President of the Republic of Ghana, H.E. Nana Akufo Dankwa Akufo- Addo will, on Wednesday, August 19, 2020, cut the sod for the construction of the operational headquarters of the country’s national oil company, GNPC, in Takoradi in the Western Region.
President Akufo-Addo, when he was the flag-bearer of the then opposition New Patriotic Party (NPP), promised to relocate the headquarters of GNPC to the Western Region, the oil region of the country.
Currently, GNPC has its headquarters located in Tema, Ghana’s industrial hub.
During his ‘Thank You’ tour of the Western Region in 2017, President Akufo-Addo promised the chiefs and people of the region that all his campaign promises would be fulfilled.
“We are going to relocate the headquarters of GNPC to this region. Pledges of ‘one district; one factory’ is going to happen live, modernisation of the Takoradi Harbour is going to be done.
Construction of an Accident and Emergency Centre in Takoradi is on the plan,” he assured the people.
President Akufo-Addo is starting a five-day tour of the Western and Central Regions from Tuesday, August 18, 2020.
Source: www.energynewsafrica.com
Sasol, an international integrated chemical and energy company, has reported a R91.3 billion (an equivalent of US$5.2 million) loss for the first half of 2020 due to low oil prices.
A statement issued by the company on Monday, said the combined effects of unprecedented low oil prices, destruction of demand for products and impairments of R111.6 billion resulted in a loss of R91.3 bn for the year compared to earnings of R6.1 billion in the prior year.
However, the company said within a volatile and uncertain macroeconomic environment, its foundation businesses still delivered resilient results with a strong volume, cash fixed cost and working capital performance.
“The 18 percent decrease in the rand per barrel price of Brent crude oil, coupled with much softer global chemical and refining margins, negatively impacted our realised gross margins especially during the second half of the year,” Sasol said.
Debt increased to R189.7 billion compared to R130.9 billion a year earlier, with approximately R174.6 billion (US$10.1 billion).
According to Sasol, its balance sheet was highly geared, requiring a reduction in US dollar-denominated debt in order to achieve a targeted net debt to earnings before interest, taxation, depreciation and amortisation (Ebitda) of less than two times and gearing of 30 percent, which it believe would be sustainable with oil at approximately US$45 per barrel.
“Through our comprehensive response plan, we have taken immediate steps to reset our capital structure by targeting to generate, at least, US$6 billion by the end of 2021,” said Sasol.
In March, Sasol announced a set of measures to cushion the impact of the oil price plunge including plans to enter into partnerships for its base chemicals business in the United States, raising US$2 billion through asset sales, generating US$2 billion from self-help measures and a possible US$2 billion rights issue.
The company said it would continue to suspend the dividend given its current financial leverage and the risk of a prolonged period of economic uncertainty.
“This will allow us to continue to protect our liquidity in the short-term and focus on reducing leverage in order to create a firm platform to execute our strategy and drive long-term shareholder returns. “In addition, in accordance with the covenant amendment agreement with lenders, we will not be in a position to declare a dividend for as long as net debt to Ebitda is above three times,” said Sasol.
The group said its energy business’ gross margin percentage had decreased from 43 percent in the prior year to 38 percent due to the significant impacts of supply and demand shocks that led to lower crude oil prices and product differentials.
“We expect that oil prices will remain low for the next 12 to 18 months as the impact of Covid-19 becomes better understood. Oil markets also continued to remain exposed to shifts in geopolitical risks as well as supply and demand movements,” said Sasol.
The group’s Lake Charles Chemical Project (LCCP) in the US delivered improved earnings before interest, taxation, depreciation and amortisation (Ebitda) performance in the second half of the year of approximately R100 million (US$8 million), compared to a loss before interest, taxation, depreciation and amortisation of R1.1 billion recorded in the first half of the year.
Sasol said that its earnings were further impacted by R3.9 billion in additional depreciation charges and approximately R6bn in finance charges for the year as the LCCP units reached beneficial operation.
Source: www.energynewsafrica.com
South Africa’s power utility company, Eskom, is urging the public to reduce electricity usage as the power generation system is severely constrained in the country.
A statement issued by the company on Monday said the return of one generation unit has been delayed, while another two units have tripped.
It, however, said one of the tripped units has returned.
“While Eskom teams are working hard to return as many of these generation units to service as possible, any further deterioration in the generation performance may necessitate the implementation of load shedding at short notice.
“As the aged generation infrastructure is unreliable and volatile, this constrained power system is expected to persist for the rest of the week,” Eskom said.
The return of a unit each at Majuba and Medupi power stations has been delayed.
Eskom noted that a unit each at the Tutuka and Hendrina power stations also tripped earlier on Monday, adding that further there were breakdowns at the Tutuka, Majuba, Komati, Kendal and Hendrina power stations.
The company said these unplanned breakdowns contributed to the more than 11,000MW of capacity, adding to the 4,658MW currently out on planned maintenance.
“We urge the people of South Africa to help reduce electricity usage in order to assist Eskom to keep the lights on,” Eskom said.
Source:www.energynewsafrica.com
South Africa’s power utility company, Eskom has advised coal miner, Exxaro, of its withdrawal of the force majeure notification with immediate effect.
This follows Eskom’s issue to Exxaro Coal in April 2020 of a force majeure on the agreements for the supply of coal from Exxaro Coal to the Medupi and Matimba power stations – applicable for the period starting at 16 April 2020 until one month after national lockdown has been completely lifted.
Upon receipt of the force majeure notice, and after consultation with its legal advisers, Exxaro said that the event does not constitute force majeure as stipulated in the coal supply agreements, as the power stations are still capable of supplying power.
Our power system is under severe pressure. Please switch off all unnecessary lights, your geyser, pool pump and non-essential appliances. pic.twitter.com/DLCZt8lvEq
Coal miner also said that it would vigorously defend its position in this matter and take the necessary action.
“As Eskom has been taking coal in accordance with the terms of the supply agreements, the impact of the force majeure event has been largely neutralised,” Exxaro said in a statement.
Exxaro reaffirms its view that this event did not constitute a force majeure, as the power stations have been capable of supplying power and Exxaro continues to reserve its rights in this regard.
Eskom, on Sunday announced that the power system will be severely constrained this coming week due to the unavailability of eight generation units, due to breakdowns or delays in the maintenance programme.
While some of the units will be returned to service, the system is expected to remain severely constrained for the rest of the week.
The return to service of a generation unit at the Duvha and Medupi power stations has been delayed, Eskom stated, adding that generation units at Tutuka, Majuba, Komati, Kendal, and two units at Hendrina have been shut down.
The power utility further noted that the aged generation infrastructure is unreliable and volatile.
While Eskom teams are working hard to return as many of these generation units to service as possible, any further deterioration in the generation performance may tip the country into load shedding, Eskom concluded.
Source:www.energynewsafrica.com
Ghana’s Minister for Energy, John-Peter Amewu has revealed that his Ministry has revised Renewable Energy Power Purchasing Agreement (PPA) signed under the previous administration from a total capacity of 2, 265MW to 515MW.
According to him, the 515WM, if executed, could be accommodated within the country’s national electricity grid.
Mr Amemu made this revelation in a speech delivered on his behalf by Wisdom Ahiataku-Togobo, Director of Renewable and Alternative Energies, at the commissioning of a 1000kWp Rooftop Solar Project at Special Ice Company Ltd factory at Ayi Mensah in Accra.
According to him, the Ministry has also been able to re-negotiate and reduce the charges from an average of US$12KWh, adding that further engagement with scheduled IPPs is ongoing to achieve below US$10 cent, which is the Ministry’s ultimate goal.
The West African nation’s Energy Minister stressed that his outfit had developed a renewable energy master plan which clearly provides the capacity and investment required on yearly basis from 2017 to 2030.
According to him, they have also put a moratorium on new PPAs until the 515 MW signed PPAs have been executed.
Additionally, Mr Amewu said his Ministry has provided for competitive bidding of renewable energy projects with focus on Utility Scale Solar power plants.
“Besides the investment by IPPs in the Renewable Energy Sector, the Ministry of Energy has facilitated investment in the construction of the first phase of 17MW Solar Park by VRA in Lawra and Keleo in the Upper West Region, with work currently at 40 percent completed,” he said, adding that discussions are ongoing between the Ghana Government,VRA and KfW of Germany for additional financing for another 17MW which will bring the total capacity to 34MW.
Furthermore, he noted that construction of the first phase of 50MW solar PV plant to be hybridised with the 400MW Bui Power Dam Authority (BDA) has commenced.
He hinted that the first 10MW is expected to be connected to the national grid by end of this quarter. The remaining 40MW is expected to be completed in December 2020.
Mr Amewu observed that the government intends to have public institutions such Ministries, Departments and Agencies integrating solar in their buildings to reduce their high electricity bills, saying, “That is why the Energy Ministry added another 60KWp of solar PV to its existing 50KW in 2019.”
To make these sectors more energy sustaiable, he said his outfit has awarded contract for the construction of 912KWp solar plant to supply about 60 percent of all total demand at the Jubilee House and its about 70 percent completed and expected to be commissioned by December 2020.
“The government has also signed a bilateral agreement with Germany on Reform Partnership in the area of Rebewable Energy and Efficiency to the tune of Euro 100 million. This partnership will contribute to increase in the generation mix through embedded generation and production uses,” he said.
He said the Ministry has expanded the heavily subsidised solar lanterns distribution programme, adding that the first 30,000 units of a contracted consignment of 80,000 units has already been delivered by the Ministry.
Source:www.energynewsafrica.com
Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses.
The pandemic initially cut fuel demand 30 per cent and refiners temporarily idled plants.
But consumption has not returned to pre-pandemic levels and lower travel may be here to stay, leading to tough decisions for permanent shutdowns. Here are some of the plants involved:
Royal Dutch Shell will permanently shut its 110,000-barrel-per-day Tabangao facility in Philippines’ Batangas province, one of only two oil refineries in the country.
Shell blamed a pandemic-led slump in margins for turning the plant into an import terminal.
There have been no permanent plant closures in Europe due to the virus. However, Gunvor Group said in June it was considering mothballing its 110,000 bpd refinery in Antwerp as COVID-19 hurt the plant’s economic viability.
Marathon Petroleum, the largest U.S. refiner by volume, plans to permanently halt processing at refineries in Martinez, California, and Gallup, New Mexico. The larger plant in California will become an oil-storage facility and may convert to produce renewable diesel, a fuel made from industry waste and used cooking oil.
Other plants in Japan, Australia and New Zealand could be likely candidates for closure ahead, said Mia Geng, at consultancy FGE.
Energy consultancy Wood Mackenzie separately estimated 1.4 million barrels per day, about 9 per cent, of refining capacity in Europe is at risk of shut-downs by 2022-2023. It put plants in Netherlands, France, and Scotland on a list of potential closures.
Special Ice Water Company Limited, one of the leading bottling water companies in the Republic of Ghana, has commissioned a 1000-kilowatt (1 Megawatt) rooftop solar power project at its factory at Ayi Mensa based in Accra.
The project is intended to help the company cut down the cost of electricity used in production.
The company is said to consume about 1.3megawatts of electricity supplied from the country’s national grid.
Officials say with the installation of the 1000kw, the company would see its electricity consumption reduced by significant 50 percent.
The project was executed by SunPower Innovations Ghana Ltd., an indigenous company.
Speaking at the commissioning ceremony, Managing Director of Special Ice Natural Mineral Water, Kwodwo Danso-Dodoo explained: “As a matter of strategy, we decided to way the options in terms of having alternatives for electricity; something that was cheaper than electricity, so we decided on solar and searched around and found SunPower Innovations. We asked them to give us a deal for one megawatt energy supply. It was something that we had not seen before and they, themselves, had not seen it before but we encouraged them to do it and here we’re today, commissioning this project.”
He urged the sector Ministry to ensure that the excess power they produce would be metered and credited to them to serve as incentive to other companies.
In a speech delivered by Mr. Wisdom Ahiataku-Togobo, the Director of Renewable and Alternative Energies at the Ministry of Energy, on behalf of the Minister for Energy John-Peter Amewu, the Sector Minister was happy that more entities are realising the strategic role of solar energy as a viable energy solution which is clean, a low carbon-emission option and at the same time relatively cheaper.
He said: “We are even more excited with the productive use to which this solar system has been utilised, that is, the running of a modern water processing facility to provide clean water for citizens.”
Mr Amewu applauded Special Ice Company for the huge investment, as it showed how environmentally responsible it is.
“I must commend Special Ice for their boldness and innovation in implementing this laudable investment. We believe that this investment will impact positively on efficiency in its business operations of the factory and also increase the overall profitability of the business,” he said.
He stated that the initiative by Special Ice Natural Water is a demonstration to the whole business community that, business is not only about profit; it should also be about environmental sustainability.
“The decreasing cost of solar systems is gradually increasing the profitability of businesses and, at the same time, making them environmentally responsible,” he added.
The CEO of Sunpower Innovations, Ernest Amissah, was hopeful that the steps taken by Special Ice Company would encourage others to emulate.
The Inspector in-charge of Renewable Energy at the Energy Commission, Prosper Amuquandoh, who described the project as a laudable one, urged companies that are into rooftop solar installation to endeavour to do quality work.
Source:www.energynewsafrica.com
Bharat Petroleum Corp, India’s largest fuel retailer, has cut its 2021 capital expenditure (capex) target by 36% to about 80 billion rupees ($1.1 billion) from 125 billion rupees because of the impact of the COVID-19 pandemic.
Oil companies across the globe have cut their spending plans as the pandemic has driven down oil prices and fuel demand.
“We have taken a look at all the projects … on smaller projects we have taken a very harsh look because we have to focus on what is important and what is going to give us profit,” N. Vijayagopal, Bharat Petroleum’s head of finance said as carried by energyworld.com.
“We are shifting the expenditure from year 2020-21 to 2022-23,” he added.
He said old projects below 1.5 billion rupees could be delayed to next year to maintain the current focus on petrochemicals and refinery expansion.
BPCL is operating its refineries at about 70-75% capacity in the face of slower demand and subdues margins on oil products, which make export sales less attractive.
The company reported a gross refining margin of $0.39 per barrel in the three months to June 30, when Indian fuel demand growth plunged.
However, Vijayagopal said the company is hopeful of improved margins in the next two quarters and is planning to open about 1,000 fuel stations in the current fiscal year, on a par with last year.
Vijaygopal also said that the planned privatisation of BPCL was on schedule and is expected to be completed by March 2021.
India has extended the deadline for initial bids for the federal government’s stake in the company to Sept. 30.
Source:www.energynewsafrica.com
Members of the General Transport, Petroleum and Chemical Workers Union (GTPCWU) in the Republic of Ghana have re-elected Bernard Owusu as the National Chairman of the Union for the second term at their 11th Quadrennial Delegates’ Conference in Winneba in the Central Region.
Newly elected executives of GTPCWU
He will be steering the affairs of the Union for the next four years.
Bernard Owusu went unopposed and was acclaimed by the delegates.
Delivering his acceptance speech, Mr Owusu thanked the Union for the trust and confidence reposed in him to steer the affairs of the Union.
He pledged his commitment to serve the Union as he had done in his first term.
“I’m looking forward to a new paradigm that will change the status quo,” he indicated.
The rest of the newly elected executives of GTPCWU are: Brother Samuel Boateng (1st National Vice Chairman), Lydia Asante (2nd National Vice Chairperson), Alhaji Fuseini Iddrisu (General Secretary), Francis Sallah (Deputy General Secretary), Benedict Boakye-Agyemang (1st National Trustee ) and Sister Belinda Kyei-Nimako (2nd National Trustee).
Bernard Owusu (standing with his hand up) addressing the delegates
PGS, the world’s geo-services company, has rejected an offer from TGS-NOPEC Geophysical Company to acquire its multi-client data library.
TGS proposed to acquire PGS’s multi-client data library but the board of PGS is of the view that the value of the company’s multi-client data library is significantly greater to PGS than that represented by the TGS proposal, and that the timing of the proposal is opportunistic given the current market backdrop and macro-economic environment.
Under the TGS offer, PGS would, upon consummation of the sale, receive a cash consideration of USD600 million.
Furthermore, TGS proposed that the parties enter into a post-closing collaboration agreement for future PGS multi-client projects, which also would include certain preferential rights for PGS to offer its 3D fleet for future TGS data acquisition.
Having consulted with its financial and legal advisors, PGS has concluded that the proposal is not in the best interest of the company and its stakeholders.
“PGS remains committed to its integrated service strategy and the benefits to the Company and its stakeholders from the combination of MultiClient and Contract operations.
“PGS remains focused on its ongoing discussions with its lenders, as previously announced,” PGS said in a statement
Upon rejection of the offer, CEO of TGS, Kristian Johansen, said: “We believe a consolidation and further partnership between our two companies carry strong industry logic and we have seen broad support for this, following our announcement last week. We are disappointed by the unwillingness from the PGS board and management to enter into discussions to explore joint opportunities and collaboration as indicated in our offer. TGS remains committed to our strategy of industry leadership and further consolidation to deliver best in class services to our customers, while creating value for our owners and other stakeholders.”
Source:www.energynewsafrica.com
The Coronavirus pandemic which forced many countries to implement travel restrictions lowering demand for oil, thereby, crashing global oil prices has impacted negatively on investments and production on oil and gas sector in Africa, latest report reveals.
The Covid-19 has forced most international oil and gas companies operating in Africa to cut down spending and cancel or defer projects.
According to a report compiled by Africa Oil Week, in collaboration with Wood Mackenzie titled: ‘After The Crash–What’s Changed In The African Upstream’, it showed that spending in the upstream sector in 2020 has declined by US$14 billion, with assets value also declining to one-third or US$200 billion.
The report noted that spending reductions in Africa is expected to be greater than global portfolio averages.
The report indicated that expected Final Investment Decisions (FIDs) in 2020 have also fallen from 10 to one.
“African production will decline for the first time since 2016, down 1.3 million b/d in 2020 as demand falls and OPEC cuts take effect. Delayed, deferred and cancelled investments will slow the rebound. Weakened gas demand will cause short-term losses in North Africa, while East Africa faces mid-term losses as LNG projects are delayed. NOCs, led by OPEC+ members, have the deepest production cuts,” it said.
After the Crash – Africa – AOW X Wood Mackenzie
Source: www.energynewsafrica.com
The International Energy Agency, IEA, has warned that demand for oil will plummet by 8.1 million barrels per day (bpd) in 2020 due to reduced air travel occasioned by the Coronavirus (COVID-19) pandemic.
This is expected to further depress oil prices and force oil producers to effect another round of cut in output.
In its latest report, IEA reduced estimates for almost every quarter through to the end of 2021, with the second half of this year taking the steepest downgrades.
Air travel remained two-thirds lower than last year in July, normally a peak month because of holiday flying, it said in its monthly report.
“The outlook for jet fuel demand has worsened in recent weeks as the coronavirus has spread more widely,” the Paris-based agency stated.
It also explained that global crude supplies increased last month as Saudi Arabia phased out some of the steepest production cuts it’s been making to offset the demand loss, and as improving prices helped the United States and Canada revive some operations.
“Jet fuel demand remains the major source of weakness. In April the number of aviation kilometres travelled was nearly 80 percent down on last year and in July the deficit was still 67 percent. The aviation and road transport sectors, both essential components of oil consumption, are continuing to struggle,” IEA said in the report.
Despite the downgrades, world markets should tighten during the rest of the year as consumption recovers from the depths of the pandemic, while Saudi Arabia and other OPEC nations keep output in check, IEA said.
International crude prices climbed to a five-month high above $45 a barrel in London this week.
The agency cut global demand estimates for the last two quarters of this year by 500,000 barrels a day, projecting that consumption will average 95.25 million barrels a day in the period.
The second-half forecast for jet fuel and kerosene was cut by 380,000 barrels a day, putting demand on track to fall 3.1 million barrels a day this year to 4.8 million a day.
IEA also boosted projections for supplies outside the Organization of Petroleum Exporting Countries, OPEC, in the second half by about 500,000 barrels a day, as the U.S. and Canada restore halted production.
As a result, the market won’t tighten during the rest of the year as sharply as anticipated, but it will still tighten.
Demand has been above supply since June, and as OPEC and its partners press on with output curbs, world inventories ought to deplete at a rate of about 4 million barrels a day in the last four months of the year. That should pare some of the gigantic stockpile surplus that built up in the first half, the report added.
Source:www.energynewsafrica.com
The board of the Extractive Industries Transparency Initiative (EITI) has approved Uganda’s application to join the EITI, making it the 54th member country and the 26th in Africa.
EITI is the global standard to promote the open and accountable management of oil, gas and mineral resources
EITI Board Chair, Rt Hon. Helen Clark, welcomed Uganda to the EITI community: “EITI implementation can help lay the foundation for transparent and accountable management of the country’s natural resource wealth. We welcome Uganda as an implementing country and look forward to the EITI promoting inclusive public debate.”
Transparency is key to ensuring that potential revenues from oil and gas production are not mismanaged or lost to corruption. EITI implementation will require Uganda to publicly disclose information such as contracts, beneficial owners, revenues and payments, including payments related to the environment. These disclosures can in turn promote public oversight and debate.
Participation in the EITI is identified in the Government of Uganda’s 2012 Oil and Gas Revenue Management Policy as an action that will help create lasting value from oil and gas revenues. Proven reserves of over six billion barrels of crude oil have been identified in Uganda, of which 1.4 billion is currently deemed to be recoverable.
Total and China National Offshore Oil Corporation (CNOOC) are active in the region and share an interest in license areas in the Lake Albert development project. If managed responsibly, expected oil revenues can contribute to national development plans such as infrastructure and social services.
Uganda’s commitment to join the EITI was first made in the 2008 National Oil and Gas Policy and was reiterated in the updated 2012 Oil and Gas Revenue Management Policy. Participation in the EITI is also identified in the 2019-2024 Domestic Resource Mobilization Strategy. In January 2019, the Ugandan Government approved the decision to present a candidature application, which was submitted in July 2020.
Uganda’s Minister of Finance, Planning and Economic Development, Matia Kasaija, said: “The decision to join the EITI was informed by the appreciation of the value of transparency as we progress our plans to develop Uganda’s natural resource wealth. We believe that this initiative has the potential to strengthen tax collection, improve the investment climate, build trust among sector stakeholders and help create lasting value from our mineral and petroleum resources.”
As a part of the EITI sign-up process, Uganda formed a multi-stakeholder group (MSG) in March 2019, composed of government, industry and civil society representatives.
Civil society advocacy has been an important part of Uganda’s journey to join the EITI.
“Civil society has advocated the operationalization of the policy objectives of joining EITI since the promulgation of Uganda’s National Oil and Gas Policy in 2008 and the Petroleum Revenue Management Policy in 2012,” said Onesmus Mugyenyi, Deputy Executive Director of Advocates Coalition for Development and Environment (ACODE) and a civil society member of Uganda’s Multi-Stakeholder Group. “It is therefore our pleasure to see that government has followed through with this policy commitment.
EITI implementation provides an opportunity for deepening transparency and accountability in the management of Uganda’s oil, gas and mineral resources. I pledge our total support and commitment in ensuring that the EITI works for Uganda.”
In the wake of the Covid-19 pandemic, increased competition for investment underscores the need for transparency.
While Uganda’s oil industry is still nascent, Total, a founding member of the EITI internationally and a partner in the Lake Albert Development Project, sees only benefit for Uganda in committing to the EITI. Writing in support of EITI implementation, Total E&P Uganda – an active participant in Uganda’s Multi-Stakeholder Group – underscored the importance of contract transparency in contributing to a transparent and accountable sector. “We look forward to working with government, industry and civil society partners to support EITI implementation through participation in Uganda’s Multi-Stakeholder Group,” said Total E&P Uganda’s General Manager Pierre Jessua.
Uganda’s initial disclosures in terms of the 2019 EITI Standard will need to be made within 18 months of being admitted as an EITI implementing country.
The hostile U.S. position on the Gazprom-led Nord Stream 2 pipeline project is a breach of international law, according to the majority of EU members, German daily Die Welt reported today.
According to the report, the European Union communicated a sharp note of protest against U.S. interference in the construction of the pipeline to Washington. The note was supported by 24 of the EU’s 27 members, Reuters reported, citing Die Welt.
Reuters also quoted a statement it received from the U.S. embassy in Germany, which said, “The United States must act to address the threat to our national security and foreign policy interests,” noting, however, that Washington would like to continue cooperating with the EU rather than resort to sanctions to enforce these interests.
However, the EU’s communication to Washington stated that “We are highly concerned about the increasing use of sanctions by the U.S. against European companies and interests,” and that “The EU considers the extraterritorial use of sanctions as a breach of international law.”
The United States last month warned the companies helping Russia to complete the Nord Stream 2 and the TurkStream 2 natural gas pipelines that they should ‘get out now’ or face the consequences, as the Trump Administration steps up efforts to stop the construction of the controversial Russia-led pipelines in Europe.
The U.S. Department of State is updating its sanctions guidance under the Countering America’s Adversaries Through Sanctions Act, CAATSA, to include Nord Stream 2 and the second line of TurkStream 2, U.S. Secretary of State Mike Pompeo said in mid-July.
Five European companies are working on Nord Stream 2 with Gazprom, including Shell, OMV, Engie, Wintershall DEA, and Uniper. Each of these is funding the project by some $1.12 billion, the total equal to half its cost estimated at $11.2 billion.
The twin pipe of Nord Stream will carry an additional 55 billion cubic meters of Russian gas to Europe and, more specifically, Germany, whose gas hunger is growing as it shuts down coal and nuclear power plants.
Source:Oilprice.com
In a speech delivered by Mr. Wisdom Ahiataku-Togobo, the Director of Renewable and Alternative Energies at the Ministry of Energy, on behalf of the Minister for Energy John-Peter Amewu, the Sector Minister was happy that more entities are realising the strategic role of solar energy as a viable energy solution which is clean, a low carbon-emission option and at the same time relatively cheaper.
He said: “We are even more excited with the productive use to which this solar system has been utilised, that is, the running of a modern water processing facility to provide clean water for citizens.”
Mr Amewu applauded Special Ice Company for the huge investment, as it showed how environmentally responsible it is.
“I must commend Special Ice for their boldness and innovation in implementing this laudable investment. We believe that this investment will impact positively on efficiency in its business operations of the factory and also increase the overall profitability of the business,” he said.
He stated that the initiative by Special Ice Natural Water is a demonstration to the whole business community that, business is not only about profit; it should also be about environmental sustainability.
“The decreasing cost of solar systems is gradually increasing the profitability of businesses and, at the same time, making them environmentally responsible,” he added.
The CEO of Sunpower Innovations, Ernest Amissah, was hopeful that the steps taken by Special Ice Company would encourage others to emulate.
The Inspector in-charge of Renewable Energy at the Energy Commission, Prosper Amuquandoh, who described the project as a laudable one, urged companies that are into rooftop solar installation to endeavour to do quality work.
Source:www.energynewsafrica.com
