India: Total, Adani Group To Apply For Petrol Pump Licence

A newly formed joint venture of French supermajor Total and an Adani group firm will soon apply to the government for permission to open petrol pumps in India, Chief Executive Officer of Adani Group has revealed. Total-Adani Fuels Marketing Ltd will apply for licences to offer the full bouquet of auto fuels at retail outlets, Adani Gas CEO Suresh Manglani said in first-quarter earnings call. Last year, Total had bought 37.4 per cent stake in billionaire Gautam Adani-promoted Adani Gas to enter the world’s fastest-growing fuel market. “Definitely we will take full benefit of the expertise and strength of Total,” he said. Total-Adani Fuels Marketing Ltd, which is a subsidiary of Adani Gas , will offer natural gas, petrol, diesel, and electric vehicle charging facilities. He said the joint venture will seek licence under the liberalised fuel retailing regime announced by the government. Last year, the government allowed any entity with a net worth of Rs 250 crore to set up petrol pumps in the country.
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This replaced the earlier regime of only companies that have invested Rs 2,000 crore in either hydrocarbon exploration and production, refining, pipelines or liquefied natural gas (LNG) terminals to be allowed to retail fuel in the country. Manglani said Total has got a second seat on Adani Gas board after the appointment of Jose Ignacio Sanz Saiz, who is vice-president for gas, renewables, and power in India and Country Chair of Total. “Currently we are focusing on CNG development. But a separate company, Total-Adani Fuels Marketing Ltd will come into fuel retailing in the future. That plan is being developed. We will be offering multi-fuel to customers,” he said. The Gautam Adani-led utility firm sells piped natural gas (PNG) to households and compressed natural gas (CNG) for vehicles and aims to diversify into retail sales of other fuels through this joint venture. Total, which in August 2018 exited a JV with Royal Dutch Shell in a 5 million tonne liquefied natural gas (LNG) import terminal at Hazira in Gujarat, had in October last year announced the acquisition of the stake in Adani Gas. This was followed by a 50:50 joint venture the two had agreed upon in October 2018 for two LNG import terminals of Adani on the east and west coast of India as well as for setting up of 1,500 petrol pumps in the country over 10 years. The French firm is the latest energy major seeking to expand its presence in India, which is the world’s third-largest and the fastest-growing energy consumer. In August 2019, Reliance Industries said Saudi Arabian Oil Co is in talks to buy 20 per cent of its oil-to-chemical business at an enterprise value of USD 75 billion. State-owned oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) currently own most of the 69,924 petrol pumps in the country. Reliance Industries, Nayara Energy (formerly Essar Oil), and Royal Dutch Shell are the private players in the market but with limited presence. Reliance, which operates the world’s largest oil refining complex, has 1,400 outlets. Nayara has 5,756 pumps, while Shell has just 194. Currently, IOC is the market leader with 29,368 petrol pumps in the country, followed by HPCL with 16,707 outlets, and BPCL with 16,492 fuel stations. Source: www.energynewsafrica.com

Ghana: Opposition Leader ‘Fights’ President For Claiming To Have Resolved Power Crisis

Ghana’s former President, John Dramani Mahama has, disputed claims by his successor, President Nana Akufo-Addo, that the power crisis which was witnessed in the West African nation between 2013 and 2016 was ended by the latter. According to the former President, his administration ended the power crisis and not the Akufo-Addo-administration. He challenged the current government, led by President Akufo-Addo, and the New Patriotic Party (NPP), which the President is a member, to provide evidence of the measures it introduced to end the crisis, which was christened ‘dumsor’ in the Ghanaian parlance, if indeed they ended the crisis.
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Addressing supporters of the opposition National Democratic Congress (NDC) in Bole, after he had successfully registered to acquire the new Ghana’s Electoral Commission’s voter’s card, Mr Mahama noted that since the NPP won the 2016 elections, not a single power plant has been added to what the government he formed brought into the country. Based on what he said his government did, he must be appreciated for resolving the power crisis. “We were faced with the ‘dumsor’ crisis and I went to parliament and pledged that I was going to solve it. Today, I am credited with ending ‘dumsor’. “Our colleagues (NPP) think that Ghanaians have a short memory. In 2016, there was no load shedding. How can you end a power crisis without adding one single megawatt of power to our national generation? It is not possible,” Mr Mahama said. “How can you say you ended ‘dumsor’ and yet you have not built one single power plant? How could you have ended it?” he questioned. “But the work that was done to end the ‘dumsor’; the foot soldiers who did the leg work included John Jinapor. I am very proud of him,” he added. Source:www.energynewsafrica.com

Nigeria: NNPC Signs Agreement With CNOOC, SAPETRO To End OML 130 Disputes

The Nigerian National Petroleum Corporation (NNPC) has signed a Head of terms (HoT) agreement with China National Offshore Oil Corporation(CNOOC) and an indigenous oil production firm —South Atlantic Petroleum (SAPETRO). A statement issued by the company said this is part of the efforts that have been undertaken towards resolving all the disputes stemming from Oil Mining Lease (OML) 130 Production Sharing Contract. The NNPC had previously accused some of these oil firms of under-declaring crude exports for three years between 2011 and 2013. Specifically, the NNPC alleged that the likes of Shell, Total, Chevron, and Eni under-reported crude oil exports in their oil fields to the tune of 57 million barrels. The NNPC even sought repayments valued at $12.7 billion from the oil companies, according to a suit filed before the Federal High Court in Lagos. The companies denied the accusations. The new agreement is now expected to help resolve such disputes. Even the NNPC’s Group Managing Director, Mele Kyari was quoted to have said the agreement is “a major milestone toward the resolution of all disputes.”

Ghana: Gov’t Suspends Signing Of New Renewable Energy Deal

The Government of Ghana has placed a moratorium on the signing of new renewable energy agreements, Energy Minister John-Peter Amewu has revealed. According to him, the government has had to take that decision because the previous administration signed too many unnecessary deals. Speaking to journalists after briefing Members of Parliament on Thursday on how much the government realised from Public Street Lighting Levy in 2018 and 2019, Mr Amewu said the deals signed by the previous government were at a higher price, therefore, the present government needs to re-negotiate to reduce the amount.
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“The renewable energy that was signed between 2015 and 2016 was 2,665 megawatts at a price of 31 cents per kilowatts. “And they were completely unnecessary because people [citizens] were going to pay higher,” he stated. “But, we [government] do not want to entertain this higher renewable that is why we have placed a complete moratorium on the renewable,” he added. He further stated that the Akufo-Addo-administration supports the use of renewable energy, however, it would prefer citizens pay a fair price for the commodity to a higher price. “It isn’t that we [government] are anti-renewable. Today, President Akufo-Addo has directed that the Jubilee House operatie on renewable and it is 70 percent complete,” the Minister explained. But, responding to this, the former Energy Minister, Emmanuel Armah Kofi Buah said the agreements signed, then, were by the Electricity Company of Ghana (ECG). He insisted that no burden had been placed on the government. Source:www.energynewsafrica.com

ExxonMobil To Halt Employee Savings Plan Match To Cut Costs

U.S. oil supermajor ExxonMobil will start suspending the employer match to the retirement savings plans of its employees in October, people who received the notification told Reuters. According to Oilprice.com, Kevin Steele, a News Anchor at ‎KBMT TV, posted on Facebook a photo of a message from Exxon referring to the suspension of the company’s contributions to the 401K Savings Plan. “Given the current business environment, the corporation is taking steps to reduce costs,” Exxon’s message, said. “The company intends to suspend the company match contribution to the U.S. Exxon Mobil Savings Plan for all employees covered by the Savings Plan, effective around Oct. 1, 2020,” the supermajor said. Exxon currently matches a 6-percent contribution by an employee with a contribution that is equal to 7 percent of the salary of the employee. Exxon’s Senior Vice President Neil Chapman said on the earnings call last week after the supermajor posted its second consecutive quarterly loss and the worst loss in its modern history that Exxon is targeting “savings coming from a wide range of activities including lower unconventional activity, optimizing supply chains, lower material and service costs and work process improvements to reduce support and overhead costs.” Despite the losses this year, Exxon is not cutting its dividend and is seeking cuts elsewhere. European majors such as Shell, BP, Eni, and Equinor have already slashed their dividends after the oil price collapse, but Exxon, and the other U.S. supermajor Chevron, are not sacrificing their dividends. “We have a long history of providing a reliable and growing dividend. A large portion of our shareholder base has come to view that dividend as a source of stability in their income, and we take that very seriously. While we manage our capital allocation priorities over the long term, we also recognize the need to balance in the near term to respond to market conditions,” Chapman said on the earnings call. Source:www.energynewsafrica.com

Ghana: Gov’t Rakes In GHS273.8 Million From Streetlights Levy

The Government of Ghana realised an amount of GH¢273,876,832.16 from the Public Lighting Levy between 2018 and 2019. The money was collected by the Electricity Company of Ghana (ECG), Volta River Authority (VRA) and Northern Electricity Distribution Company (NEDCo). Ghana’s Minister for Energy, John-Peter Amewu revealed this in Parliament when he was answering questions posed to him by the Adaklu Member of Parliament (MP), Kwame Agbodza Governs, on how much the country had collected by the Ministry in relation to streetlights and the fraction utilised in 2018 and 2019. “A total of GH ¢273,876,832.16 was collected over the period,” he said.
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Out of this amount, he revealed that GH¢83 million was transferred to the Ministry of Energy but not all the funds were utilised. “Whilst a total amount of GH ¢83,235,728.49 was transferred to the Ministry of Energy, a total amount of GH ¢64,462,596.56 was utilised by the Ministry of Energy,” he added. Per the Energy Sector Levies Act 2017, three percent per kWh of electricity shall be charged on all categories of consumers as indicated in the Energy Sector Levies (Amendment) Act 2017; (Act 946). The levy is used to support payment of energy bills consumed by traffic lights, highways, maintenance and investment of traffic lights and streetlights and public lights on highways by Metropolitan, Municipal and District Assemblies. Source: www.energynewsafrica.com

Ghana: Gov’t Spent GH¢64.5 Million On Maintaining Streetlights In Two Years-Energy Minister

Ghana’s Minister for Energy, John-Peter Amewu, has revealed that the West African nation spent GH¢64.5 million fixing and maintaining streetlights in 2018 and 2019. He said, although over GH¢273 million was collected for the Public Lighting Levy between 2018 and 2019, only GH¢64 million was transferred to the Ministry for the purpose of fixing and maintaining streetlights. This amount was collected by the Electricity Company of Ghana (ECG), Volta River Authority (VRA) and Northern Electricity Distribution Company (NEDCo) as indicated in the Energy Sector Amendment Act.
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Mr Amewu was responding to questions by the Adaklu Member of Parliament (MP), Kwame Agbodza Governs, on how much the country had collected by the Ministry in relation to streetlights and the fraction utilised in 2018 and 2019. Speaking on the Floor Thursday, Mr Amewu explained: “A total of GH ¢273,876,832.16 was collected over the period.” Out of this amount, he revealed that GH¢83 million was transferred to the Ministry of Energy but not all the funds were utilised. “Whilst a total amount of GH ¢83,235,728.49 was transferred to the Ministry of Energy, a total amount of GH ¢64,462,596.56 was utilised by the Ministry of Energy.” Per the Energy Sector Levies Act 2017, three percent per kWh of electricity shall be charged on all categories of consumers as indicated in the Energy Sector Levies (Amendment) Act 2017; (Act 946). The levy is used to support payment of energy bills consumed by traffic lights, highways, maintenance and investment of traffic lights and streetlights and public lights on highways by Metropolitan, Municipal and District Assemblies. Source:www.energynewsafrica.com

Ghana: Abandoning LPG CRM Piloting Is Not An Option-NPA Boss Replies Agitated Industry Players

The Chief Executive Officer of the National Petroleum Authority (NPA), Alhassan Sulemana Tampuli has rejected calls by some industry players for the Authority to abandon the ongoing piloting of the LPG Cylinder Re-circulation Model Policy. The CEO of Ghana’s petroleum downstream regulator believes the Authority has gone far with the programme, hence, abandoning it is not the best option. “We are determined to secure the safety of consumers and despite the difficulties, the pilot will not be abandoned,” Alhassan Tampuli explained. Gas Tanker Drivers Association in the West African nation, recently, urged the NPA to halt the piloting of the LPG CRM programme claiming that the piloting, which was done in Obuasi and Kade in the Ashanti and Eastern Regions, had failed. They accused the NPA of wasting state resources. Vice Chairman of the LPG Marketers’ Association, Gabriel Kumi backed calls by the drivers to halt the piloting programme.
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However, speaking at the 4th Phase of the piloting in the Jomoro District in the Western Region, Mr Tampuli indicated that industry stakeholders are important to the implementation of the policy, so their concerns and views would not be discarded. Mr Tampuli said the pilot committee has no intention of excluding any industry member from the exercise, saying their commitment and contributions were always considered in the working document. “In recent times, we’ve had calls by some industry players to halt the implementation of the CRM pilot phase due to some challenges encountered with the pilot exercises in Kade and Obuasi. “We need not remind ourselves that one of the reasons for the pilot is to help address difficulties that may arise when we eventually move to a full-scale implementation of the CRM policy.” He said pilot exercises are conducted to help guide the people to identify problems and fix them and in light of the problems encountered in the pilot areas are being addressed. Mr Tampuli said a total of 3,983 cylinders have been procured for Jomoro alone to augment the cylinders currently in the hands of consumers in the area. “All you need to do is to pick your empty cylinder, walk to the gas station and exchange it for a filled cylinder,” he said. The programme was attended by traditional leaders, opinion leaders and the security agencies.

Tullow STEM Radio School Continues To Make Successes In Education And Capacity Building

As the threat of Coronavirus remains high, governments have kept schools closed, pushing parents, teachers, and administrators to find and adopt innovative ways for teaching and learning to continue. Even though some with the government’s support have latched on to distance learning options like the television, internet, and smartphone, there are others who’re unable to access and benefit from these resources. This was the driver for Tullow and Youth Bridge Foundation’s collaboration for the STEM Radio School education initiative. In coastal communities of the Western Region of Ghana, these limited educational resources, presents an inequality gap posing a concern for parents with the interruption of formal education of their wards due to the risk of Covid-19 infections and government restrictions. Nana Ebo Ansah is one such parent. He is a Chief Fisherman in Lower Dixcove, a fishing community in Ghana. Nana Ebo Ansah is a very busy man who is keen to ensure his daughter’s education remains on track during this period of inactivity. It was therefore good news when Tullow Ghana in collaboration with Youth Bridge Foundation rolled out the Tullow STEM Radio School in the Western Region of which Lower Dixcove receives coverage. Through its implementors, Youth Bridge Foundation, Mathematics, English, and Science lessons are broadcast via live radio to Junior High and Senior High School students. This is because the “good old radio” set remains the most widely accessible medium of communication in such rural communities. Nana Ebo Ansah has become a Tullow STEM Radio School-Champion after noticing the positive impact on his daughter, Abigail Esi Ansah, a JHS 3 student of Busia M A JHS in Dixcove who follows the radio lessons. He explains,“When you tune in to the radio school, there is no doubt that the children are really learning. Whenever my daughter, Abigail tried to study at home during the lockdown, she would always fall asleep but with the introduction of the Radio School, she is always active and anxious to learn each time the lessons begin. Together with her friends, they sit together and listen attentively, and I do well to make my phone available for the call-in segments. In fact, without this program, I am not sure how my daughter would have coped these past few months. Now, she is well prepared to take her final exams and I am grateful to the organizers.” Also sharing her thoughts about the Tullow STEM Radio school is Madam Efua Asankoma a fishmonger at Ngyiresia in STMA, who also commended Tullow for the programme. She testified of how the initiative has helped her daughter in continuing her studies at home despite the impact of the Covid-19 pandemic on education and the technology gaps in communities like hers. ‘’My daughter consistently joins these sessions whenever it starts. It has been very helpful. We are grateful to Tullow and we would encourage every parent to make sure their wards join these sessions, so they are not left out’’ Madam,” Efua Asankoma said. The STEM radio sessions tailored to meet the needs of JHS and SHSs students, has caught the attention of a Class 6 pupil Audrey Banfo Boadu who is now an ardent listener even though she isn’t writing examinations. Audrey joins the sessions daily and says but for this initiative, she would have been joining her friends to play and might not have the guidance to study. Nana Ebo Ansah, Madam Efua Asankoma and Audrey Banfo Boadu represent numerous parents and wards who live within Tullow’s operational area in over seven (7) districts of the Western Region; Shama, STMA, EKMA, Jomoro, Ellembelle, Ahanta West and Nzema East who are the beneficiaries of the Tullow STEM Radio School since. For the parents, their wards are able to learn and keep up with their counterparts in urban areas, a situation that brings them a lot of joy. The STEM Radio School has been running since April 2020 when the pandemic took a foothold in Ghana. The initiative is part of Tullow’s commitment to improve the quality of STEM education in communities where it operates and improve student success rates at the BECE and WASSCE expanding the future opportunities for young people beyond traditional work such as fishing. Source: Tullow Ghana Ltd

Somalia: Seven Offshore Oil Blocks Offered To Investors In Maiden Licensing Bid Round

Somalia has offered seven offshore oil blocks to prospective investors in its maiden licensing bid rounds. According to moderniplomacy.eu, the maiden licensing bid round which was launched on August 4, 2020, is expected to end on March 12, 2021. The Federal Government of Somalia recently approved the board members of the newly established Somali Petroleum Authority (SPA), which will serve to be the regulatory body of Somalia’s oil and gas industry. Somalia’s Minister of Petroleum and Mineral Resources Abdirashid M. Ahmed stated that the establishment of a regulator leadership is the first critical step of the implementation of Somalia’s petroleum law which was passed earlier this year and signed by President Mohamed Abdullahi Mohamed “Farmaajo”. The Petroleum Law asserts that the regulatory body serves to design a financial and managerial system that fosters international competition and investment into Somalia’s oil and gas industry. While also ensuring the citizens of Somalia, and the Federal Member States see their fair share of oil and gas revenue based on the revenue-sharing agreement. Somalia has been plagued with civil war, drought and famine for nearly three decades, tapping into Somalia’s vast oil reserves which are estimated to be approximately 30 billion barrels would greatly contribute to the rebuilding and the development of the country’s infrastructure, security, and the economic and social sectors. Exploration for oil in the East African nation started well before the nations collapse in 1991. ExxonMobil and Shell previously had rights to five offshore oil blocks in Somalia and has recently renewed its previous lease agreement with the government of Somalia. Both companies have agreed to pay $1.7 million per month in rent for the leased offshore blocks. The Office of Minister of Petroleum and Mineral Resources stated that the 7 blocks which are up for bidding process are among “the most prospective areas for hydrocarbon exploration and production in Somalia” Source:www.energynewsafrica.com

Ghana: Joseph K. Horgle Speaks On Possible Causes Of Recent Fires Engulfing Moving Fuel Tankers (Video)

The recent fires involving moving fuel tankers in parts of the Republic of Ghana have become a source of worry to petroleum haulage companies in the West African nation. While this trend has had a serious toll on finances of transporters, and even posing threats to other road users in the nation, it is quite clear that the fires involving moving fuel tankers are a new phenomenon which the regulators should be interested and looked into. On June 1, energynewsafrica.com reported of a fuel tanker with registration number GT 4863-11 on flames at Gomoa Buduatta on the Kasoa-Winneba stretch of the Accra-Cape Coast Highway in the Central Region. The cause of the fire was not immediately known.
Michael Creg Afful (left), editor of energynewsafrica.com and Mr. Joseph Kweku Horgle (right), CEO of JK Horgle Transport & Company Ltd
Then, on 24 July there was another fuel tanker engulfed in flames in front of the Mampong-Akwapim Presbyterian SHS. Interestingly, the following day, July 25, another fuel tanker caught fire at Anloga Junction Kumasi in the Ashanti Region. These recent disasters prompted energynewsafrica.com’s editor, Michael Creg Afful to engage Joseph Kweku Horgle, CEO of JK Horgle Transport and Company Ltd, whose company has lost two tankers to fires. Click on the video below to watch the full interview:

Halliburton Introduces Cerebro Force Drill Bit Sensors

Halliburton has introduced Cerebro Force in-bit sensors, a first-of-its-kind technology that captures weight, torque and bending measurements directly from the bit to improve understanding of downhole environments, optimize bit design and increase drilling efficiency. Built on Halliburton’s successful in-bit vibration sensing platform, Cerebro Force utilizes downhole data to reduce or eliminate surface measurement uncertainty and inefficiencies caused by bit design, bottomhole assembly and drilling parameter selection. Through the Design at the Customer Interface (DatCI) process, Halliburton’s local network of drill bit experts, collaborate with operators to customize bits for basin-specific applications, and will use data from Cerebro Force to inform new designs and optimize parameters for efficient and precise drilling. “Achieving drilling performance requires efficiently converting energy into rock cutting. Cerebro Force in-bit sensors provide direct measurements to help operators optimize their rate of penetration to reduce well construction costs,” said David Loveless, vice president of Drill Bits and Services. “We are excited to add the only in-bit sensor that accurately measures strain and pressure to our portfolio of products.” The technology is available on fixed cutter drill bits and is compatible with conventional motor and rotary steerable drive systems. An operator in West Texas recently deployed Cerebro Force to improve directional control while drilling the curve portion of its wells. Cerebro Force data identified several issues that limited performance, and Halliburton developed a mitigation plan that optimized drilling practices and BHA design. This reduced the time to drill the curve section by 38 percent.

India: EESL Cancels Smart Meters Order To Chinese Firm For Failing To Comply With Local Content Norms

India’s State-run Energy Efficiency Services Ltd (EESL) has cancelled Rs 500 crore contracts placed on a China-backed PT Hexing as it failed to comply with the local content norms. EESL is expected to conduct fresh bidding for about 30 lakh smart meters in which, Indonesia-based PT Hexing that is backed by a Chinese firm, and other foreign firms will have to seek approval from the Department for Promotion of Industry and Internal Trade (DPIIT), as per the latest public procurement norms to participate in the tenders. The Managing Director of EESL Saurabh Kumar said the cancellation of the contract has “nothing to do with the origin of investment. They failed in the terms of contract for domestic manufacturing.” EESL had not begun deployment of the initial batch of smart meters that arrived from PT Hexing. The tender for procurement of two million smart meters was won by PT Hexing under global bidding about two years ago. The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry on June 4 modified public procurement norms to give preference to companies whose goods and services have more than 50% local content. The revised order on public procurement classifies suppliers into class-I, II and non-local suppliers, based on which they will get preference in government purchases of goods and services. India recently barred non-local suppliers in bidding for contracts for supply of about 110 goods and services to power plants. The non-local suppliers are manufacturers with less than 20% local content. These tenders, in respect of which there is sufficient local capacity, will be open to only “class–I local suppliers” or those vendors who have more than 50% local content. The power ministry has issued public procurement order with separate lists of products with adequate manufacturing capacity in India and those being manufactured locally under technology license from foreign countries. The ministry’s latest order dated July 28 mandates that tenders for these 110 equipment and works can be awarded only to local companies with high localisation. The equipment includes transformers, switch gears, cables and insulators, which are imported in large numbers in India despite available local capacity. The ministry’s order is based on the June 4 order of the Department for Promotion of Industry and Internal Trade (DPIIT) that provides for compulsory purchase preference to local suppliers.

Nigeria: UBA Boosts Nigeria’s Oil Production With $200M Facility

The United Bank for Africa Plc (UBA) has announced a $200 million facility support to boost Nigeria’s crude oil production capacity. The facility is part of a $1.5 billion Pre-Export Finance Facility provided by consortium of Nigerian commercial and international banks, with UBA as the lead arranger, for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). According to the Vanguard, a statement from the bank said the deal will provide $200 million to support investment growth and liquidity requirements. “The facility will provide much needed capital for investment in NNPC’s production capacity, which is of strategic importance to the Nigerian economy and the country’s leading source of foreign exchange earnings. UBA’s position as Lead Arranger recognises the Group’s strength in structuring and deploying financing to the oil and gas sector, and the depth and liquidity of the Group’s balance sheet.
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“The $1.5 billion facility is structured in two tranches. The first tranche of $1 billion, to be repaid over a period of five years, will be provided in dollars, with UBA acting as the Facility Agent Bank. The second tranche of $500 million, will be provided in local currency, over seven years, with UBA acting as Lead Bank, providing $200 million in naira equivalent. “Both facilities will be repaid from an allocation of 30,000 barrels per day of NPDC’s crude oil. UBA has a strong track record in the resources sector across Africa, having facilitated oil prepayment deals with the NNPC, including its 2013 $100 million participation in the PXF Funding Limited transaction, and a further $60 million in the 2015 Phoenix Export Funding Limited transaction. In Senegal, UBA was responsible for the EUR 240 million revolving crude oil financing facility for the Société Africaine de Raffinage and in Congo Brazzaville co-funded the $250 million crude oil prepayment facility for Orion Oil Limited,” the statement noted. The Nigerian electric power industry (‘NEPI’) report – Agusto “Other participants in the NNPC deal include Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.” Speaking on this development, UBA Group Chairman, Tony O. Elumelu stated “This has been one of the most economically challenging years that Nigeria has witnessed. With the sharp drop in the price of oil and the ensuing hardship that followed the onset of the Covid-19 pandemic, the private sector must come together and contribute meaningfully to the economy.