Ghana: Mother Weeps As Son Jailed 15 Years
A circuit court in Hohoe in the Volta Region of the Republic of Ghana has sentenced a former Manager of Star Oil into fifteen years’ jail term for stealing GH¢139,118 belonging to his employer.
The convict, Yussif Abubakar, was charged with stealing about two years ago.
He pleaded not guilty but was found guilty by the court after the full trial.
The trial judge, Mr Yaw Opoku Acheampong, in a 30-minute sentence, said he would have sentenced the convict to 20 years’ imprisonment but the convict, throughout the trial, showed remorse for his action.
Abubakar, whose lawyer was not present in court when judgment was pronounced, was also ordered to pay back the money to the company.
He is said to have used the money for sports betting but did not win any of the bets to enable him repay the money he took from the company’s coffers.
The jail term shocked his mother, who wept uncontrollably as she made her way out of the court room.
Facts
Presenting the facts of the case, the prosecution indicated that the convict was employed at Star Oil Company in Hohoe on November 17, 2012, as a washing bay manager and a pump attendant before rising through the ranks to become a Branch Supervisor for the same company on March 3, 2018.
According to prosecution, on November 19, 2019, Abubakar was asked by the company’s Public Relations Officer, Mr Setor Alorwu, to produce receipts of payment of sales made from November 11, 2019, to November 19, 2019, but he failed to do so.
That raised a suspicion of discrepancies in his accounts at the company.
A report was then lodged at the Hohoe Police Station on November 19, 2019, which led to Abubakar’s detention.
An audit was subsequently conducted into the company’s accounts and it was revealed that proceeds from sales to the tune of GH¢139,118 made from November 8-19, 2019, were missing from the sales records.
Abubakar, when questioned on the whereabouts of the money, admitted his inability to deposit the money into the company’s account, explaining that he used the money for sports betting.
Powerships: A solution For Africa’s Energy Short-Term Supply?
By: Andres Vega
Energy poverty represents one of the most critical challenges for development in Africa.
According to the International Energy Agency, in 2019, the continent had more than 580 million people without electricity access, with that number expected to grow to 660 million people by 2030.
Energy poverty is catastrophic not only on a macroeconomic level, but it also profoundly impacts people’s daily lives, as without energy, infrastructure, schools, hospitals, and other essential services cannot be developed.
Imagine a hospital losing power in the middle of a pandemic? It could cost lives. However, the South African government is currently implementing an excellent short-term option in a solid attempt to address this problem.
It is not new that Eskom faces difficulties providing adequate services, as load shedding on its network has become a regular occurrence. A report issued by the Council for Scientific and Industrial Research (“CSIR”) stated that South Africa had 859 hours of load shedding in 2020, representing roughly 10% of the year spent without electricity.
Even though load shedding stops country-wide blackouts, it still comes with a hefty cost, as estimations indicate that load shedding had an impact on South Africa’s economy of between R60 billion and R120 billion in 2019, with an estimated total impact as high as R338 billion since 2007.
Unfortunately, load shedding will continue to be a common occurrence in the near future as power generation in South Africa is not expected to meet demand. According to the Department of Mineral Resources and Energy (“DMRE”), South Africa’s total domestic electricity generation capacity is 58,095 MW from all sources, produced chiefly by state-owned power company Eskom and primarily generated from coal. However, according to Eskom’s CEO, André de Ruyter, there is still an estimated 4,000MW shortfall in the amount the power utility will supply in the next half-decade.
However, the country has been making efforts to reach demand and address energy transition. The South African government approved the Integrated Resource Plan 2019 (“IRP”) outlining the energy mix for the next decade in an attempt to add more energy sources to the mix and the decommissioning of some of Eskom’s coal-fired power plants.
Also, to increase renewable capacity, the government has been allowing private companies to develop capacity under the Renewable Energy Independent Power Producer Procurement Programme (“REIPPP”), which, despite some setbacks and a long awaited fifth bid, has been a good program. By March 2020, the REIPPP had procured a total of 6,422MW, with 4,201MW of generation capacity operational and made available to the grid.
These capacity-building efforts have not reached the required demand, and load shedding keeps happening to this date. However, to immediately meet the supply gap and avoid load shedding, in 2020, the South African government launched the Risk Mitigation Independent Power Producer Procurement Programme (“RMIPPPP”), aiming to procure 2000MW by Q3 2022, with preferred bidders required to reach financial close by the end of July 2021. The RMIPPPP attracted much interest from independent power producers, as the DMRE received 28 offers with a potential contracted capacity of approximately 5,117MW. The DMRE selected eight preferred bidders for a total amount of 1,845 MW. While not being addressed in such a manner, the RMIPPPP is an “emergency” program to access electricity in the short term. It should be beneficial to South Africa and its people.
Of the offers received under the RMIPPPP, more than half (1,220MW) of the capacity from the preferred bidders will be generated by three power ships that will be supplied by Karpowership, a subsidiary of Turkey’s Karadeniz Energy Group, in the ports of Coega (450MW), Richards Bay (450MW) and Saldanha (320MW), under 20-year PPAs. These power ships will produce energy from liquified natural gas (“LNG”). According to Business Insider South Africa, they will feed energy back into the grid at a cheaper cost than Eskom’s current diesel-burn rate.
These power ships have the advantage of providing almost immediate electricity, so they are an excellent option to meet the supply gap in the short term compared to the years it takes to design, award, and commission other types of power generation projects. Also, as the power ships generate energy from LNG, they are a viable option for most coastal countries, especially countries with access to such resource. Finally, power ships do not require any land or significant development. A connection to the LNG, either from a ship or onshore, is sufficient to get the power ships running.
Some West African countries as Ghana and Senegal, are currently analyzing this option. It should not stop there, as this could be a short-term solution to meet most coastal African countries’ energy supply, especially to gas producing countries as Nigeria, Mozambique, and Equatorial Guinea. While doing so, governments should not lose sight that this is only a short-term solution and should carefully plan for the projects’ economics and their power capacity building plans. Also, these countries should not forget other crucial matters as local content, black ownership (in the case of South Africa), and guarantees from the generators to mitigate any event in the duration of these type of projects.
This is not a proposal for African countries to stop developing long-term energy projects or abandon their goals of reducing greenhouse emissions by developing large-scale renewable energy projects. On the contrary, power ships should be considered a viable solution to address energy insecurity issues in the continent in the following years.
Africa and its people cannot wait for governments and companies to agree on the design, pricing, and financing of energy projects with a long development time. African countries need energy now. To grow their economies. To power their industries. And to achieve the most precise and laudable goal of every government: provide for their people.
Andres Vega is an International Associate at Centurion Law Group and has extensive experience in the implementation, development and financing of oil and gas and energy projects in some of the most important energy markets in the world. Andres obtained his LL.M. degree from the University of California, Berkeley School of Law in 2016, with a Certificate in Energy and Clean Technology. He received his law degree from the Universidad Iberoamericana, Mexico, in 2012. Andres is admitted to practice in Mexico (2012) and in the State of New York (2018).
Ghana: Energy Minister, LPG Marketers Association Agree On Roadmap To Resolve Grievances
Ghana’s Minister for Energy, Dr. Matthew Opoku Prempeh, has assured the leadership of LPG Marketers’ Association of his resolve to address their grievances.
The LPG Marketers’ Association has been lamenting over the 18 pesewas addition on LPG, arguing that the increment would overburden consumers and consequently lead to decline in consumption.
According to data available to energynewsafrica.com, LPG consumption has witnessed a consistent decline over the last four months.
The data shows that LPG consumption in November 2021 was 35,000 metric tonnes, but the figure declined to 29,000 metric tonnes in December and reduced to 28,000 metric tonnes and 26,000 metric tonnes in January and February respectively in 2021.
The sector Minister, on Wednesday, invited the leadership of the LPG association to a meeting to listen to their concerns.
The meeting was also attended by the leadership of the Association of Oil Marketing Companies and some officials of the National Petroleum Authority (NPA).
In his Facebook post sighted by energynewsafrica.com, the Minister said the purpose of the meeting was to discuss pertinent matters relating to the pricing regime of LPG and the gas cylinder recirculation project.
He said there was frank and open discussions in a bid to find common ground on these important subjects.
According the Minister, “We concluded the meeting with a clear roadmap on addressing outstanding issues.”
“The Ministry remains committed to ensuring that LPG is affordable as a viable source of energy for both domestic and industrial use and will continue to pursue the national conversation in that direction,” he concluded.
A source at the LPG Marketers Association told energynewsafrica.com that the Minister requested that they document all their concerns on paper and forwarded it to his office within a week for further discussions and way forward.
Source: www.energynewsafrica.com
South Africa: Total Postpones Further Drilling Offshore
French oil major Total has decided to postpone its application for additional drilling in Block 11B/12B offshore South Africa.
According to Reuters, SLR Consulting, a consultancy conducting the environmental and social assessment, sent a letter to stakeholders on Tuesday notifying them of Total’s decision.
“This letter serves to notify you that Total E&P South Africa has decided to postpone their application for the additional drilling and associated activities in Block 11B/12B at this time. Thus, the application for environmental authorisation of the additional drilling and associated activities in Block 11B/12B has been withdrawn”, SLR Consulting stated in the letter.
Reuters did get a confirmation of authenticity for the letter from an official at SLR Consulting confirmed the authenticity of the letter, but he did not disclose reasons for the delay.
The delay is a hit to South Africa as it looking to increase the use of natural gas and renewables in its energy mix. Currently, more than 80 per cent of the power supplied in South Africa comes from coal-fired plants, making it one of the world’s biggest CO2 emitters.
The media outlet also stated that the government had suggested that gas from Total’s fields could eventually be used as feedstock at South Africa’s 45,000 barrel per day gas-to-liquid refinery at Mossel Bay which has run out of domestic gas feedstock.
As for Block 11B/12B, it holds two large gas fields discovered by Total in 2019 and 2020 – Brulpadda and Luiperd – located some 175 kilometres off the southern coast. The block covers an area of 19,000 square kilometres with water depths ranging from 200 to 1,800 meters.
It is operated by Total with a 45 per cent working interest, alongside Qatar Petroleum (25 per cent), CNR international (20 per cent), and Main Street, a South African consortium (10 per cent), where Africa Energy holds interest.
Ghana: Energy Minister, LPG Marketers Hold Crunch Meeting Tomorrow
Ghana’s Minister for Energy, Dr. Matthew Opoku Prempeh and officials of the Ministry are expected to meet the leadership of the LPG Marketers’ Association on Wednesday, April 14, 2021.
The meeting, energynewsafrica.com understands, will discuss the concerns arising out of the purported additional 18 pesewas tax on LPG.
The leadership of the LPG Marketers’ Association has expressed grave concern following a revelation by a former Deputy Minister of Finance, Cassiel Ato Forson, that the Finance Ministry had used the back door to introduce 18 pesewas tax on LPG even though it was not captured in the 2021 Budget and Economic Policy of the government which was presented in parliament recently.
The association noted that the move defeats the Government of Ghana’s policy on LPG of targeting an increasing LPG penetration access from the current 25 percent to 50 percent by 2030.
In view of this, the LPG marketers believe the continuous addition of taxes on the commodity would make it difficult for the country to achieve its target.
Vice Chairman of the LPG Marketing Companies Association of Ghana, Gabriel Kumi explained that LPG is presently sold in Ghana at GH¢6.30 per kilogramme and it is about the highest in West Africa.
“In the whole of West Africa, Ghana’s LPG is the highest. In Ivory Coast, Burkina Faso, Togo and Nigeria, the government subsidises LPG because they see it as fuel of choice,” he said.
“As an association, over the past three years, we’ve been calling on the government to consider removing the existing…about two percent tax on LPG to make it much more affordable to the ordinary Ghanaian,” he emphasised.
The LPG Marketing Association appealed to the government to reconsider the decision to introduce the new tax on the kilogramme of gas since that is the only way that the industry can expand.
Source: www.energynewsafrica.com
Ghana: Workers Union Warns Of Possible Job Losses If Power Outages Continue
A labour union in the Republic of Ghana, the Industrial and Commercial Workers’ Union (ICU), is worried the current power outages being experienced in some parts of the West African nation could lead to shutdown of businesses and eventual potential job losses.
The union has, therefore, charged Ghana’s Energy Ministry to ensure that challenges in the power sector are resolved as soon as possible to avert job losses.
The West African nation has been experiencing power outages with the power transmission company, GRIDCo, blaming it on a number of factors including upgrading of their transmission network.
Commenting on the power situation in an interview with TV3, a television network in Ghana, the General Secretary of the ICU, Mr Solomon Kotei said the union was concerned about the current power outages, noting that it could lead to shutting down of businesses.
The ICU has since asked the government and the Energy Ministry to be truthful with the challenges in the power sector and if possible roll-out a timetable to guide the operations of industries.
“The government, through the Ministry of Energy, should be [truthful] with Ghanaians because all employers do long term planning so if the planning is that this thing is going on till the end of the year, we should know,” he said.
Meanwhile, the country’s Energy Minister, Dr Mathew Opoku Prempeh, has assured Ghanaians that the technical issues that have resulted in power cuts to some areas especially in the capital city would be fully resolved soon.
Dr. Prempeh told journalists on Tuesday April 6 when he paid a working visit to the Ghana Grid Company (GRIDCo) that “we are working feverishly to resolve the challenges which have arisen as a result of technical difficulties with our transmission lines and it is our hope that, that issue will be resolved by the end of the year,” he said.
He further said that most of the transmission lines are old and have not seen any changes.
“These lines that we have just been informed about were strung in the 50s and some in the 60s. The power it was supposed to transmit to Accra has increased tremendously due to the expansion of Accra yet the lines have remained the same.
“They are now giving us lines that can improve the power situation in Accra,” he said.
Source: www.energynewsafrica.com
Uganda, Tanzania Seal $3.5-Bln Oil Pipeline Deal
Uganda, Tanzania, and two oil majors inked a deal for the construction of a $3.5-billion pipeline that will carry Ugandan oil to the Tanzanian coast, from where it will reach international markets.
The governments of the two countries signed the relevant agreements with French Total and Chinese CNOOC, which are operators of Uganda’s oilfields, after they bought them from Tullow Oil last year.
The East-African Crude Oil Pipeline (EACOP) project will be a 1,443-kilometer-long (897 miles) pipeline expected to transport oil from Uganda to the Tanga port in Tanzania.
Total’s subsidiary Total East Africa Midstream is the developer of the project, says the French supermajor, which continues to pursue advantaged oil and gas resources in Africa despite ambitions to become a net-zero emissions business in Europe by 2050.
Uganda’s oil fields could give Total and CNOOC access to more than a billion barrels of crude and will cost some $5.1 billion to develop.
The East-African Crude Oil Pipeline project, which has seen several delays over the past few years while the parties involved negotiated terms, will be the first piece of infrastructure of such magnitude not just in Africa but globally. It will be the longest pipeline for transporting heated crude oil and as such, has attracted a lot of criticism.
In March, a group of 260 organizations wrote an open letter to 25 banks calling on them to not take part in the $2.5-billion loan financing for the EACOP project, which, according to them, was “manifestly irresponsible”.
The signatories to the letter also noted the threats that the infrastructure would pose to local communities, water supplies, and biodiversity. Further, they said that the project would “either prove financially unviable or produce unacceptable climate harm.”
Nigeria: Stop Treating Us Unfairly-Angry Residents Of Magboro To IBEDC (Video)
Residents of Magboro, a border town between Lagos and Ogun State in Africa’s most populous country, Nigeria, are up in arms with the power distribution company in the area, Ibadan Electricity Distribution Company (IBEDC).
The residents are accusing IBEDC of treating them unfairly.
According to the residents, although it is the responsibility of the Federal Government to connect the community with electricity, the failure of the government compelled them to mobilise resources to purchase all the electrical equipment for IBEDC to connect the community to electricity supply.
Unfortunately, after making these investments with the hope of getting regular supply of electricity, the residents said IBEDC is rather selling power to industries who were not part of the communal effort and denying them regular power supply.
The residents said IBEDC gives them light for two days in a week and gives industries in the area three days of electricity.
“Our grievance is that they are selling the light to industries that were not part of the communal effort and denying residents light.
“It used to be two days on (which was barely up to 10 hours a day) and one day off. Now, it has gone to one day on and three days off…so much audacity but the bill never reduces,” Mrs. Seyi Davies, spokesperson for the Residents’ Association in Magboro said in an interview with energynewsafrica.com after a protest march against IBEDC.
According to her, residents of the area would not want to see IBEDC continue operation in the area if they refuse to treat them fairly.
Responding to the concerns of the angry residents, Busolami Tunwase, who is the Lead Media Relations Officer of IBEDC, noted that her outfit is currently implementing a four-shift rotational load shedding formula in which some communities are given power in the morning while others have it at night.
This arrangement, she explained was as a result of exponential growth in population in the communities which have increased power demand in the area to about 35 megawatts as against the current 13 megawatts power transmitted to the area.
According to her, her outfit has requested TCN to divert excess load on another feeder to Ibafo’s 33kV but said the request was yet to be granted.
“IBEDC has commenced radiating another feeder from the recently commissioned Kobape Transmission Station in Abeokuta to Mowe/Ibafo to relieve the load demand of the area and that is expected to take effect later in the year.”
She assured that IBEDC and TCN are working to resolve the current situation in order to improve power supply to the affected communities.
Source: www.energynewsafrica.com
Ghana: ECG Begins Mass Revenue Mobilisation Exercise
Ghana’s southern electricity distribution company, ECG, has commenced mass revenue mobilisation exercise across its operational areas from Monday, April 12, 2021.
This exercise will focus primarily on customers who owe bills.
Contained in a statement, the power distribution company said failure to settle bills by defaulters would lead to disconnections.
“The Electricity Company of Ghana Limited wishes to inform its cherished customers and the general public that it will be resuming its normal Revenue Mobilisation exercise, effective 12th April 2021,” the statement said.
Below is the full statement:
The Electricity Company of Ghana Limited wishes to inform its cherished customers and the general public that it will be resuming its normal Revenue Mobilisation exercise, effective 12th April, 2021.
The exercise will focus on all categories of customers in arrears. All customers who owe ECG are therefore advised to pay up their bills.
Revenue mobilisation teams will be identified by their staff identity cards, thus, customers are strongly advised to inspect their ID cards before allowing them into their premises to avoid imposters. All necessary Covid-19 protocols will be observed by our officials.
Customers may visit the nearest ECG office, call our contact centre on 0302611611, or visit our social media handles via @ECGghOfficial for further enquiries.
Source: www.energynewsafrica.com
Ghana: GRIDCo’s Aboadze- Anwomaso Transmission Line Encounters Another Fault
Ghana’s power system has experienced yet another fault at the Aboadze transmission line leading to loss of power supply to some parts of the West African nation.
In a statement confirming the fault, the country’s power transmitter, GRIDCo, said its technical team immediately initiated restoration efforts and was able to fix the transmission network within 30 minutes.
The company said it is working with relevant players in the generation and distribution chain to resume power transmission to all affected areas.
“Currently, more than 80 percent of the affected substations have been fully restored. Efforts are ongoing to restore the remaining 20 percent,” GRIDCo said.
Ghana: Nuclear Power Is Safest Source of Energy-Dr Stephen YamoahGhana has been experiencing power outages since the beginning of this year. The power transmission company has blamed the situation on a number of factors including upgrading of their transmission network. Source: www.energynewsafrica.com
Ghana: GRIDCo Cuts Power Supply To Kumasi, Other Areas For Maintenance Work
Ghana’s power transmission company, GRIDCo, has cut power supply to greater parts of Kumasi and some adjoining towns in the Ashanti Region.
The power transmitter cut power supply to the area at about 9:22am Saturday.
Some areas including Konongo, Juaso and Agogo are also without electricity.
According to information from the Ashanti Regional Public Relations Manager of ECG, Erasmus Baidoo, GRIDCo is carrying out maintenance exercise on its transmission network in the region, hence, the reason for the outages.
According to him, electricity supply would be restored to Konongo, Juaso and Agogo by 4pm today, but could not confirm when the other affected areas would have power restored to them.
Ghana: Gov’t Settles US$203 Million Gas Debts“ECG is on standby to pick the load as soon as it’s informed to do so,” he said. “The inconvenience caused to our cherished customers is deeply regretted,” he concluded. Source:www.energynewsafrica.com
Ghana: LPG Marketers Kick Against 18 Pesewas Increment On LPG
Marketers of Liquified Petroleum Gas in the Republic of Ghana are unhappy with the government over a purported 18 pesewas increment on the domestic fuel commodity.
According to them, the latest tax increment on the commodity will increase their cost of operations and also burden consumers.
The Government of Ghana’s policy on LPG is targeting at increasing LPG penetration access from the current 26 percent to 50 percent by 2030.
In view of this, the LPG marketers believe the continuous addition of taxes on the commodity would make it difficult for the country to achieve its target.
In an interview on Accra- based Neat FM, Vice Chairman of the LPG Marketing Companies Association of Ghana, Gabriel Kumi explained that the 18 pesewas increment on a kilogramme of LPG was purportedly introduced after the Majority Leader in Ghana’s Parliament, Osei Kyei Mensah Bonsu presented the 2021 Budget and Economic Policy of the government.
Presently, LPG is being sold in Ghana at GH¢6.30 per kilogramme and it is about the highest in West Africa.
“In the whole of West Africa, Ghana’s LPG is the highest. In Ivory Coast, Burkina Faso, Togo and Nigeria, the government subsidies LPG because they see it as fuel of choice,” he said.
“As an association, over the past three years, we’ve been calling on the government to consider removing the existing…about two percent tax on LPG to make it much more affordable to the ordinary Ghanaian,” he emphasised.
The LPG Marketing Association appealed to the government to reconsider the decision to introduce the new tax on the kilogramme of gas since that is the only way that the industry can expand.
“At this stage, we’re appealing to the government to reconsider the decision to introduce 18 pesewas onto the product [LPG] and withdraw it so that we can save the LPG industry. Then, we can encourage more people to use the product…we can save mother Ghana at the end of the day.”
According to a data available to energynewsafrica.com, LPG consumption has witnessed a consistent decline over the last four months.
The data shows that LPG consumption in November 2021 was 35,000 metric tonnes, but the figure declined to 29,000 metric tonnes in December and continued to 28,000 metric tonnes and 26,000 metric tonnes in January and February respectively 2021.
Checks by energynewsafrica.com at the Ministry of Energy and National Petroleum Authority indicate that they were not aware of any increment in taxes on LPG.
Source:www.energynewsafrica.com
Saudi Arabia’s Aramco Signs $12.4 Billion Infrastructure Investment Deal With EIG-Led Consortium
Saudi Arabia’s national oil company, Aramco has signed a deal with a consortium led by EIG Global Energy Partners (EIG), one of the world’s leading energy infrastructure investors, to optimise its assets through a lease-and-lease-back agreement involving its stabilised crude oil pipeline network.
According to Emirates News Agency, which covered the signing ceremony, Aramco will receive upfront proceeds of around US$12.4 billion.
This is expected to further strengthen Aramco’s balance sheet through one of the largest energy infrastructure deals globally.
The transaction represents a continuation of Aramco’s strategy to unlock the potential of its asset base and maximise value for its shareholders. It also reinforces Aramco’s role as a catalyst for attracting significant foreign investment into the Kingdom.
As part of the transaction, a newly-formed Aramco subsidiary, Aramco Oil Pipelines Company, will lease usage rights in Aramco’s stabilised crude oil pipelines network for a 25-year period.
In return, Aramco Oil Pipelines Company will receive a tariff payable by Aramco for the stabilised crude oil that flows through the network, backed by minimum volume commitments.
Aramco will hold a 51 percent majority stake in the new company and the EIG-led consortium will hold a 49 percent stake.
Aramco will continue to retain full ownership and operational control of its stabilised crude oil pipeline network.
The transaction will not impose any restrictions on Aramco’s actual crude oil production volumes that are subject to production decisions issued by the Kingdom.
Aramco President & CEO, Amin H. Nasser, said, “This landmark transaction defines the way forward for our portfolio optimisation programme. We are capitalising on new opportunities that also align strategically with the Kingdom’s recently-launched Shareek programme. Aramco’s strong capital structure will be further enhanced with this transaction, which in turn will help maximise returns for our shareholders. Additionally, our long-term partners in this venture will benefit from investment in one of the world’s most robust energy infrastructures. Moving forward, we will continue to explore opportunities that underpin our strategy of long-term value creation.”
Abdulaziz M. Al Gudaimi, Aramco Senior Vice President of Corporate Development, said, “In addition to strengthening our balance sheet, this deal sets a new benchmark for infrastructure transactions both regionally and internationally. It is a vote of confidence in our long-term outlook by EIG and other heavyweights in the investment world and reflects the significant progress we are making in our portfolio optimisation programme. This transaction unlocks value from our assets and strengthens Aramco’s resilience, agility and ability to respond to changing market dynamics.”
R. Blair Thomas, EIG’s Chairman & CEO, said, “We are honoured to partner with Aramco, an undisputed industry leader, on this landmark transaction. Aramco’s oil pipeline network is a marquee global infrastructure asset. We look forward to investing in this infrastructure which is critical to the global economy, and to driving value for our institutional investors worldwide.”
The long-term investment by EIG and other institutional investors underscores the compelling investment opportunity represented by Aramco’s globally-significant pipeline assets, the Company’s long-term outlook and the attractiveness of the Kingdom of Saudi Arabia as a desirable investment destination for international investors.
The transaction is expected to close as soon as practicable, subject to customary closing conditions, including any required merger control and related approvals.
Rwanda: Electric Motorbike Company Secures $3.5 Million Investment
Electric motorbike company Ampersand Rwanda Ltd has secured a $3.5 million investment the largest ever venture capital fund investment from Ecosystem Integrity Fund (EIF) into sub-Saharan Africa, esi-africa has reported.
The deal marks a turning point in global electric transport.
Commenting on the deal Ampersand founder/CEO Josh Whale said: “EIF’s support further dispelled the myth that electric transport will happen in rich nations first and trickle down to developing countries later, second-hand.”
San Francisco-based Ecosystem Integrity Fund is a sustainability-focused venture capital company, which invests in companies which reduce or ameliorate threats to ecosystem integrity.
Headquartered in Kigali, Rwanda, Ampersand assembles and finances electric motorcycles (‘emotos’ or ‘e-bodas’) that are cheaper, cleaner and better performing than the 5 million petrol motorcycle taxis in use across East Africa.
Ampersand’s motorbikes produce at least 75% less carbon than petrol motorcycles and zero tailpipe emissions. Ampersand also builds and operates a network of battery swap station.
This allows drivers to change batteries faster than refilling a tank with petrol.
EIF’s historic $3.5 million investment will allow Ampersand to rapidly scale up its electric motorcycle and swap station network in Rwanda.
This will put hundreds more e-motos onto the road and create dozens more battery swapping stations.
The investment will also enable Ampersand’s expansion beyond Rwanda’s borders and and fuel the company’s research and development arm. This financial boost puts Ampersand on track to electrify East Africa’s motorcycle taxi fleet by 2030.
Ghana: CalBank, EU Set Up Green Energy Financing SchemeSince its commercial launch in May 2019, Ampersand’s fleet of 35 drivers and e-motos have covered over 1.3 million kilometers and over 7,000 drivers are on their waiting list. Ampersand CEO Josh Whale commented: “We’re thrilled to have EIF on board for this historic investment. We now have the momentum to scale our operations to electrify all of East Africa’s 5 million taxi motorcycles by 2030.” James Everett, Managing Partner at EIF said they are excited to partner with Ampersand as the company scales in Rwanda and expands across East Africa: “We believe that electrifying 2 and 3 wheeled vehicles in developing countries represents one of the low hanging fruits for climate change mitigation globally, and can have a profound positive impact on urban air quality.” Source:www.energynewsafrica.com