The agency in charge of government’s revenue in the Republic of Ghana, Ghana Revenue Authority (GRA), has described as false, accusations of fuel smuggling by its Customs Division.
The GRA’s comments come on the back of a recent claim by Kevin Ekow Taylor, a Ghanaian journalist and resident of the U.S that the Custom Division of GRA was colluding with some persons at the seat of government, Jubilee House, to smuggle fuel into the country.
He claimed that about 50,000 metric tons of fuel, worth US$10 million, is smuggled into the country by cartels at the Jubilee House.
This was published by some online portals.
It would be recalled that on May 13, 2020, this portal reported of the arrest of eight persons for engaging in illegal fuel trading at high sea in the Western Region.
The Western Regional Director of the Ghana Maritime Authority, Captain William Eson Thompson said the Ghana Maritime Authority, the Western Navy and Marine Police have been collaborating to patrol the sea at night.
The suspects have since been prosecuted.
However, responding to the allegations, the GRA, in a statement, asked the general public to disregard these “negative assertions” circulating on social media purportedly made by a private radio station.
“The Authority views these allegations as mischievous and malicious since they have no merit,” GRA said in the statement.
In what could be described as evidence-based, GRA explained that a vessel with the name MT Randl, which was carrying fuel from Togo to Cote d’Ivoire in May 2020 was intercepted in Takoradi.
The statement added that the vessel was escorted out of Ghana’s territorial waters to where it came from since it was in a bad shape and could pose environmental hazard.
The escort was done by the relevant agencies including the Ghana Navy, Ghana Maritime Authority (GMA) and the Customs Division of GRA in Takoradi.
The Authority further narrated the situation surrounding the interception of another vessel, Dende, by the Ghana Maritime Authority and the Western Naval Command of the Ghana Navy in June.
“The Dende, which was carrying about 50,000 litres of fuel, was detained and the fuel offloaded to avoid contamination. The vessel, together with the fuel, is currently in the custody of the Ghana Navy at the Western Naval Base. Investigations are currently ongoing in the case of the arrest of Dende and the outcome will be made public,” the statement concluded.
Source: www.energynewsafrica.com
Commodity research firm S&P Global Platts recently said in a report that India’s economic activity and oil demand has been hurt recently with states re-imposing stringent lockdowns following a sharp uptick in coronavirus cases.
The country is the worst-hit among emerging economies when it comes to oil demand, Asia Oil Market Advisor JY Lim says in an exclusive interview with ETEnergyworld.
Based on the data and analysis done by Platts related to India’s petroleum products demand trends, how bad or worrisome is the situation?
India’s oil demand was down year-on-year by 2.1 million b/d in April, and then improved in May and June, but still down year-on-year by 1 million b/d and 335,000 b/d, respectively. In July, demand dropped further by 515,000 b/d year on year, derailed by localized lockdowns and flooding in some parts of the country due to heavy monsoon rains. It would be worrisome if demand continues to drop further.
If India is yet to reach the peak of Covid infections, it means economic activity could be further disrupted in months to come. What gives you the confidence the petroleum products demand recovery will improve over the second half of the current year 2020?
We expect demand to gradually improve over the coming months as the situation slowly comes under control, but there is a downside risk if demand continues to worsen due to further lockdowns.
According to Platts analysis, India will end 2020 with annual drop in oil demand at 480,000 bpd (or 9.5 per cent). How does that statistic compare with other key emerging and developed nations? Would this be the largest drop in oil demand among all the nations?
Among the emerging economies, India is expected to be the worst hit country in terms of b/d basis. Brazil, which is also badly hit by COVID-19, and will see a drop of 13% though contract year-on-year only by 255,000 b/d due to lower demand base. As for developed economies, the US is expected to drop year on year by 2.2 million b/d this year or 11% – a lot worse than India.
At a policy/regulatory level, what would you recommend the Indian government to do to address this expected drop in oil demand over the next few months?
In addition to combating COVID-19, the Indian government could consider lowering excise duties on petrol and diesel, which have been raised in recent months and are high relative to other developing countries, so as to alleviate burdens on consumers and businesses in the midst of the pandemic.
Can you also throw some light on the outlook for the next year 2021?
S&P Global Platts expects India’s oil demand growth in 2021 to be positive, rising by some 400,000-500,000 b/d as its economy rebounds next year.
Source: www.energynewsafrica.com
Ghana’s electricity regulator, Energy Commission (EC), has cautioned Ghanaians against unscrupulous persons who are using the Commission’s name to collect monies for the processing of applications and renewal of certificate for some of their services.
In a public notice issued by the Commission, it said it has come to the attention of the Commission that some unscrupulous persons are collecting monies for the processing of applications for and renewal of electrical wiring certificate to various categories of qualified electrical wiring professionals.
The Commission said it does not own or operate any mobile money and, therefore, urged the public to be wary of any person or groups of persons parading themselves as representatives of the Commission and demanding monies via mobile money.
The Volta River Authority’s (VRA) solar power projects currently under construction at Lawra and Kaleo in the Upper West Region of the Republic of Ghana has progressed steadily, energynewsafrica.com can report.
The President of Ghana, H.E Nana Addo Dankwa Akufo-Addo, in February this year, cut the sod for VRA to commence the construction of 13MW and 4 MW solar power projects at Kaleo and Lawra.
This is part of the Authority’s vision to diversify its sources of power into clean and renewable energy generation.
The project is being funded through a loan facility from KFW, a German financial institution at the cost of 23 million euros. In addition the Government of Ghana through the Volta River Authority is contributing 8.12 Million Euros in Project Development and Management activities.
When energynewsafrica.com’s team visited the project sites, workers were busily working.
Speaking to Mateo Pèrez Camino, who is the Country Manager of Elecnor, he said the the Lawra project is 70 percent complete while the Kaleo project is 50 percent complete.
According to him, the outbreak of the novel coronavirus, which resulted in the imposition of restrictions, slowed activities at the sites, saying, “Whenever any of the expatriate engineers or Ghanaian workers travel outside the region and return, they are made to quarantine for 14 days to ensure that there is no importation of covid-19 to the project site.
“This has not been an easy task taking into consideration Covid-19. It has not helped at all but most of our workers decided to stay and work because we want to complete the project on time,” he explained.
He noted that there has been a technical improvement of the project, stating that any gains made would be used to enhance the scope of the project.
Mr. Mateo said the project, currently, has 128 workforce, five expatriates, 123 Ghanaians out of which 110 are locals from the Upper West Region.
He said the project is in two phases, saying the Lawra project will be completed in November 2020 while the first phase is expected to be completed by end of December or January 2021
Upon completion, the project will generate enough power to serve the entire Upper West Region.
In an interview with energynewsafrica.com, Wisdom Ahiataku-Togobo, who is the Director of Renewable and Alternative Energies at the Ministry of Energy, said he was impressed by the level of progress made so far.
Mr Wisdom Ahiataku-Togobo. Behind him is the ongoing solar power project at Kaleo
“I’m so convinced having seen the level of progress of work done. This project will be completed as scheduled despite the coronavirus obstacle that came along the way,” he said.
He noted that all the control measures instituted had been adhered to by the contractor and commended them for that.
He further commended VRA, the implementing company and KFW for funding the project.
Source: www.energynewsafrica.com
The Republic of Ghana is planning to establish four new crude oil processing refineries, energynewsafrica.com can report.
The four new oil refineries, which will be a Government of Ghana and the private sector partnership, are expected to be completed by 2030.
The refineries would have a total capacity of 600,000bpd with each having a capacity of 150,000 bpd.
The refineries are part of the petroleum hub project which the President Akufo-Addo’s administration has initiated.
The West African nation established its first crude oil processing refinery, Tema Oil Refinery (TOR) Limited, in 1963, to enhance the country’s economic, investment and development programmes.
Since then,Ghana has not been able to establish any additional oil refinery despite producing oil in commercial quantities from its jubilee oil fields.
TOR, which has a total capacity of 45,000bpd, has been left to struggle by successive governments.
Our sources from the Ministry of Energy indicate that a 20,000-acre land had been acquired for the petroleum hub project.
Energynewsafrica.com understands that the Energy Ministry has received a number of proposals from the private sector players expressing interest in the project.
The petroleum hub project will have, among other facilities, storage tanks for crude and finished products, two oil jetties, two petrochemical plants with processing capacity of 45,000bpsd each, as well as waste and water treatment plants.
It is estimated that 780,000 jobs would be created when the project commences and is completed.
Source:www.energynewsafrica.com
Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kolo Kyari, has cautioned Nigerians against dealing with people who are posing as him on Facebook.
In a twitter post on Thursday, Mele Kyari said there are over 25 Facebook accounts bearing his identity.
In view of this, he urged the public to be wary dealing with such fraudsters.
According to him, he had not been active on Facebook since 2015, adding that he only communicates with the public on his twitter account.
His tweet caught the attention of one Farida Murnai who replied, saying: “And also D’s number 080552551720. It’s doing a lot of harm than good.”
Responding, Mele Kyari denied using the said number.
Beware of anyone posing as Mele Kyari on Facebook. A simple google search reveals over 25 Facebook account bearing Mele Kyari. I do not have an active Facebook account since 2015 and communicate with the public only on this verified twitter account. Beware of fraudsters
Oil and gas services provider, Halliburton Company, will host a conference call on Monday, October 19, 2020, to discuss its third quarter 2020 financial results.
The call will begin at 8:00 AM Central Time (9:00 AM Eastern Time).
Full statement
Halliburton Company (NYSE: HAL) will host a conference call on Monday, October 19, 2020, to discuss its third quarter 2020 financial results.
The call will begin at 8:00 AM Central Time (9:00 AM Eastern Time). The Company will issue a press release regarding the third quarter 2020 earnings prior to the conference call. The press release will be posted on the Halliburton website at www.halliburton.com.
Please visit the website to listen to the call via live webcast. You may also participate in the call by dialing (844) 358-9181 within North America or +1 (478) 219-0188 outside of North America. A passcode is not required.
Attendees should log in to the webcast or dial in approximately 15 minutes prior to the start of the call.
A replay of the conference call will be available on Halliburton’s website until October 26, 2020. Also, a replay may be accessed by telephone at (855) 859-2056 within North America or +1 (404) 537-3406 outside of North America, using the passcode 1236586.
About Halliburton Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 140 nationalities in more than 80 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com.
Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.
Source: www.energynewsafrica.com
The Transmission Company of Nigeria (TCN) is carrying out maintenance work on the West Ikeja /Otta 132kV transmission lines 1&2.
The exercise, which commences from Thursday, September 3, 2020, is expected to end on Friday, September 11, 2020.
According to TCN, the maintenance work is to provide backstay to existing towers in order to feed Otta 132kV lines 1&2 Circuits via a 1×300MVA 330/132 kV power transformer.
TCN, in this regard, urged consumers to bear in mind that the exercise would affect power supply in Ikeja Electricity Distribution Company and Ibadan Electricity Distribution Company’s network areas such as, Ogba, Alimosho, Alausa, Otta and its environs.
A statement issued and signed by Ndidi Mbah, General Manager for Public Affairs, at TCN, said: “We regret any inconvenience caused by the scheduled maintenance.”
Source:www.energynewsafrica.com
U.S oil giant, ExxonMobil, is set to cut jobs worldwide on a country-by-country basis, according to report filed by Reuters.
The report said ExxonMobil Australia is offering voluntary redundancies to all its employees in Melbourne, Gippsland, Sydney, Adelaide and Perth, following “an extensive review of the company’s current and future project work.
“This programme will ensure the company manages through these unprecedented market conditions,” ExxonMobil Australia said.
“We have evaluations underway on a country-by-country basis to assess possible additional efficiencies to right-size our business and make it stronger for the future,” Casey Norton, Exxon’s spokesman said.
So far, Exxon has refrained from job cuts after oil prices collapsed and oil supermajors started losing money and cutting capital expenditures (capex).
However, others like BP, for example, have already announced massive job cuts.
BP is cutting 10,000 jobs, or around 15 percent of its workforce, as it looks to cut costs amid the oil price crash resulting from the coronavirus pandemic, Chief Executive, Bernard Looney said in June.
Source:www.energynewsafrica.com
Saudi Aramco is reviewing plans to expand at home and abroad in the face of sharply lower oil prices and a heavy dividend burden, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Aramco will review a $6.6 billion plan to add petrochemical output at its Motiva refinery in Texas, as well as a big natural-gas project with Sempra Energy in the same state, according to the report.
The state-run company is also pausing investments in refineries in China, India and Pakistan, the WSJ said.
Oil companies globally have been cutting spending across the board to shore up cash as the industry contends with a realization that lower crude prices could be the norm for a long period of time after the COVID-19 pandemic sapped fuel demand.
In Saudi Arabia, Aramco is delaying plans by a year to boost crude production capacity to 13 million barrels a day, from currently about 12 million, the report added.
The company plans to cut its capital spending to between $20 billion and $25 billion this year to pay a $75 billion dividend it pledged to investors during its initial public offering last year.
Source:www.energynewsafrica.com
The decision by Ghana’s national oil company, GNPC, to allocate substantial amount of monies to some institutions generated a heated argument on Tuesday during the sitting of Public Accounts Committee of Ghana’s Parliament.
PAC is an arm of Ghana’s parliament that scrutinises how public funds are used by state institutions.
GNPC made approvals to the tune of GHS5.42 million as sponsorships and donations to some institutions last year.
Out of the figure, GHS120,000 went to the Rebecca Foundation, GHS 550,000 to Economic and Organised Crime Office (EOCO), GHS1.8 million went to Okyehene’s 20th Anniversary, GHS 50,000 to the Ghana Journalists’ Association, GHS30,000 to the Ghana Boxing Authority and GHS 400,000 towards the preparation of the Damba Festival.
When the issue came to the public knowledge last year, a section of Ghanaians expressed shock over the Corporation’s decision to fund such activities, so they called for the head of the CEO.
Considering the 2017 report of the Auditor General, a Member of Parliament (MP) for Ningo-Prampram in the Greater Accra Region, Sam George asked why the board of GNPC had to directly approve over GHc5 million to be paid to the earlier mentioned individuals and entities without routing it through the GNPC foundation.
Board Secretary, Matilda Ohene, who was at the PAC, struggled to answer the questions posed to her; more especially as the Chairman for the Committee, James Klutse Avedzi threw follow-up questions at their guest.
“Hon. Chairman, I only act on the instructions of the board and the memo was to formally inform the Chief Executive of the decision of the Board, but I can get the Board to formally respond to this question,” Matilda Ohene stated.
This was, however, greeted with disdain from the Deputy Ranking Member for the Committee, Mohammed Hardi Tufeiru.
Responding to the approval by the Board, Deputy CEO at GNPC, Joseph Dadzie said he could not tell the basis for the approval by the Board.
“Hon. Chair, I cannot speak for the Board of GNPC, but as I mentioned earlier, the Foundation has some thematic areas in which they carry out their activities and those are the umbrella under which the activities of the Foundation is situated,” Joseph Dadzie told the PAC members.
“Deputy Chief Executive, I want this clarification to be made clearly, the question we are asking is not about anybody’s interest. It is about the interest of the people of Ghana, if a member here thinks that we don’t have the right to ask this question, I will end the discussion here but the people of Ghana will judge,” James Avedzi emphasised after some tussles with opposition members.
That development later brought proceedings to an abrupt end. Chairman of PAC, James Avedzi, later, adjourned proceedings to today, Wednesday.
Consumers of gasoline (petrol) in Nigeria, West Africa, will be paying more for the commodity in September, energynewsafrica.com can report.
This is because the Petroleum Products Marketing Company (PPMC), a subsidiary of Nigeria National Petroleum Corporation (NNPC) has increased the price of petrol from N138.62 per litre to N151.56 (0.39 cents) per litre.
The PPMC announced the new price in a memo to industry stakeholders.
”Please be informed that a new product price adjustment has been effected on our payment platform,” it said.
”To this end the price of premium motor spirit (PMS) is now one hundred and fifty one naira, fifty six kobo (N151.56) per litre.
”This is effective 2nd September, 2o2o.”
Africa Oil & Power (AOP), one of Africa’s leading energy events organisers has appointed Renée Montez-Avinir as its new Managing Director, effective 1 September 2020.
AOP announced her appointment in a press release distributed by APO Group.
She will lead the company into a new period of growth in 2021, with events and investment promotion initiatives planned for major and emerging markets including Angola, Nigeria, DRC, Mozambique, Senegal, Gabon, Equatorial Guinea, South Sudan and South Africa.
With over 15 years experience working all over the African continent, Montez-Avinir brings to the position a strong and diverse track record in events, communications, management and finance.
Prior to her appointment as Managing Director at Africa Oil & Power, Montez-Avinir was Head of Operations for Africa at Investor Publishing, a leading international events company headquartered in the UK.
She holds a degree in Communication Science majoring in Mass Communications from Endicott College in Massachusetts, USA, and two post-graduate diplomas in public relations and event management from Damelin Business College in South Africa.
Montez-Avinir has distinguished herself as a business development expert, connecting national leaders and executives at all levels and leading several major investment events, including the CEO Institutional Investment Summit with NASDAQ in New York, the CEO DFI Summit in Washington DC, the 45th G7 Summit in Biarritz, and the World Economic Forum on Africa.
“This is a critical moment for both the energy sector and the events business in Africa and I’m proud to be at the heart of that transformation through working with Africa Oil & Power,” said Montez-Avinir. “I am delighted to be joining such a diverse and enthusiastic group of people and, alongside the board of directors, to lead AOP into a new phase of growth and renewal.”
“The AOP team could not be more excited to welcome Renée as our new managing director,” said Kelly Mealia, Chairperson of Africa Oil & Power. “With her leadership and vision, AOP will deliver on our promise in 2021 to bring investment and opportunity to energy markets across the continent.”
Creative Director Giovanni Trevisson said: “Renee is bringing new skills and serious experience to AOP. As we work on building a better company and team, we’re delighted to have Renée join us in leading this effort.”
Montez-Avinir joins AOP at an exciting time for the company, as it expands its portfolio of events, products and partnerships across the continent.
In 2021 AOP will hold its first ever Mozambique Gas & Power conference and exhibition in March, the fourth South Sudan Oil & Power event in June, the first DRC Energy & Infrastructure Investment Summit in September, and the fifth annual flagship AOP event, Africa Oil & Power 2021, in Cape Town in October.
AOP will return to Angola for the second Angola Oil & Gas conference and exhibition at a date to be announced.
Source:www.energynewsafrica.com
Fuel prices on the local market are likely to witness some marginal increase in the first pricing window in September, Institute for Energy Security (IES) has predicted.
Brent crude was trading at US$45.38 on Tuesday while West Texas Intermediate (WTI) was selling at US $43.00.
The IES attributed the expected increase in fuel prices on the local market to the appreciation in the prices of International Benchmark-Brent Crude and depreciation of the local currency Cedi against the U.S Dollar.
Brent crude price remained above the US$44 per barrel mark for the pricing-window under assessment. On 25th August, 2020, Brent crude rose to US$45.86 a barrel, the highest since March 6. This steady gain can be attributed to declining inventories, recovery on the stock market and the continuous easing of restrictions on economic activities around the world. Following this, Brent crude appreciated by 2.45 percent from US$44.13 per barrel recorded at the end of the first pricing-window of August to close at US$45.21 per barrel on average terms at end of the second pricing-window in August 2020.
“Taking into consideration the appreciation in the prices of International Benchmark – Brent Crude (2.45%) and refined product – Gasoline (6.23%) as well the 0.17% depreciation of the Cedi against the U.S. Dollar; the Institute for Energy Security (IES) foresees prices of fuel on the local market loosing stability and going up marginally,” IES said in a statement.
Below Is The IES’s Full Statement
FUEL PRICES TO RISE SLIGHTLY IN THE 1ST HALF OF SEPTEMBER 2020
REVIEW OF AUGUST 2020 SECOND PRICING-WINDOW
Local Fuel Market Performance
Fuel prices on the local market remained stable in the Pricing-window under review. Petroleum product prices within the second Pricing-window of August 2020 saw majority of the Oil Marketing Companies (OMCs) maintaining the prices of Gasoline and Gasoil. The current national average price of fuel per litre at the pump is pegged at GH¢4.80 for both Gasoline and Gasoil.
Over the past two weeks, Santol, Benab Oil, Nick Petroleum, Radiance, Champion and Cash Oil, joined Zen Petroleum as OMCs spotted by IES Market-scan as trading with the least-rates for Gasoline and Gasoil within the downstream oil market.
World Oil Market
Brent crude price remained above the $44 per barrel mark for the Pricing-window under assessment. On 25th August, Brent crude rose to $45.86 a barrel, the highest since March 6th. This steady gain can be attributed to declining inventories, recovery on the stock market and the continuous easing of restrictions on economic activities around the world. Following this, Brent crude appreciated by 2.45% from $44.13 per barrel recorded at the end of the first Pricing-window of August to close at $45.21 per barrel on average terms at end of the second pricing Pricing-window in August 2020.
S&P’s Platts benchmark for fuels shows average Gasoline price appreciated by 6.23% to close at $407.86 per metric tonne, from a previous average of $383.94 per metric tonne. Meanwhile Gasoil declined by 0.11% to close trading at $370.55 per metric tonne, from a previous average of $370.96 per metric tonne.
Local Forex
Data collated by IES Economic Desk from the Foreign Exchange (Forex) market shows the Cedi depreciated by 0.17% against the U.S. Dollar, trading at an average price of Gh¢5.74 to the U.S. Dollar over the period, from a previous rate of Gh¢5.73 recorded in the first Pricing-window of August, 2020.
PROJECTIONS FOR SEPTEMBER 2020 FIRST PRICING-WINDOW
Taking into consideration the appreciation in the prices of International Benchmark – Brent Crude (2.45%) and refined product – Gasoline (6.23%) as well the 0.17% depreciation of the Cedi against the U.S. Dollar; the Institute for Energy Security (IES) foresees prices of fuel on the local market loosing stability and going up marginally. However, competition between Oil Marketing Companies (OMCs) to control and gain market shares could result in selling price of fuels remaining unchanged within the first Pricing-window of September 2020.
Signed:
Raymond Nuworkpor
Research & Policy Analyst, IES
Speaking to Mateo Pèrez Camino, who is the Country Manager of Elecnor, he said the the Lawra project is 70 percent complete while the Kaleo project is 50 percent complete.
He noted that there has been a technical improvement of the project, stating that any gains made would be used to enhance the scope of the project.
Mr. Mateo said the project, currently, has 128 workforce, five expatriates, 123 Ghanaians out of which 110 are locals from the Upper West Region.
He said the project is in two phases, saying the Lawra project will be completed in November 2020 while the first phase is expected to be completed by end of December or January 2021
Upon completion, the project will generate enough power to serve the entire Upper West Region.
In an interview with energynewsafrica.com, Wisdom Ahiataku-Togobo, who is the Director of Renewable and Alternative Energies at the Ministry of Energy, said he was impressed by the level of progress made so far.
He further commended VRA, the implementing company and KFW for funding the project.
Source: www.energynewsafrica.com
Source:www.energynewsafrica.com
