OPEC Will Continue With Supply Adjustments For Oil Market-Barkindo

Michael Creg Afful
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The Organization of the Petroleum Exporting Countries (OPEC) will continue with its supply adjustments for the oil market, the OPEC Secretary General said on Saturday.

“We will continue to do what we know best to ensure we attain stability in the oil market on a sustainable basis,” Mohammad Barkindo said in a webinar organised by Italian think-tank ISPI.

Oil prices fell on Thursday after OPEC and its allies stuck to their existing policy of monthly oil output increases despite fears a release from U.S. crude reserves and the new Omicron coronavirus variant would put renewed pressure on prices. 

Barkindo said in terms of oil demand the estimate at the moment was for a growth of 5.7 million barrels per day.

“In 2022 we expect another 4.2 million,” he said.

He said the uncertainty and volatility on the markets was also due to extraneous factors such as the ongoing Covid pandemic and not necessarily the fundamentals of oil and gas.

“Now we are on course of returning the level of consumption in 2022 to pre-COVID levels,” he said.

Barkindo said that the forecast was for oil and gas to account for more than 50% of the global energy mix in 2045 or even to mid century.

“In all the pronouncements we had from Glasgow we have not yet seen any concrete road map or plans of how to replace this 50% … without creating unprecedented turmoil in the energy markets,” he said, referring to the Glasgow climate conference.

“Oil and gas will be needed for the foreseeable future.”

        Source: Reuters    

Liberia Softens Fiscal And Contractual Terms To Woo Investors For 33 Oil Blocks

Michael Creg Afful
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Liberia Softens Fiscal And Contractual Terms To Woo Investors For 33 Oil Blocks
Liberia says it has made its upstream fiscal regulatory regime very flexible to encourage and woo investors into the country to explore its hydrocarbon. The Ivorian neighbour has 33 offshore oil blocks readily available for prospective oil and gas investors and hopes to exploit these hydrocarbon resources for the development of the country. The Director-General of Liberian Petroleum Regulatory Authority (LPRA), Archie Donmo told energynewsafrica.com on the sidelines of the Africa Oil Week in Dubai UAE, that the country is seeking direct negotiation for these offshore oil blocks. He said they are currently negotiating with two international oil companies who have shown interest in some of the blocks and hope to complete the negotiation by May 31, 2022. Explaining how to acquire an oil block, Mr Donmo said the interested party or entities would first have to send a letter of intent (LoI) and “we will pre-qualify the bidder.” Asked why Liberia has made its fiscal regime flexible, Archie Donmo noted that exploratory activities have become limited at the moment because of the energy transition. With this in mind and because Liberia is a frontier country, Archie Donmo said investors are looking to invest in countries that are already producing “so when you are a frontier country, you don’t make things tough…you make things easier to encourage investors to come.
LUKOIL Looks For New Investments Opportunities In Africa
“We have reduced our fiscal terms to something appreciable to encourage investors,” he said. He said investors are welcomed to Liberia, assuring them that the environment is conducive for business.       Source: https://energynewsafrica.com

Nigeria: Two Nigerians Convicted For Vandalising IBEDC Electrical Installation

Inusah Musah
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Two Nigerians have been convicted to three months and two years imprisonment for vandalising transformers and electrical cables belonging to the Ibadan Electricity Distribution Company (IBEDC). The two convicts namely; Yusuff Olatunji and Ademola Toheeb were charged at Grade A, Customary Court of Appeal, Ibadan, and Magistrate Court, Moniya, also in Ibadan on 15th October 2021 and 22nd November 2021 respectively. A statement by the Management of IBEDC, which disclosed the conviction of the two vandals, said: “The convictions underscore our current stance of zero tolerance to all illegal activities within our network.” IBEDC reiterated its commitment to sanitize its network from nefarious activities such as vandalism, energy theft and staff assault. “We appeal to individuals and communities to collaborate with us to stall this menace, by reporting any of these illegal activities, via our Whistleblowing channels communicated on our website, social media pages, TV and radio programmes etc. “In addition, customers can support us by monitoring electricity installations within their communities,” the statement concluded.     Source: https://energynewsafrica.com

 

 

Ghana: You Don’t Have Power To Ban ECG From Kroboland-Irate Krobo Youth Told

Michael Creg Afful
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Ghana: You Don’t Have Power To Ban ECG From Kroboland-Irate Krobo Youth Told
The Manya Krobo Traditional Authority in the eastern part of the Republic of Ghana has condemned protests by some youth of the area against Ghana’s southern power Electricity Company of Ghana (ECG). The youth group has been demanding the ECG to cancel the debt the residents owe for over four years. The youth claim their ancestors were promised free electricity when the country was building the Akosombo Dam, the country’s source of hydropower. However, this claim has been denied by the Volta River Authority (VRA), operator of the 1040 MW Akosombo Hydroelectric Dam. Last week, over 7000 residents of Manya Krobo, led by the United Krobo Foundation, hit the streets to demand the ECG to vacate the town. They wanted the VRA to supply electricity to the area. However, Nene Sakite I, Konor of Manya Krobo and President of the Eastern Regional House of Chiefs, has issued a statement that nobody has the right to proclaim any ban on a legally constituted public establishment in Ghana from operating in the Krobo land. It said the activities of the group was a threat to national security, adding that during the past four years, the Manya Krobo Traditional Council engaged them and advised the leaders to stop their nefarious activities against the state but they clandestinely continued to operate, inciting the public. “It was through one of such demonstrations that a few innocent people lost their lives through their encounter with the police in 2019, in Somanya and Odumase, yet they could not relent,” it stated. The Council, therefore, appealed to the National Security apparatus to investigate the circumstances leading to the activities of the group and its leadership as well as their motives. The Council described as false the assertion from the leadership of the youth group that the chiefs of Manya Krobo and Yilo Krobo purportedly signed a memorandum of understanding with the Government of Ghana for Krobos to start enjoying free electricity, 50 years after the construction of the Akosombo Dam. They also called on the ECG to expedite the resolution of all outstanding issues with the Krobo customers to bring sanity into the area.       Source: https://energynewsafrica.com

 

Ghana: Sunon Asogli Power (Ghana) Ltd. Commissions Ultra Modern Fire Service Station

Michael Creg Afful
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Ghana’s largest independent power producer, Sunon Asogli Power Ltd, has commissioned an ultra-modern fire station on the company’s premises in Kpone in the Greater Accra Region. The station has been equipped with the needed fire and office equipment that will help the fire brigade in their daily activities. Commissioning the facility, the General Manager of Sunon Asogli Power, Mr Zhengyi said the station was constructed to aid the Sunon Asogli Fire brigade in their daily work and is going to be the official office and fire station of Sunon Asogli Power fire department. According to him, safety is at the core of the company’s operations and, therefore, takes steps to ensure that all staff are safe. “The company is committed to promoting a responsible Health, Safety and Environment (HSE) culture and the operation principle of safety first by adhering to the strictest safety and environmental standards. “This culture has been embedded in the staff of Sunon Asogli Power and they, therefore, take safety seriously,” he said. Mr Zhengyi stated that since the inception of the power plant, there has been no record of personal injury or casualty. He said Sunon Asogli chose this day to inaugurate the fire station to mark the end of the fire safety month of November. ACFO I Doris Lamptey, Tema Regional Fire Officer, stated that power generation comes with an inherent risk of fires due to the type of fuel used, so it is important to take measures to mitigate this risk. She applauded the management of Sunon Asogli for taking steps to train fire wardens who would be the first line of emergency response at the plant, and also to construct a befitting fire station for their use. ACFO I Doris Lamptey hinted that the new fire station would not only serve the needs of the company but also the entire Kpone community. She mentioned that her office would be open for consultations for refresher training for the fire wardens and collaboration in the procurement of a fire tender that meets Ghana’s standard to aid in the ease of the work of the fire wardens. She concluded by appealing to other corporate organizations to support the Ghana National Fire service in achieving its mandate since fire safety and prevention is a shared responsibility. The commissioning ceremony ended with a tour of the new fire station. Also present at the event were DO1 Raymond Nyamasekpor, District Fire Officer, DO3 Ebenezer Sam, Staff Officer, Tema Region, DO3 Samuel Fiifi Oppong, Acting Operation Officer- Tema Region, Nana Offei Asamani I, Nkosuohene for Akwamu State and the Management and Staff of Sunon Asogli Power.     Source: https://energynewsafrica.com

Ghana: Nuclear Power Ghana Organises 3-Day Training Workshop For Journalists

Michael Creg Afful
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Ghana: Nuclear Power Ghana Organises 3-Day Training Workshop For Journalists
The Nuclear Power Ghana (NPG) has held a three-day capacity building workshop for selected Ghanaian journalists who report on the country’s energy sector. The workshop, which began on Tuesday, November 30, 2021, will end on Thursday, November 2, 2021. The journalists were drawn from both the state and private media houses and are members of the Ghana Journalists Association (GJA). Ghana is looking to introduce nuclear power into its energy mix and it is currently at the second phase of the criteria by the International Atomic Energy Agency (IAEA). The West African nation expects its first nuclear power plant by 2030 as part of efforts towards clean energy, energy security and industrialization. To this end, Nuclear Power Ghana has been engaging various stakeholders including the media, to build their capacity for them with relevant knowledge about nuclear power. Delivering a welcome address at the workshop, Ms Bellona-Gerard Vittor-Quao, Manager, Public Affairs at the Nuclear Power Ghana, noted that nuclear power is promising and its benefits to Ghana are enormous.
Ms Bellona-Gerard Vittor-Quao, Manager in-charge of Public Affairs at the Nuclear Power Ghana
She said NPG needed the support of the media to realise the country’s dream of constructing the first nuclear power. “NPG cannot do it alone: we need a concerted effort between government, industry, and civil society and you our media to put in place what is needed to build Ghana’s first Nuclear Power Plant, accelerate industrial development with a sustainable, reliable, and affordable source of electricity. “Together with you, the media, we can reach this new society with clean, fair and abundant energy for everybody,” she said. According to her, NPG is keen on establishing a steady and well-bonded relationship with its stakeholders through the media as a special purpose vehicle to reach all corners of the country for effective involvement and engagement. Ms Bellona-Gerard Vittor-Quao said the workshop will provide “all of you with the opportunity to refresh your knowledge improve your capacity and equip you to support Ghana’s Nuclear Power efforts.” The very interactive workshop saw presentations from the Executive Director of Nuclear Power Ghana, Dr Stephen Yamoah, and Ing. Jonathan Amoako Baah, immediate past Chief Executive Officer of Ghana Grid Company (GRIDCo).
Dr Stephen Yamoah, Executive Director of Nuclear Power Ghana
    Source: https://energynewsafrica.com

Ghana: Fuel Adulteration: BOST Orders Transporters To Produce Runaway Drivers Or Face Prosecution

Michael Creg Afful
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Ghana: Fuel Adulteration: BOST Orders Transporters To Produce Runaway Drivers Or Face Prosecution
The Managing Director of Bulk Oil Storage and Transportation Company Limited ( BOST) in the Republic of Ghana, Mr Edwin Provencal has asked transporters whose trucks were involved in the recent fuel adulteration incident at its Kumasi depot in the Ashanti Region to produce the drivers who are on the run or be prosecuted. He hinted that transport owners and their companies, as well as their subsidiary companies, would also be banned from doing business with BOST. Mr Provencal was speaking at a stakeholder meeting with transport owners in Accra, Tuesday, November 30, 2021. He told the transport owners that BOST does not have business contracts with the tanker drivers and that it is the responsibility of the owners who have entered into contracts with BOST to produce and surrender the said drivers to the police for prosecution. He said if this is not done by January 2022, the company would be compelled to commence prosecution against the transport owners. It would be recalled that a few weeks ago, ten tanker trucks were allegedly found to have adulterated the petroleum products they had loaded from the BOST depot in Tema to the Kumasi depot. Unfortunately, the drivers of the trucks bolted and their whereabouts are not yet known. The incident was reported to the police and investigation is still ongoing.

IEA: Renewable Capacity Growth Needs To Double For Net-Zero

Michael Creg Afful
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The world is set to add record-breaking renewable capacity additions this year, but it will still need double new annual capacity over the next five years to achieve the net-zero by 2050 scenario, the International Energy Agency (IEA) said on Wednesday. Nearly 290 gigawatts (GW) of new renewable power will be commissioned in 2021, up by 3 percent compared to the record set in 2020, with solar PV leading the increase, the IEA said in its annual Renewables 2021 Market Report with a forecast to 2026. But despite the record additions in 2021, and an expected 50-percent increase in renewable capacity additions in 2021-2026 compared to 2015-2020, the industry needs even faster deployment of solar, wind, and all other renewable energy sources if the world still hopes to get on track to meet net-zero by 2050, the IEA said. “Overall, the forecast for renewable generating capacity remains significantly below the level required for the Net Zero Scenario. For solar PV, average annual additions need to almost double in the next five years compared to what we see in our main case forecast,” the IEA said in the report. “To achieve the Net Zero Scenario, wind additions also need to more than double those in our main case. Although onshore wind generation costs are cheaper than fossil-fuel alternatives in most countries, non-economic barriers including permitting and social acceptance hamper faster expansion,” the agency noted. Despite the high commodity and transport prices, renewables are on track for record growth in 2021, the IEA’s Executive Director Fatih Birol said, noting however that “if commodity prices stay high until the end of 2022, it would wipe out 5 years of cost reductions for wind power – and 3 years of reductions for solar PV.”   Since the beginning of 2020, prices for PV-grade polysilicon have more than quadrupled, steel has increased by 50 percent, aluminum by 80 percent, copper by 60 percent, and freight fees have risen six-fold, the IEA has estimated. “Compared with commodity prices in 2019, we estimate that investment costs for utility-scale solar PV and onshore wind are 25% higher,” the agency added. Some 100 GW of contracted renewable capacity risks being delayed by commodity price shocks, the IEA notes. Source:Oilprice.com  

Nigeria: Power Sector Stakeholders Set To Develop Action Plan

Michael Creg Afful
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Nigeria’s power sector stakeholders in both private and public will on December 6, 2021, converge in Abuja to develop a plan of action for resolving the many challenges facing the country’s power sector. The event, which is being organised by …, is under the theme: ‘Consolidating the Privatisation of the Power Sector: Issues and challenges’. It will be chaired by the Minister for Power, Engr Abubakar Aliyu, while the Attorney General of the Federation (AGF) and Nigeria Minister for Justice, Abubakar Malami (SAN), the Minister for Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed and the Minister for Water Resources, Engr Suleiman Hussein Adamu, will also address the gathering. Tagged 1st Abuja Electric Power Conference, those billed to address the seminar include the Bureau of Public Enterprises, the Association of Electricity Generators of Nigeria, the Association of Nigerian Electricity Distributors, the Meters Manufacturers Association of Nigeria, the Transmission Company of Nigeria, the Electricity Consumers Group as well as each of the parastatals of the Federal Ministry of Power. Also expected are power sector professionals, past and present operators of the sector alongside related Ministries such as the Federal Ministry of Water Resources on dams and power generation, Federal Ministry of Justice on power contracts controversy and Federal Ministry of Finance on government position on the 40 per cent shareholding in the privatised generation and distribution companies. Speaking on the forthcoming event organised by the Abuja Chamber of Commerce and Industry, the Chairman of the Planning Committee, Mr Olawale Rasheed said the conference was designed to review and refocus on the consolidation of the ongoing privatisation and commercialisation of the Nigerian Power Sector. He said Nigeria had taken and was still pursuing giant steps in the reform of the power sector, adding that many issues had cropped up since the commencement of the privatisation exercise even as it has recorded successes and setbacks. According to him, some of the objectives of the conference included: reviewing the privatisation outcomes; analysing the gains of the exercise, focussing on the continuation of the exercise; assessing the private sector’s role in the privatization process and proffering consolidated solutions to challenges of the privatization process. “The gathering is a solution providing platform. We hope to generate a plan of action with timelines for deliverables which will be submitted to the Minister of Power. The Chamber is organising this event because the power sector affects to a large extent the ease of operations of our members within and outside Abuja,” he said   Source: https://energynewsafrica.com

U.S. Tries To Patch Things Up With OPEC After SPR Release

Michael Creg Afful
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U.S. Tries To Patch Things Up With OPEC After SPR Release
The United States is taking a crack at improving its relations with OPEC—notably with Saudi Arabia—after the federal government repeatedly blamed the group for high U.S. retail fuel prices and then announced the release of 50 million barrels of crude from the strategic petroleum reserve to push international oil prices down. Bloomberg’s Javier Blas reported this week that White House senior energy security advisor Amos Hochstein has traveled to the Middle East, where he met with government officials, including Saudi Arabia’s Energy Minister Abdulaziz bin Salman. “We discussed areas where the U.S. and Saudi Arabia can partner to invest in the energy transition and collaborate to build a 21st century clean energy architecture,” the senior Washington official said, as quoted by Bloomberg. According to unnamed sources familiar with the discussion, the U.S. representative told the Saudi side that Washington supported OPEC decision-making, although President Biden and Energy Secretary Jennifer Granholm more than once criticized that very decision making that, according to them, resulted in higher prices for American drivers. This support for OPEC decision-making on the part of the White House may mend fences with Saudi Arabia but is unlikely to sit well with American oil and gas companies. President Biden’s calls on OPEC to increase production earlier this year were received poorly by the U.S. shale patch, which believes it can take care of the supply problem. Biden has chosen not to approach the local energy industry for help. “If I were gonna make a call, it wouldn’t be long-distance, it would be a local call,” said Occidental’s CEO Vicki Hollub last month. “I think first you, you stay home, you ask your friends, and you ask your neighbors to do it. And then if we can’t do it, you call some other countries.”     Source: Oilprice.com

Ghana: Power Outages In Kumasi Will Stay For Awhile – GRIDCo

Michael Creg Afful
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Ghana: Power Outages In Kumasi Will Stay For Awhile – GRIDCo
Residents of Kumasi and other parts of the Ashanti Region  in the Republic of Ghana will have to endure the unstable power supply they are currently experiencing because the Electricity Company of Ghana (ECG) and the Ghana Grid Company (GRIDCo) say, it will be difficult to publish a load-shedding timetable for the erratic supply. The power distribution and transmission companies say the collapse of a communication tower on the 330kV Aboadze to Kumasi transmission line at Bogoso, is the root cause of the outages. Addressing some journalists in Kumasi on Tuesday, November 30, 2021, Northern Sector Director for the Ghana Grid Company, Ing. Vincent Boakye, said the provision of a load-shedding timetable is dependent on a system that is highly unpredictable. “A communication mast has fallen on the transmission line. This is the first time it is happening. So what we are doing is that we are ensuring this does not happen again. But looking at the voltage, GRIDCo does not know how many volts we need in Kumasi, so ECG cannot give a timetable… As to when the lights will go off, GRIDCo and ECG do not know. It depends on the state of the system and the voltage ready at that time,” he said. The Chief Director at the Ministry of Energy, Lawrence Apaalse, also added that several interventions have been put in place to improve power supply within Kumasi and other parts of the Ashanti Region. “These problems of power stability in Kumasi have been an issue that the Minister has put on the drawing board. It’s sad that this issue still persists in the Northern and Ashanti sectors. But it is our hope to ensure these issues are mitigated. We will do all we can to ensure that these problems are resolved,” Mr Apaalse assured.   Source: https://energynewsafrica.com

Ghana: UMaT Beats KNUST & UG To Win Gas Challenge For Second Time

Michael Creg Afful
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Ghana: UMaT Beats KNUST & UG To Win Gas Challenge For Second Time
The University of Mines and Technology (UMAT), Tarkwa, in the Republic of Ghana has for second time won the Gas Challenge Competition organised by Ghana Gas Company for tertiary students. The competition is part of the company’s endeavour to bridge the gap between industry and academics, as well as educate the general public on the company’s operations and gas-related issues. The University of Ghana emerged as finalists in the Tertiary Institutions’ Edition, which began with Zone One on October 27, after defeating Regional Maritime University and Ghana Communication University College. On November 2, the second zone was held, with Kwame Nkrumah University of Science and Technology coming victorious against the University of Energy and Natural Resources and All Nations University College. On November 11, the University of Mines and Technology (UMAT) emerged victorious in competition with Takoradi Technical University and the University of Cape Coast (UCC). The auditorium at the University of Professional Studies, Accra (UPSA), where the finals were placed, was crowded with fans who had come to cheer their favourite teams. UMAT won the tournament with 61 points, three points more than the first runner-up, KNUST, after five intense rounds of the quiz. KNUST finished second with 58 points, while the University of Ghana finished third with 44 points. UMAT, the competition’s winners, received a cash prize of $10,000.00 as well as laptop computers for all entrants. They also received a citation and a winner’s plaque. KNUST won $5,000.00 in cash, computers for the participants, and a citation and plaque for the university. The second-place finisher, the University of Ghana, received a cash prize of $3,000.00, computers for the participants, and a trophy and citation for the school. Maame Aba Kwegyir-Abaidoo was named the best female contestant. The Gas Challenge was organised in collaboration with the Ministries of Energy and Education, the Ghana Journalist Association, the National Youth Authority, Diaspora Television Network, Ghana Broadcasting Corporation, Graphic Communications Group, and TV Africa.         Source: https://energynewsafrica.com

Ghana: NPA Punishes 102 Oil Marketing Companies

Michael Creg Afful
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Ghana: NPA Punishes 102 Oil Marketing Companies
Barely five months in office as the Chief Executive Officer of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid says about 102 Oil Marketing Companies ( OMCs) have been penalized under his watch. According to him, the OMCs were punished for either flouting the petroleum downstream regulations or the other. “I have been in office for four months and in these months, I have punished many companies. There are times I have to sign penalties for 102 OMCs,” Dr Abdul- Hamid revealed this while addressing stakeholders at the launch of TotalEnergies rebranded lubricants in Accra. Although Ghana is a small country in West Africa, Dr Abdul-Hamid noted that 170 Oil Marketing Companies are operating in the country. In his view, this is, perhaps, the biggest in Africa, adding, “It suggests to me it is a very competitive petroleum downstream.”
He said in such intense competitive situations, there is a tendency for players to cut corners and break the rules to make a profit. Sounding a word of caution to the industry players, the tough-talking NPA’s CEO said the era when the regulator relaxed was over. “We are no longer in the era when the NPA looked the other way for people to break rules of the industry with impunity.  It’s not going to happen. “Once you play by the rules, NPA will also fairly regulate the industry,” he stated. Dr Abdul Hamid, singling out TotalEnergies for praise for playing by the rules of the industry, urged them to continue adhering to standards. “And so I want you to continue to be the standard for the industry players. You don’t have to cut corners amidst competition to make a profit,” he said.   Source: https://energynewsafrica.com  

Ghana: Sunon Asogli Adjudged Power Company Of The Year 2021

Michael Creg Afful
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Ghana: Sunon Asogli Adjudged Power Company Of The Year 2021
Ghana’s largest independent power generation company, Sunon Asogli Power Ghana Limited, has been adjudged the power company of the year 2021 at the 5th Ghana Energy Awards held in Accra. Sunon Asogli was nominated among Cenpower Generation Company, Wilkings Engineering, Enclave Power Generation Company, GRIDCo and Alpha TND. Sunon Asogli is a 560 MW (750,000 hp) natural gas-fired thermal power station in Ghana. The power plant was the first privately-owned electricity generation installation in the history of Ghana. According to the Management of Sunon Asogli, the award affirms the immense contribution of management and staff of the power plant in helping Ghana achieve energy security. “We will continue to give our best to help improve the power situation not only in Ghana but the entire sub-region,” the company said. This year’s Ghana Energy Awards saw two former Ghanaian Presidents, John Agyekum Kufuor and the late John Jerry Rawlings being honoured for their contributions in the Energy sector.   Source: https://energynewsafrica.com
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