Trina Solar Co Ltd, the world’s leading global PV and smart energy total solutions provider, has recorded operating revenue of US$4.263 billion (RMB 29.418 Billion) in 2020, 26.14% more than in 2019.
The company’s net income attributable to shareholders also stood at US $178 Million (RMB 1.229 Billion).
The company’s total module capacity reached 22GW in 2020, and module shipments reached 15.915GW, ranking third in the world, tally to the 2020 annual shipment guidance published in Q3 2020 by IHS Markit.
By the end of 2021 Trina Solar’s total cell production capacity is expected to reach 35GW (of which 210mm cells will account for more than 70%) and it is expected to accomplish total module production capacity of 50GW, further consolidating its position as the 210mm module leader.
Antonio Jimenez, Managing Director and Vice President, Trina Solar Middle East & Africa commented: “Solar energy is emerging as a critical component in the Middle East and Africa’s sustainable energy transition plans. Investments are increasing across the region with several countries leading the deployment of Solar Energy in the region. All this calls for a reliable trusted partner with proven record of continuous growth and expansion. At Trina Solar we always strive to create more value for our customers through technological innovation, industrial synergy and channel construction. We always aim to generate better returns for the societies we operate in.”
Focus on customer value, higher market share
“COVID-19 has brought very serious challenges to the PV industry as a whole,” Trina Solar said in its annual report. “However, relying on Trina Solar’s global brand influence, global market channels and concentrated effort, the company not only overcame the impact on production and logistics during the pandemic, but also achieved further market share gains in some markets.”
According to the report, Trina Solar had operating revenue of US$ 4.263 billion (RMB 29.418 Billion) in the 2020 financial year, 26.14% more than in the previous year. Thanks to the continued acceleration of its globalized layout and constant enhancement of customer value through technological innovation, industrial synergy and channel construction, Trina Solar keeps growing prominently globally. The company’s financial performance, which is an important indicator to evaluate the bankability, also affirms and strengthens Trina Solar’s high bankability across the world. Trina Solar was approved in its bankability in 2020 by BloombergNEF, which is the only module manufacturer to be rated as bankable for five consecutive years.
Risk management and diversity lead to stronger strength
In 2020 the company had net income attributable to shareholders of US $178 million (RMB 1.229 Billion), the numbers for each quarter were US$ 22 million, US$ 48 million, US$ 49 million, US$ 60 million (153 million, 340 million, 339 million and 398 million) respectively. It is notable that since the second half of last year, the PV industry has experienced shortages and price increases of silicon, glass and other raw and auxiliary materials. Despite this, the company had stable operation cross the year, which highlights its strong ability in supply chain risk control.
This is also the result of Trina Solar’s long-term commitment to promoting industrial synergy. In addition to continuously optimizing its own module material technology and processes and improving product performance, Trina Solar is also engaged in in-depth strategic joint ventures and collaboration with upstream suppliers to reduce costs, stabilize supply and achieve controllable risks.
In addition, in 2020 Trina Solar deepened its diversified operations and opened up multiple business units such as for modules, trackers and system integration, further enhancing the company’s comprehensive strength and anti-risk capability.
Innovative 210 Vertex modules lead the market with shipments of nearly 16GW
As an established leading PV module company, Trina Solar took advantage of the good momentum of returning to China’s A-share market in 2020 to maintain its position as the global leader in module shipments against fierce competition. Trina Solar’s shipment of 15.915GW of modules in 2020 is consistent with the 2020 annual shipment guidance published in Q3 2020 by IHS Markit.
▲ 2020 Global Module Ranking forecast by IHS Markit
Among the many highlights of Trina Solar in 2020, the most dazzling was the launch of the industry-leading 210mm ultra-high power module series Vertex and the establishment of the 600W+ Photovoltaic Open Innovation Ecological Alliance, which attracted companies and organizations from upstream and downstream of the industry chain, leading the industry to move toward a new era of high-efficiency 210 modules. According to the annual report, Trina Solar’s total module capacity reached 22GW by the end of 2020.
In February 2020, Trina Solar released its 500W Vertex Series of ultra-high power modules to the world and upgraded the power of the Vertex Series to 600W+ within the next five months. In the era of parity, the end-market is focusing more on cost and return on investment, and Vertex modules show strong market potential. By the end of 2020, orders for Trina Solar 210 Vertex modules exceeded 10GW, widely acclaimed in the market.
Trina Solar’s module capacity will leap to 50GW in 2021
“With the company’s global brand and channel advantages, as well as advanced module capacity and open industry alliance, we can provide professional overall services to customers and help them realize the maximum value,” Trina Solar said. “While further increasing the company’s market share, we will strive to consolidate our leading position in large-size high-efficiency cells and modules.”
Trina Solar is expected to further expand module capacity to about 50GW by the end of 2021. In addition, the company’s total cell capacity is expected to grow to about 35GW by the end of the year, with 210mm cell capacity accounting for more than 70%. These newly established production capacities have advantages in both technology and cost, and with the trend of large scale and large size they will present even better product profitability.
On this year’s development plan, Trina Solar said: “2021 will be critical for the company to rapidly expand the market and achieve high-quality sustainable development. The company will use the production capacity of its advantageous products to quickly seize the market and increase its market share, while continuing to develop in-depth cooperation with upstream supply enterprises to ensure stable product quality and supply. Trina Solar will further promote its digital transformation and strive to achieve its development goals, greater business breakthroughs and strong market growth in each business segment. As always, Trina Solar will keep carrying out its mission ‘to benefit all mankind with solar energy’, and fight for lower LCOE and the great goal of peak carbon dioxide emissions and carbon neutrality.”
The Labour Commission, the agency responsible for mediating between workers and their employers in the Republic of Ghana, has directed staff of the Electricity Company of Ghana (ECG) to call off their sit down industrial strike.
The Commission expects the aggrieved workers to return to post and ensure that their concerns are properly placed before the Commission for redress.
The workers, on Monday, embarked on a sit down strike to demand the removal of their Managing Director, Kwame Agyeman-Budu.
According to sources, the strike, which started about 8am, Monday, lasted for about two hours.
Sources say some of the workers wore red attire while others wore red arm bands.
The workers, led by its umbrella body, Public Utilities Workers Union (PUWU), have been accusing the MD of exhibiting “incompetence”, a claim a section of the workers have refuted.
In a statement issued by PUWU recently, they accused the MD of engaging in ‘one man show’, breaching procurement processes, awarding of contracts and outsourcing of Special Load Tariff (SLT) collection.
They also accused the MD of failing to pay workers’ deductions into PUWU Mutual Funds, Credit Unions, Life Insurance Schemes etc. which is estimated at over Seventy Million Ghana Cedis (Gh¢70,000,000.00) as at March 2021.
Energynewsafrica.com has made several attempts to speak to the leadership of PUWU over the claims but they have refused to answer telephone calls and text messages.
Meanwhile, checks by energynewsafrica.com indicate that claims by PUWU that the MD has constructed staff canteen at Asokwa District, Roman Ridge and construction of new District office at Cape Coast where there are enough unused office spaces was upon request made by the staff which was then discussed and approved by the board.
Under the current MD, ECG has also paid about GHS200, 000,000 of workers’ deductions into various funds.
On the issue of outsourcing of Special Load Tariff collection, energynewsafrica.com’s checks indicated that a certain company brought a proposal to management and proposed that they would be able to help ECG to collect monies owed them by their bulk customers by negotiating with them to make payment to cover a whole month, instead of the monthly collections being done by staff of the ECG.
According to sources, Management of ECG has not taken a decision yet as the proposal is currently before the Board.
It is unclear what the motive of PUWU is. However, some staff of ECG are of the view that PUWU is pushing an agenda to get the MD out so that their favourite would be appointed to replace him.
In a report filed by Myjoyonline.com, it quoted a communiqué signed by NLC’s General Secretary Ofosu Asamoah, as saying that ECG workers had not exhausted all means in getting their voices heard.
“The National Union is hereby advised to ensure that the proper processes in resolution of the workers’ grievances are adhered to and call for a halt in the industrial action,” the April 26 letter read.
Source:www.energynewsafrica.com
Nigeria has rejected a report by the World Bank which suggested that over 78 percent of electricity consumers in the West African nation received less than 12 hours of electricity supply daily.
Nigeria is shocked by the conclusion drawn by the World Bank, arguing that it was unclear what empirical evidence the Bank deployed to arrive at the figures.
The Bank had, in an online meeting with energy correspondents in Abuja, last week, stated that a total of 74 percent of power users in Nigeria were dissatisfied with the supply of electricity across the country.
It further disclosed that while 93 percent of metered power users paid their bills regularly, 78 percent of electricity consumers in Nigeria received less than 12 hours of supply daily, stressing that the findings were done after a thorough survey conducted by the global financial institution.
But the Federal Government, in a statement issued by the Presidential Advisor on Infrastructure, Mr. Ahmad Zakari as caried by ThisDayLive, stated that power distribution to consumers had seen steady improvement, even though it had stated last week that 17 of the 25 generation power plants were down, leading to a deterioration in nationwide supply.
While responding to the Power Sector Recovery Programme (PSRP), a fact sheet released by the Bank, the government noted that it was inaccurate to make a blanket statement on the country’s power sector.
According to the Federal Government, empirical evidence from the Nigerian Electricity Regulatory Commission (NERC) showed that only 55 percent of citizens connected to the grid is in tariff bands D and E which is less than 12 hours’ supply.
“It is inaccurate to make a blanket statement that 78 percent of Nigerians have less than 12 hours daily access. The data from NERC is that 55 percent of citizens connected to the grid are in tariff bands D and E which are less than 12 hours’ supply.
“Those citizens are being fully subsidised to pre-September 2020 tariffs until Discos are able to improve supply. There is a N120 billion CAPEX fund from CBN for Discos to improve infrastructure for these tariff classes similar to the metering programme that is ongoing.”
The Federal Government also kicked against aspects of the Bank’s report which claimed that 58 percent of electricity consumers in the country did not have meters to measure electricity use, dismissing the data as unverifiable.
“It is unclear who did this survey and what the timeframe is. All citizens that have got free meters report they are happy about the reform trajectory,” the statement added.
According to the statement, to date, more than 600,000 meters have been delivered to Distribution Companies (Discos) out of the one million in phase one with installation ongoing and meters being sourced locally, while creating jobs in installation and manufacturing/assembly.
The Federal Government clarified that the Service-Based Tariff (SBT) ensures that citizens pay more only when and if they are receiving a high quality of service.
The Presidential Advisor on Infrastructure, in the statement, said his office enjoyed a robust working relationship with the World Bank and was, therefore, surprised that such a report would be released without the input of other critical stakeholders.
Source: www.energynewsafrica.com
India’s Ministry of Petroleum has directed the country’s largest oil and gas producer, ONGC, to sell stake in producing oil fields such as to Ratna R-Series to private firms, get foreign partners in KG basin gas fields, monetise existing infrastructure, and hive off drilling and other services into a separate firm to raise production.
Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, on April 1 wrote to Oil and Natural Gas Corporation (ONGC) Chairman and Managing Director Subhash Kumar giving a seven-point action plan, ‘ONGC Way Forward’ that would help the firm raise oil and gas production by one-third by 2023-24.
The action plan calls on ONGC to consider sale of stake in maturing fields such as Panna-Mukta and Ratna and R-Series in western offshore and onshore fields like Gandhar in Gujarat to private firms while divesting/privatising ‘non-performing’ marginal fields.
It wanted ONGC to bring in global players in gas-rich block KG-DWN-98/2 where output is slated to rise sharply by next year, and the recently brought into production Ashokenagar block in West Bengal. Also identified for the purpose is the Deendayal block in the KG basin which the firm had bought from Gujarat government firm GSPC a couple of years back.
The ministry also wants the company to explore creating separate entities for drilling, well services, logging, workover services and data processing entities.
Source: www.energynewsafrica.com
Workers of Ghana’s Southern electricity company, ECG, are currently on strike across the company’s operational areas in demand for the removal of their Managing Director, Kwame Agyeman-Budu.
According to sources, the strike, which started about around 8am, Monday, is expected to last for about two hours.
Sources say some of the workers are wearing red attire while others are wearing red arm bands.
The workers, led by its umbrella body, Public Utilities Workers Union (PUWU), have been accusing the MD of exhibiting “incompetence”, a claim a section of the workers have refuted.
In a statement issued by PUWU recently, they accused the MD of engaging in ‘one man show’, breaching procurement processes, awarding of contracts and outsourcing of Special Load Tariff (SLT) collection.
They also accused the MD of failing to pay workers’ deductions into PUWU Mutual Funds, Credit Unions, Life Insurance Schemes etc. which is estimated at over Seventy Million Ghana Cedis (Gh¢70,000,000.00) as at March 2021.
Energynewsafrica.com has made several attempts to speak to the leadership of PUWU over the claims but they have refused to answer telephone calls and text messages.
Meanwhile, checks by energynewsafrica.com indicate that claims by PUWU that the MD has constructed staff canteen at Asokwa District, Roman Ridge and construction of new District office at Cape Coast where there are enough unused office spaces was upon request made by the staff which was then discussed and approved by the board.
Under the current MD, ECG has also paid about GHS200, 000,000 of workers’ deductions into various funds.
On the issue of outsourcing of Special Load Tariff collection, energynewsafrica.com’s checks indicated that a certain company brought a proposal to management and proposed that they would be able to help ECG to collect monies owed them by their bulk customers by negotiating with them to make payment to cover a whole month, instead of the monthly collections being done by staff of the ECG.
According to sources, Management of ECG has not taken a decision yet as the proposal is currently before the Board.
It is unclear what the motive of PUWU is.
However, some staff of ECG are of the view that PUWU is pushing an agenda to get the MD out so that their favourite would be appointed to replace him.
Source:www.energynewsafrica.com
A former Minister for Zongo and Inner City Development during the first term of the President Akufo-Addo-led administration in the Republic of Ghana, Mustapha Hamid, has been appointed as the Chief Executive Officer of National Petroleum Authority (NPA).
He replaces Hassan Tampuli who is now a Member of Parliament for the Gushegu Constituency in the Northern Region.
It was rumoured some weeks ago that the former Zongo Development Minister had been penciled as the new CEO of NPA, Ghana’s petroleum downstream regulator, after the CEO succeeded in winning his parliamentary bid to represent his constituents in last year’s General Elections.
Although the Presidency has not issued official statement about his appointment, Mr Mustapha Hamid had participated in a couple of energy events with officials of NPA.
Mustapha Abdul Hamid at the meeting with LPG Marketers Association at the Ministry of Energy
Last Wednesday when the country’s Energy Minister met with the agitating leadership of LPG Marketers Association at the Energy Ministry, Mustapha Hamid was present at the meeting with other officials of NPA.
Although, the Minister is said to have introduced Hon. Andrews Kofi Agyapa Mercer, Member of Parliament for Secondi and now Deputy Minister designate for energy and Mustapha Hamid as friends of the Ministry, checks by energynewsafrica.com, however, revealed that Mustapha Hamid wrote his name on the attendance sheet as the incoming CEO of NPA.
Source:www.energynewsafrica.com
Energy think, the Institute for Energy Policies and Research (INSTEPR), has warned of an impending Environmental disaster at offshore Saltpond, in the Central Region of the Republic of Ghana.
The research body explained in a statement that Ghana is facing an imminent environmental catastrophe if the 65 years old Oil Rig, ‘‘Mr. Louie’’ is not decommissioned immediately.
The Saltpond field is Ghana’s oldest Oil field, discovered in 1970 and was operated by the Signal-Amoco Consortium.
They relinquished the concession field in 1976 to offshore Hydrocarbon Limited citing the field as non-commercial. Offshore Hydrocarbon entered into a development partnership with Agri-Petco of U.S.A between 1977 and 1978.
“The field was producing an average of 400 barrels per day from two well when production started in August 2000, then dropped to around 150 barrels per day before operation of the oil field was halted on June 10, 2010 by the Ghana National Petroleum Corporation (GNPC).
“This company initially brought the jack up rig called ‘‘Mr. Louie’’ to drill six appraisal wells. In October 1978, the Jack up rig was converted into a production platform.
“The Saltpond field was abandoned between 1985 and 2000, until in August 2000 when rehabilitation works commenced with the repair of the ‘’Mr. Louie’’ platform by Lushann International.
“GNPC keep a skeletal staff on this platform and their lives are in danger should there be such an accident. This oil spillage will destroy the natural ecosystem of the area and makes the fish in our seas unsuitable for human consumption for years to come.
“It will also cost Billions of dollars to control the well and safely clean up the oil spillage as well as fines by international environmental agencies. Similar disaster was witnessed on television during the 2010 Oil Spillage in the Gulf of Mexico.
“The Institute will want to draw the attention of Environmental Protection Agency (EPA), GNPC and the Energy committee of Parliament to immediately supervise the decommissioning of this production platform ‘’Mr. Louie’’ before our worst nightmare happens,” the statement concluded.
Sourcewww.energynewsafrica.com
Businesses in Africa’s largest economy, Nigeria, lose US$29 billion annually as a result of unreliable power supply in the West African nation.
This is according to a World Bank report which was released on Wednesday April 21, 2021.
The report observed that Nigeria had the largest number of people without access to electricity in the world.
Making a presentation at a virtual dialogue on Power Sector Recovery Programme, the Bank’s Practice Manager, in charge of West, and Central Africa Energy, Ashish Khanna noted that Nigerian utilities get paid for only half of the electricity they receive.
“For every N10 worth of electricity received by distribution companies (Discos), about N2.60 is lost in poor distribution infrastructure and through power theft. Another N3.40 is not being paid for by customers, the report explained.
“Six in 10 of registered customers are not metered, and their electricity bills are not transparent and clear. This contributes to resistance to pay electricity bills.”
The PSRP document presented by the Bank stated that only 51 percent of installed capacity was available for generation, as an average Nigerian consumed four times less energy than her counterpart in a typical lower middle-income country.
It, however, noted that every Nigerian paid less for electricity than what it cost to supply electricity to them.
It stated that the government for years was paying the difference because the government wanted to help the poor Nigerian families to pay their bills.
“But richer families use more electricity; so a big chunk of the government’s support ends up going to those who do not really need help with paying bills,” it stated.
On the PSRP, the Bank described it as a comprehensive response to Nigeria’s power challenges with the aim to renew the country’s economy by rebuilding a functioning and fair power sector.
It also stated that between June 2020 and February 2021, the World Bank Board approved $1.25 billion financing to support the government in its efforts to reset the power sector.
Source:www.energynewsafrica.com
Gunmen have abducted three employees of India’s Oil and Natural Gas Corporation (ONGC) on a rig site in northeast India.
According to Oilprice.com which reported the incident, the abduction took place on Wednesday on ONGC’s rig site in the Lakwa field in the state of Assam, one of the three largest oil-producing states in India.
Security-related issues at domestic producing oilfields could undermine India’s efforts to reduce its reliance on foreign oil.
India, which relies on crude oil imports for more than 80 percent of its consumption, has plans to cut the dependence by 10 percent by 2022.
ONGC said it had lodged a complaint with the local police about the kidnapping, but did not comment on whether the incident would affect oil production at the site.
Due to the pandemic that shut down some oilfields, India’s oil production dropped by 5 percent year over year in the fiscal year between April 2020 and March 2021.
According to data from the Petroleum Planning & Analysis Cell (PPAC), the volume of India’s crude oil imports fell by 12.7 percent between April 2020 and March 2021 compared to the same period of the previous fiscal year.
In terms of value, India spent US$61.9 billion on crude oil imports in April 2020-March 2021, down from US$101.4 billion in 2019/2020.
While some of the lower import bill was due to the lower imported volumes, most of the drastic decline in India’s spending on crude was because of the ultra-low oil prices in the spring of 2020. Back then, India¬—and the other major importer in Asia, China—embarked on a buying spree to stock up on low-priced crude.
India’s sensitivity to high oil prices resulted in the government asking Indian state refiners to aggressively diversify oil imports away from the Middle East and its oil kingpin Saudi Arabia.
Source: www.energynewsafrica.com
Pakistan has dismissed two officials of the Department of Explosives under the Petroleum Division of the Ministry of Energy over illegal deals.
The officials were said to have engaged in illegal granting of licences to several oil terminals, abused their offices and misstating facts, disregarding public safety and standard protocol of safety measures in issuing licences.
The two officials are Mr. Raj Kumar and Mr Muhammad Mubeen Ahmed.
Their dismissal followed the report of a committee set up to investigate allegations of kickback of award of licences for oil terminals and violating safety distances.
A statement signed by Muhammad Omar Farooq Muhar, Section Officer (Explosives) at the Petroleum Division of the Ministry of Energy, said the two officials have up to 30 days to appeal to the decision.
1. Petroleum division has dismissed two officials of Department of Explosive (DoE) from the service over illegal grant of licenses to several oil terminals, abuse of office & misstating facts,disregarding public safety and standard protocol of safety measures in issuing licenses pic.twitter.com/KX9x6tnjCb
— Petroleum Division, Ministry of Energy (@Official_PetDiv) April 21, 2021
President of the Republic of Ghana, Nana Akufo-Addo has reappointed Dr. Mohammed Amin Adam and William Owuraku Aidoo as Deputy Ministers of Energy.
Dr. Mohammed Amin Adam and William Owuraku Aidoo were Deputy Ministers of Energy in-charge of Petroleum and Power respectively during the first term of the Akufo-Addo-led New Patriotic Party administration.
The duo and a former Deputy Minister, Joseph Cudjoe, were appointed as Deputy Energy Ministers to support Mr.
Boakye Agyarko who was a substantive minister when the West African nation’s power sector was in serious crisis.
Mr. Boakye and his three deputies as well as the technocrats worked tirelessly and ended the power crisis in the
latter part of 2017.
It would be recalled that President Akufo-Addo, in a statement issued during the announcement of substantive ministers, indicated that he was going to appoint only two deputy ministers at the Energy Ministry, one of whom would come from the Western Region.
Andrew Kofi Agyapa Mercer
In a statement issued Wednesday, which announced the appointment of deputy ministers, it mentioned Dr. Mohammed Amin Adam, MP for Karaga, William Owuraku Aidoo, MP for Afigya Kwabre South, and Andrew Agyapa Mercer, MP for Secondi, as the new Deputy Energy Ministers.
Though it is not clear why the President made a sudden change in his earlier decision, energynewsafrica.com wants to believe the change may have been influenced by the current power outages which are creating discomfort to Ghanaians.
Source: www.energynewsafrica.com
Ghana’s capital, Accra, is expected to experience power outages from May 10 -17, 2021, energynewsafrica.com can report.
This is because the country’s power transmission company, GRIDCo, will curtail power supply to greater parts of the capital to pave way for them to energise the ongoing Bulk Supply Point Project at Pokuase, which is expected to be commissioned on May 31, 2021.
The Pokuase BSP, which is being executed by the Millennium Development Authority (MiDA), with funding from the United States Government, is expected to improve power supply to about 350,000 residents in Accra.
In a press release issued Tuesday, after the Energy Minister, Dr. Matthew Opoku Prempeh visited the project site, ECG stated that the project would require a complete shutdown of the 330kv transmission line, thereby, affecting power supply and reliability to the Mallam Bulk Supply Point.
In view of this, ECG has planned a load shedding timetable and divided it into four groups.
Areas in group A include Odorkor, Awoshie, Abeka Lapaz, Sowutuom, Ablekuma New Town, Opeikuma, Lamptey Mills and others.
Group B includes Mallam, Gbawe, Bortianor Red Top, Lower McCarthy, Bubuashie, Abossey Okai, Mataheko, Dansoman and others.
Areas in Group C include Sakaman, MacCarthy Hill, Tetegu, Melcom Plus Industrial Area, Amasaman, Pokuase, Banana Inn and others.
Group D also has Odorkor, Mamprobi, Taifa, Ofankor, Kokrobite, CMB Flats among others.
Load Shedding colour
Source: www.energynewsafrica.com
Zimbabwean Government has approved a Memorandum of Understanding that seeks to facilitate a high level of cooperation between Zimbabwe and Russia in the use of nuclear energy by laying a foundation for the execution of the agreed areas of cooperation.
The country’s Minister for Information Monica Mutsvangwa confirmed the development at a press conference last week.
“Cabinet considered and approved the MoU (Memorandum of Agreement) between Zimbabwe and the Russian Federation State Atomic Energy Corporation, which was presented by the Attorney General on behalf of the chairman of the Cabinet Committee on Legislation,” she said as carried by Esi-africa.com.
The agreement was signed with the Russian state-owned company, State Atomic Energy Corporation.
Joint Working Groups will be established to identify specific projects to facilitate the cooperation, including exploring the feasibility of constructing a centre for nuclear science and technology.
In 2019, Zimbabwe joined the International Atomic Energy Agency an initial stage in uranium enrichment.
The move then was necessitated by a dire shortage of electricity as the country only produced 650MW against a national demand of 1,700MW.
The country discovered uranium deposits in the coal rich Hwange and Binga districts with exploration still in progress.
Zimbabwe has not been spared from the impact of climate change, which has, among other effects, seen the decline of water levels in Lake Kariba.
An alternate source of energy will remove dependence on Lake Kariba and hydropower. The anticipated cooperation in the use of nuclear energy for peaceful purposes will strengthen the energy mix and provide alternative sources of energy that Zimbabwe needs.
The head of Vitol Group, the world’s biggest independent oil trader, expects crude demand to come roaring back this year and next as the world emerges from the pandemic.
Demand for crude will increase by 7 million to 8 million barrels a day by the end of 2022, up from current levels, and producers will be stretched to meet that surge, Vitol Chief Executive Officer Russell Hardy said in an interview.
“We will need all eight cylinders to get through 2022,” Hardy said. “We believe $70 to $75 a barrel is an entirely sensible outcome for the third quarter,” he said, making a rare specific call on oil prices.
It’s a bullish call for a solid recovery in global petroleum use after the pandemic caused demand for jet fuel, diesel and gasoline to collapse. Vitol handled more than 7 million barrels of crude and products a day in 2020, giving it keen insight into fluctuations in global supplies and demand.
Global oil demand remains about 3.5 million barrels a day below pre-pandemic levels, Hardy said. Consumption should rebound by year-end as Covid-19 vaccines continue to be rolled out, lockdowns are lifted and travel for leisure and business resumes.
“The gap is slowly closing as economies reopen and Eastern growth takes us higher,” Hardy said. Still, he cautioned that a recent spike in Covid-19 cases in India and other virus hotspots could derail the recovery.
Hardy sees demand for jet fuel continuing to lag a rebound in other petroleum products, with demand still expected to be about 1.5 million barrels a day below pre-pandemic levels by year-end. The shortfall in aviation fuel consumption will be offset by a similar sized 1.5-million-barrel a day increase in use for other oil products, such as petrochemicals used in plastics, Hardy said.
Oil traders and producers rushed to fill up tanks on land and at sea a year ago as the pandemic and government-imposed lockdowns crimped demand. The price of a key U.S. oil benchmark briefly traded below zero as there was nowhere to store the excess oil. This week, West Texas Intermediate futures are trading at around $64 a barrel.
Energy traders made huge gains last year storing cheap crude in tanks or ships they owned or leased and selling forward futures contracts at higher prices. Vitol earned around $3 billion in profit in 2020, according to people familiar with its accounts, the best financial result in its history. The closely-held company doesn’t disclose its annual earnings.
Hardy said more than half of the 1 billion barrels of excess oil stocks squirreled away in response to the market collapse in 2020 have already been drained. The excess inventory draw downs should be largely completed by the end of the third quarter of this year, even with planned production increases by OPEC. About 2 million barrels a day are currently being drawn down and that pace will continue through June, July and August, according to Hardy.
After collapsing a year-ago, crude has roared back amid a recovery in Asia, positive vaccine news and the lifting of lockdowns in some countries. International benchmark Brent has gained about 30% in 2021 as investors bet the re-openings will stoke consumption and keep draining inventories.
Call on OPEC
Hardy said the Organization of Petroleum Exporting Countries and its allies will have to step up production to meet the expected increase in demand even with “leakage” from U.S.-sanctioned Iran contributing about 1.5 million barrels a day of supply.
“That’s going to come from OPEC because there is no other massive expansion coming because there is generally capital discipline across the West,” Hardy said, suggesting hobbled U.S. shale production won’t be able to significantly respond.
OPEC+ has decided to revive just over 2 million barrels a day of the 8 million barrels of production it’s been keeping offline. The supply will be returned in stages over the three months to July. The producer group is discussing downgrading next week’s full-scale ministerial meeting, delegates said, a signal the coalition may stick with plans to gradually revive oil production.
“OPEC will be in charge for the second half of the year,” Hardy said
Source:Worldoil.com
“This company initially brought the jack up rig called ‘‘Mr. Louie’’ to drill six appraisal wells. In October 1978, the Jack up rig was converted into a production platform.
“The Saltpond field was abandoned between 1985 and 2000, until in August 2000 when rehabilitation works commenced with the repair of the ‘’Mr. Louie’’ platform by Lushann International.
“GNPC keep a skeletal staff on this platform and their lives are in danger should there be such an accident. This oil spillage will destroy the natural ecosystem of the area and makes the fish in our seas unsuitable for human consumption for years to come.
“It will also cost Billions of dollars to control the well and safely clean up the oil spillage as well as fines by international environmental agencies. Similar disaster was witnessed on television during the 2010 Oil Spillage in the Gulf of Mexico.
“The Institute will want to draw the attention of Environmental Protection Agency (EPA), GNPC and the Energy committee of Parliament to immediately supervise the decommissioning of this production platform ‘’Mr. Louie’’ before our worst nightmare happens,” the statement concluded.
Sourcewww.energynewsafrica.com
Load Shedding colour
Source: www.energynewsafrica.com
