that Gemcorp does not control the crude oil or the refined derivatives. Instead, it provides a refining service under a processing fee model. In this arrangement, Sonangol supplies the crude oil — which remains its property — and the refinery processes it and returns the refined products to Sonangol, charging only a processing fee.
“What matters is not the shareholder photograph, but the contract that governs this project. Everyone must be certain that there is no loss of sovereignty. The oil and refined products always remain under the control of the Angolan State. True sovereignty is not measured in shareholder percentages; it is measured in the capacity for political decision-making and regulation — and that is firmly ensured,” the minister emphasized.
In turn, the Governor of Cabinda, Suzana de Abreu, described the commissioning as “a unique and historic moment — a dream come true — that will ensure natural resources are transformed locally, generating jobs, income, technology, and opportunities for growth for all.”
Gemcorp Director Marcus Weyll added, “As the Cabinda Refinery rises, so too do knowledge, skills, and opportunities for future generations. These values are integral to the pillars of our company.”
To date, the Cabinda Refinery has created 3,300 direct jobs and led to the training of 700 national executives.
More than 5,000 qualified technicians are expected to be trained, further reinforcing the socio-economic impact of the project on both the province and the country.
Source: https://energynewsafrica.com
Ghana’s state-owned second-largest power generation company, Bui Power Authority (BPA), remains focused on deepening its strategic efforts to consolidate operational efficiency, expand renewable generation capacity, and strengthen financial sustainability, according to Acting Chief Executive Officer Ing. Kow Eduakwa Sam.
BPA operates the 404 MW Bui Generation Station, the Tsatsadu micro-hydro plant, a 5 MWp floating solar installation on the Bui Dam reservoir, and a 50 MWp solar plant, which is the first phase of a 250 MW solar project.
Speaking at the company’s Annual General Meeting on Friday, August 29, 2025, Ing. Kow Sam highlighted several significant projects underway during the year under review.
He mentioned the development of a 100 MWp Solar PV project, which reached 62% completion by the end of December 2024, a 15 MWh Battery Energy Storage System designed to mitigate intermittency and stabilize output, and a signed contract with Tractebel Engineering S.A./SRC Consulting Engineering for feasibility studies on run-of-the-river hydropower projects on the Tano, Pra, and Ankobra rivers in the Western Region.
Ing. Eduakwa Sam added that the Authority had also acquired land in Sawla, Buipe, Gbane, and Adubiliyili for the development of solar PV plants.
According to him, the years ahead present opportunities for the company to build on its hydro-solar strategy, diversify revenue streams, and accelerate project development in alignment with national energy objectives.
He stated that the Authority remains guided by its vision, mission, and core values as it pursues its corporate objectives.
“We are confident that with continued commitment and collective effort, we will not only overcome emerging challenges but also seize new opportunities for sustainable growth,” he concluded.
Deputy Minister for Energy and Green Transition, Hon. Richard Gyan Mensah, who represented the Sector Minister, Hon. John Abdulai Jinapor, commended the Bui Power Authority (BPA) for its achievements in the renewable energy space.
He, however, advised the Authority to be mindful of the government’s policy on renewable energy and ensure that all renewable energy projects go through a competitive procurement process. This, he noted, is essential to securing fair tariffs and avoiding unnecessary burdens on consumers.
“As you expand your generation portfolio, be guided by the government policy for competitive procurement of power, which is crucial to ensuring affordability for consumers and financial sustainability for the sector,” he said.
He added that the Ministry of Energy and Green Transition, in collaboration with the Ministry of Finance, recognizes the financial constraints facing the BPA and is committed to assisting in addressing them.
The Deputy Minister also urged the Authority to invest in battery storage systems to enhance the reliability and stability of their renewable energy developments.
Additionally, he called on the Authority to collaborate with the private sector to attract the necessary investments and build local capacity for the installation of solar panels.
Source: https://energynewsafrica.com
The Bui Power Authority, the state-owned second-largest power generation company, recorded a net profit of $64.5 million (equivalent to GH¢732 million) in 2024, despite global and domestic economic challenges. However, this profit was lower than the $80.6 million recorded in the previous year.
In the 2024 fiscal year, the company generated 1,348 GWh of power and recorded a revenue of $139.68 million, down from $157.11 million in 2023.
The reduction in revenue for the fiscal year under review, according to the authority, was mainly due to reduced power generation resulting from lower inflows into the dam reservoir.
The company’s asset value grew from $1.64 billion in 2023 to $1.87 billion in 2024, while its total equity and liabilities increased to $1.88 billion in 2024, up from $1.64 billion in 2023.
In a speech read on his behalf at the Annual General Meeting of Bui Power Authority in Accra on Friday, Board Chairman Ambassador Kwadwo Nyamekye-Marfo noted that the company’s generating facilities were overall remarkable despite challenges.
According to him, BPA faced significant liquidity challenges stemming from substantial outstanding debt owed by its primary offtaker, the Electricity Company of Ghana.
He stated that this severely constrained its ability to procure essential spare parts, undertake planned capital projects, and service loans associated with its hydroelectric project.
In addition to the debt, the company was also confronted with environmental issues, including illegal mining, bush burning, and farming practices along the Bui reservoir.
Ambassador Kwadwo Nyamekye-Marfo commended the immediate past board, management, and staff of BPA for their relentless efforts, unwavering commitment, and professionalism in advancing the Authority’s mission and vision.
Source: https://energynewsafrica.com
The Special Advisor to Nigeria’s President in charge of the National Economic Council, Ms. Rukaiya El-Rufai, has emphasized that Africa must rise to the challenge of finding sustainable solutions to the continent’s energy inefficiencies.
According to her, Africa should work diligently to maximize access to affordable, efficient, and sustainable energy for the millions of people who lack reliable energy, in order to accelerate the continent’s socioeconomic development.
Speaking as the guest at the just ended Future of Energy Conference in Accra, she explained that if Africa is able to meet this challenge, the continent could see a “30% growth in GDP by 2030,” and 30 million jobs could be created during that period.
Ms. El-Rufai noted that solving the energy inefficiency challenge would trigger a 3% growth in enterprises and improve productive energy use.
“It will also result in higher household incomes, reduce reliance on imports, and help fast-track Africa’s socioeconomic development,” she added.
Ms. El-Rufai, who also leads Nigeria’s Ministerial Committee on Marketing their Carbon Activation Plan, stated that Africa is truly blessed with resources but, sadly, the continent accounts for only 1% of the world’s solar capacity.
She therefore called on Africa to work tirelessly to tap into these resources to dramatically change the dynamics of goods production, evolve industries, enhance agricultural output, and improve social infrastructure.
In his address, the Minister of Energy and Green Transitions, Hon. John Jinapor, urged participants to adopt competitive and sustainable mechanisms through markets, carbon trading, and green funds.
He called for de-risking energy investments through sovereign guarantees, predictability, and transparent regulation in the sector.
“Scale up innovation and research, especially in clean policies, to align with Africa’s realities,” he stressed.
Hon. Jinapor, who is also the Member of Parliament for Yapei, called for a collaborative effort between both the public and private sectors to leverage each other’s strengths for the greater good of the continent.
“Let us remember that the future of Africa’s energy belongs to Africa itself. By making our energy systems sustainable, we must enforce economic resilience by making them inclusive. We must uplift millions from poverty by making them competitive, thus positioning Africa as the voice of the global energy transition,” he urged.
“I challenge all of us—governments, businesses, investors, and civil society—to leave this conference committed to collaborating and innovating,” he concluded.
The global push toward net-zero emissions by 2050 has intensified the urgency for cleaner energy sources.
Africa continues to grapple with energy poverty, with over 600 million people lacking access to electricity, and one billion relying on traditional biomass for cooking.
Participants included government officials, energy experts, and civil society groups from across the energy value chain in countries such as India, Kenya, Nigeria, and Ghana, the host nation, among others.
Source: https://energynewsafrica.com
Togo has launched a renewable energy project called “Café-Lumière,” with plans to pilot the deployment of mini-grids in six villages in the Haho Prefecture, located about 90 kilometers north of Lomé, the country’s capital.
The project is being spearheaded by Electriciens sans frontières, in partnership with the Togolese Ministry of Renewable Energies, and is financed by the French Development Agency (AFD).
The pilot will cover the villages of Guèdèglèlè, Agoto, and Hounon Copé, as well as Agbédougbé, Somoné Copé, and Aboudikpé, along with schools in Haho 1, 2, and 3.
The program focuses on the installation of photovoltaic mini-grids capable of powering households, income-generating activities, and community infrastructure.
“Café-Lumière is an innovative, autonomous, and sustainable model, complementary to traditional electrification plans, with the ambition to improve living conditions and support economic development in rural communities,” said Sérena Barès, program coordinator at Electriciens sans frontières, as reported by Togo First.
Powered by solar energy, the facilities provide services ranging from home lighting to power supply for health centers and schools, as well as workshops and artisan spaces.
They also include commercial services such as refrigeration, office equipment, device charging, and hairdressing. The aim is to meet household, community, and productive needs while stimulating local economic activity.
Previously tested in Benin and Madagascar, the “Café-Lumière” concept seeks to bridge electricity access gaps in isolated areas and advance energy inclusion across Africa.
In Togo, it will play a central role in the government’s policy to achieve universal energy access.
Source: https://energynewsafrica.com
The Bulk Energy Storage and Transportation (BEST) Company Limited has rebranded as BOST Energies, a move that aligns with the company’s commitment to supporting Ghana’s energy transition agenda.
Previously known as Bulk Oil Storage and Transportation (BOST) Company Limited, the board approved the name change in 2024 to enable the company to venture into alternative and renewable sources of energy.
According to current leadership, the rebrand reflects the need for broader action and strategic transformation.
In a statement issued on Friday, August 29, 2025, the company said it will build on its legacy while expanding its focus to include sustainable and cleaner operations.
Since its establishment in 1993, BOST has played a central role in securing Ghana’s strategic petroleum reserves and developing one of West Africa’s largest energy logistics networks.
Speaking on the rebrand, Afetsi Awoonor, Managing Director of BOST Energies, said: “Our world is changing, and so is Ghana’s energy landscape. At BOST Energies, we are not turning away from our petroleum mandate but are preparing for a future of energy diversity.
This rebrand signals our readiness to continue delivering reliable traditional logistics while investing in cleaner, more innovative operational solutions.”
To drive this ambition, the company has established a Green Transition and Alternative Fuels Department, dedicated to exploring opportunities in biofuels, Compressed Natural Gas (CNG), and hydrogen.
Additionally, BOST Energies is implementing several initiatives to reduce its environmental footprint, including Solar integration at depots to reduce emissions and dependence on the national grid, piloting storage and distribution solutions for hybrid and electric vehicles to enable clean and smart fuel distribution and waste reduction measures through digital and operational efficiencies.
The rebrand aligns directly with the Government of Ghana’s National Energy Transition Framework, underscoring the company’s commitment to supporting both national and regional sustainability goals.
Afetsi Awoonor added: “This is more than a name change; it is a commitment to growth, sustainability, innovation, and operational excellence. BOST Energies is the bridge between Ghana’s energy heritage and its energy future.”
Source:https://energynewsafrica.com
Zambia’s Ministry of Energy has announced that the country will require an investment of approximately US$11.6 billion over the next six years to expand electricity generation and meet the rapidly growing energy demand.
According to Energy Minister Makozo Chikote, Zambia’s electricity demand is projected to grow by 121 percent by 2030, necessitating an increase in generation capacity from 3.7 gigawatts (GW) in 2023 to 10 GW.
Renewable energy sources such as solar and wind are expected to grow significantly, increasing their share of the energy mix from 3 percent in 2023 to 33 percent by 2030.
“Meeting this demand will require transformative investments in Zambia’s power sector,” Minister Chikote said in a speech delivered on his behalf by Mr. Mafayo Ziba, Director for Energy at the Ministry, during the official opening of the Commercial and Industrial (C&I) Energy + Storage Summit Zambia 2025.
Minister Chikote stated that the country’s energy sector is entering a decisive phase and urged investors to seize opportunities in renewables, energy storage, and industrial power solutions.
“Out of the US$11.6 billion needed, US$9.5 billion is expected to be mobilized from private sources under the Mission 300 initiative. The time to invest in Zambia’s energy future is now,” he added.
To support private sector participation, Mr. Chikote highlighted several government-led reforms, including the introduction of the Open Access Framework, the Multi-Year Tariff Framework, Net Metering, and a Single Licensing System.
Senior Energy Officer at the Ministry of Energy, Eng. Palanga Ngoma, noted that the reforms are already yielding positive results. He cited the establishment of the Energy Company and the implementation of the Open Access Framework as key developments that are gradually transforming the country’s energy sector.
Source: https://energynewsafrica.com
Energy News Africa Ltd, a pan-African digital media platform based in Accra, Ghana, has joined African Energy Week (AEW) 2025—the continent’s most influential gathering of energy leaders, innovators, and decision-makers—as a media partner for this year’s event.
ENA Limited has become a powerful voice in Africa’s energy space, providing players with credible news in the power and petroleum sectors across Africa and beyond.
From 29 September to 03 October 2025, Cape Town will once again become the epicentre of global energy dialogue—where bold ideas meet concrete investment and game-changing deals are made.
AEW is not just a conference—it’s the driving force behind Africa’s energy progress.
As a pivotal platform for the international energy sector, AEW brings together the full spectrum of industry stakeholders—from government officials and financiers to technology providers and project operators.
With a shared vision of advancing Africa’s energy future, AEW offers unparalleled opportunities to network, collaborate, and unlock business prospects within this dynamic and rapidly evolving sector.
Energy News Africa invites power and petroleum industry players to join us at AEW 2025 and connect with our senior team.
This event will bring together industry leaders, policymakers, and private sector champions to engage in critical conversations about the future of energy on the continent.
Confirmed speakers include:
Hon. Gwede Mantashe – Minister of Mineral and Petroleum Resources, South Africa
H.E. Bruno Jean Richard Itoua – Minister of Hydrocarbons, Republic of the Congo
Hon. Ekperikpe Ekpo – Minister of State for Petroleum Resources – Gas, Nigeria
H.E. S.E. Marcel Abeke – Minister of Petroleum, Gabonese Republic
H.E. Antonio Oburu Ondo – Minister of Mines and Hydrocarbons, Equatorial Guinea
Hon. Nani Juwara – Minister of Petroleum and Energy, Republic of The Gambia
Hon. John Abdulai Jinapor – Minister for Energy and Green Transition, Republic of Ghana
Stakeholders can secure their place at AEW 2025 by clicking on the link https://aecweek.com/aboutto register.
Source: https://energynewsafrica.com
The Executive Secretary of the Public Utilities Regulatory Commission (PURC), Dr. Shafic Suleman, has emphasized the need for effective stakeholder collaboration in addressing challenges in the utility sector to promote national development.
Dr. Suleman made this call during his nationwide tour of regional offices of both the Commission and utility service providers, which concluded in Techiman, Bono East Region.
Enhancing Collaboration and Addressing Challenges
The tour aimed to enhance collaborations, identify challenges, and develop solutions to address these challenges, as well as provide firsthand knowledge about the operations of these offices for efficient utility sector regulation.
Dr. Suleman urged the staff of the Bono East Regional Office of the Commission to maintain professionalism and teamwork to uphold the Commission’s vision for modern utility regulation.
Commitment to Quality Service Delivery
At the Northern Electricity Distribution Company (NEDCo), the Area Manager, Mr. John Mumuni Tayari, highlighted the company’s commitment to ensuring that consumers receive the highest quality electricity supply.
He expressed delight with the level of collaboration between the Commission and NEDCo and pledged to continue the cordial cooperation.
Challenges and Solutions
Dr. Suleman and Mr. Tayari discussed some of the challenges facing the utility sector, including the influx of illegal meters, Self-Help Electrification Projects (SHEP) meters, and capacity issues.
They agreed on the need for effective collaborations to resolve these challenges and provide solutions.
Visit to Pro-Poor Water Project Site
The Executive Secretary’s visit concluded with a visit to a pro-poor water project site at Bibiani in the Nkoranza South municipality, where he inspected a completed mechanized borehole system ready for handing over to the beneficiary community.
PURC’s Commitment to Efficient Utility Sector Regulation
The PURC remains committed to efficient utility sector regulation and looks forward to continued collaboration with stakeholders to address challenges and promote national development.
The ES entourage included some Directors, Management and staff of the PURC including Alhaji Jabaru Abukari, (Director of Regional Operations & Consumer Services), Ing. Emmanuel Fiati (Director of Water Services and Performance Monitoring), Dr. Eric Obutey (Director of Research & Corporate Affairs), Ing. Frederick Oblitey (Director of Energy Services and Performance Monitoring), Mr. Stephen Bryan of the Regional Operations Directorate, Mr. Charles Biney of the Research & Corporate Affairs, Mr. Reginald Osei Assibey of Finance Department, Mr. Godfred Ennin and Ms. Fauzia Tanko from the ES Secretariat.
Source: https://energynewsafrica.com
Tanzania’s Electricity Supply Company Limited (TANESCO) has signed contracts with companies for the construction of a 220kV transmission line and a 33kV substation, as part of efforts to boost electricity supply in the country.
The signing ceremony was witnessed by the Deputy Prime Minister and Minister for Energy, Hon. Dr. Doto Mashaka Biteko.
The contracts were signed with M/s TBEA Co. Ltd and M/s Transrail Lighting Limited.
M/s TBEA Co. Ltd will construct the Benaco Substation, while M/s Transrail Lighting Limited will be responsible for constructing the 220kV transmission line stretching approximately 166.17 kilometers from Benaco to Kyaka.
The project is jointly financed by the Government of the United Republic of Tanzania and development partners.
Funding commitments include USD 60 million from the OPEC Fund for International Development (OFID), USD 30 million from the Abu Dhabi Fund for Development, USD 13 million from the Saudi Fund for Development, and USD 2.6 million from the Government of Tanzania to cover compensation for project-affected persons.
Upon completion, the transmission line and substation will connect the Kagera Region to the National Power Grid, significantly improving the availability and reliability of electricity in the area.
This project is expected to stimulate socio-economic growth, enhance energy access, and support key economic activities across several districts, including Kyerwa, Karagwe, Misenyi, Muleba, Bukoba Rural, and Bukoba Municipality.
Source: https://energynewsafrica.com
Nearly 600 million people in Africa lack access to electricity, and the continent’s population is projected to double between 2050 and 2070. This growing demand underscores the urgent need for scalable, reliable energy solutions.
As Africa transforms its power infrastructure, utility-scale batteries such as Battery Energy Storage Systems (BESS) are becoming essential.
These technologies help stabilize energy supply, manage the intermittency of renewables, and support off-grid systems critical to expanding access.
This visualization, via Visual Capitalists Bruno Venditti, highlights the continent’s battery storage pipeline, including projects that are operational, under construction, or in planning.
It reveals both leading players and emerging markets in Africa’s energy storage landscape.
The data for this visualization comes from Rho Motion. It captures utility-scale battery storage projects across Africa as of June 2025, with projections through 2030.South Africa Leads by a Wide Margin
With a total proposed capacity of 11 GWh, South Africa is far ahead of other African countries in deploying battery storage. Its pipeline includes 4 operational systems, 7 under construction, and 19 more in development.
Egypt and Morocco represent the next wave of battery storage growth, with 3 GWh in proposed capacity each. Both nations are investing in solar and wind infrastructure, and storage helps smooth their integration into national grids. Egypt already has projects operational and under construction, showing more near-term readiness.
Meanwhile, countries like Nigeria, Senegal, Ghana, and the Democratic Republic of the Congo have smaller but notable footprints. Most have total storage pipelines under 3 GWh, with smaller-scale projects crucial for powering remote communities and testing new energy business models across Africa.
Source: Oilprice.com
The Bulk Energy Storage and Transportation (BEST) Company Limited, formerly known as BOST, has reported impressive growth in its revenue for the financial year 2024, pushing the company’s net profit to a whopping GHS 398 million—up from GHS 208.01 million in 2023.
This represents an increase of approximately 91% over the 2023 net profit.
The company’s revenue for 2024 rose to GHS 1.29 billion, up from GHS 1.15 billion in 2023, reflecting robust cost management and operational discipline, according to Board Chairman, Prof. Saint Kuttu, as stated in the company’s 2024 Annual Report.
“Although revenue rose modestly from GHS 1.29 billion to GHS 1.15 billion, tighter cost controls ensured that a far greater share of every cedi earned was converted into profit,” he said.
Prof. Kuttu noted that BOST’s role in the implementation of the government’s Gold-for-Oil (G4O) initiative, aimed at reducing pressure on the local currency, the cedi, contributed significantly to the company’s 2024 revenue performance.
“BOST made progress in optimising the utilisation of its assets, including improved use of tanks, river barges, and pipelines.
This increase was underpinned by enhanced product volumes under the Gold-for-Oil programme. These operational gains directly contributed to our financial success and aligned with our strategic objective of positioning BOST as a reliable and efficient backbone of Ghana’s petroleum logistics infrastructure,” he added.
He explained that the 2024 performance confirms BOST’s ability to deliver consistent and meaningful returns to its shareholder.
“Overall, the 2024 performance has positioned BOST for future capital investments in infrastructure and strategic ventures in the clean energy transition space,” he stated.
The company’s total asset value grew from GH¢2.27 billion in 2023 to GH¢2.65 billion in 2024, while total liabilities declined from GH¢1.99 billion in 2023 to GH¢1.97 billion in 2024.
Looking ahead, Prof. Kuttu stated that the company will undergo a strategic realignment to reposition the business for long-term success.
He mentioned that a Green Transition and Alternative Fuels Department has been established to focus on green fuels, biofuels, and energy transition technologies.
This initiative aligns with Ghana’s broader energy transition framework and the company’s commitment to sustainability.
Prof. Kuttu added that the company has initiated a restructuring program aimed at streamlining operations, eliminating redundancies, and building an agile and performance-driven organization.
According to him, BOST has transitioned from the Gold-for-Oil program toward trading on open account terms.
This shift is intended to deepen commercial relationships, improve liquidity management, and enhance flexibility in its procurement model.
He further announced the establishment of an Enterprise Risk Management Department to strengthen risk identification, mitigation, and response—ensuring effective risk governance, organizational resilience, and improved profitability.
Additionally, the company is investing in enterprise systems, cybersecurity infrastructure, and staff training to protect its data and operations, while also expanding its infrastructure across the country.
Source: https://energynewsafrica.com
Diamantino Azevedo clarified that Gemcorp does not control the crude oil or the refined derivatives. Instead, it provides a refining service under a processing fee model. In this arrangement, Sonangol supplies the crude oil — which remains its property — and the refinery processes it and returns the refined products to Sonangol, charging only a processing fee.
“What matters is not the shareholder photograph, but the contract that governs this project. Everyone must be certain that there is no loss of sovereignty. The oil and refined products always remain under the control of the Angolan State. True sovereignty is not measured in shareholder percentages; it is measured in the capacity for political decision-making and regulation — and that is firmly ensured,” the minister emphasized.
In turn, the Governor of Cabinda, Suzana de Abreu, described the commissioning as “a unique and historic moment — a dream come true — that will ensure natural resources are transformed locally, generating jobs, income, technology, and opportunities for growth for all.”
Gemcorp Director Marcus Weyll added, “As the Cabinda Refinery rises, so too do knowledge, skills, and opportunities for future generations. These values are integral to the pillars of our company.”
To date, the Cabinda Refinery has created 3,300 direct jobs and led to the training of 700 national executives.
More than 5,000 qualified technicians are expected to be trained, further reinforcing the socio-economic impact of the project on both the province and the country.
Source: https://energynewsafrica.com 
He, however, advised the Authority to be mindful of the government’s policy on renewable energy and ensure that all renewable energy projects go through a competitive procurement process. This, he noted, is essential to securing fair tariffs and avoiding unnecessary burdens on consumers.
“As you expand your generation portfolio, be guided by the government policy for competitive procurement of power, which is crucial to ensuring affordability for consumers and financial sustainability for the sector,” he said.
He added that the Ministry of Energy and Green Transition, in collaboration with the Ministry of Finance, recognizes the financial constraints facing the BPA and is committed to assisting in addressing them.
The Deputy Minister also urged the Authority to invest in battery storage systems to enhance the reliability and stability of their renewable energy developments.
Additionally, he called on the Authority to collaborate with the private sector to attract the necessary investments and build local capacity for the installation of solar panels.
Source: https://energynewsafrica.com 
“It will also result in higher household incomes, reduce reliance on imports, and help fast-track Africa’s socioeconomic development,” she added.
Ms. El-Rufai, who also leads Nigeria’s Ministerial Committee on Marketing their Carbon Activation Plan, stated that Africa is truly blessed with resources but, sadly, the continent accounts for only 1% of the world’s solar capacity.
She therefore called on Africa to work tirelessly to tap into these resources to dramatically change the dynamics of goods production, evolve industries, enhance agricultural output, and improve social infrastructure.
In his address, the Minister of Energy and Green Transitions, Hon. John Jinapor, urged participants to adopt competitive and sustainable mechanisms through markets, carbon trading, and green funds.
He called for de-risking energy investments through sovereign guarantees, predictability, and transparent regulation in the sector.
“Scale up innovation and research, especially in clean policies, to align with Africa’s realities,” he stressed.
Hon. Jinapor, who is also the Member of Parliament for Yapei, called for a collaborative effort between both the public and private sectors to leverage each other’s strengths for the greater good of the continent.
“Let us remember that the future of Africa’s energy belongs to Africa itself. By making our energy systems sustainable, we must enforce economic resilience by making them inclusive. We must uplift millions from poverty by making them competitive, thus positioning Africa as the voice of the global energy transition,” he urged.
“I challenge all of us—governments, businesses, investors, and civil society—to leave this conference committed to collaborating and innovating,” he concluded.
The global push toward net-zero emissions by 2050 has intensified the urgency for cleaner energy sources.
Africa continues to grapple with energy poverty, with over 600 million people lacking access to electricity, and one billion relying on traditional biomass for cooking.
Participants included government officials, energy experts, and civil society groups from across the energy value chain in countries such as India, Kenya, Nigeria, and Ghana, the host nation, among others.
Source: https://energynewsafrica.com 
Meanwhile, countries like Nigeria, Senegal, Ghana, and the Democratic Republic of the Congo have smaller but notable footprints. Most have total storage pipelines under 3 GWh, with smaller-scale projects crucial for powering remote communities and testing new energy business models across Africa.
Source: Oilprice.com 