One Killed In Explosion At Rosneft’s Oil Refinery In Russia
A devastating explosion occurred at Rosneft’s oil refinery in Ryazan, Russia, resulting in the loss of one life and injuring three others.
The blast happened during scheduled maintenance work, when equipment depressurization occurred, according to the refinery’s representative cited by TASS.
The refinery, owned by Russia’s largest oil producer Rosneft, has been targeted multiple times by Ukrainian drones, leading to a temporary suspension of operations in February.
Located approximately 196 kilometers southeast of Moscow, the Ryazan refinery is one of Russia’s largest, processing 13.1 million metric tons of oil in 2024.
The incident has raised concerns about the safety and security of oil infrastructure in the region.
Source:https://energynewsafrica.com
Angola: Police Seize Over 123,000 Litres Of Smuggled Fuel In Cabinda
Angolan authorities have made a significant breakthrough in their fight against fuel smuggling, showcasing a massive seizure of 123,668 liters of contraband fuel in Cabinda.
This impressive haul, comprising gasoline, diesel, and paraffin, was accumulated over the past 12 months as part of anti-smuggling operations.
The seized fuel, along with 64 motorized vehicles used for smuggling, was handed over to the Technical Committee for the identification of the crime of fuel smuggling, led by Judge Daniel Modesto Geraldes.
Notably, 12 individuals, including nationals and foreigners, were arrested for their involvement in these crimes, and their cases are currently being processed by regional justice authorities.
According to Alves René, the commission’s spokesperson, the seized fuel and equipment will be returned to the State in the coming days, pending formalization of the case.
During their visit to Cabinda, the commission also inspected the 1st Border Guard Police Unit and the Navy’s Naval Squadron, where smuggled fuel and equipment are stored.
Source:https://energynewsafrica.com
Ghana: Executive Secretary Of PURC Embarks On Working Visit To Upper West Region
The Executive Secretary of the Public Utilities Regulatory Commission (PURC), Dr. Shafic Suleman, has embarked on his first regional tour, visiting the Upper West Region.
This tour is part of his efforts to familiarize himself with the Commission’s operations across the country.
During his visit, Dr. Suleman paid a courtesy call on the Upper West Regional Minister, Hon. Charles Lwanga Puozuing, to officially inform the Minister of his presence in the Region.
Dr. Suleman explained that the purpose of the visit was to engage with stakeholders and identify challenges in the utility value chain, with the goal of finding tailored solutions.
The Upper West Regional Minister welcomed Dr. Suleman and his team, expressing his gratitude for choosing the Upper West Region as their first destination. He highlighted several pressing issues, including recurring power outages, fluctuations on the main Wa–Burkina Faso distribution line, and lack of prior notice for water outages. The Minister suggested assigning a dedicated line and transformer to the Wa Teaching Hospital due to its critical services.
The Executive Secretary of PURC was accompanied by Alhaji Jabaru Abukari, Director for Regional Operations and Consumer Services; Dr. Eric Kofi Obutey, Director for Research and Corporate Affairs; Mr. Edmond Kweku Tuffour, Deputy Director, Regional Operations and Consumer Services responsible for the Northern Zone; Dr. Robert Tia Abdulai Aziz, Head of Corporate Affairs; Reginald Osei Asibey, Finance Officer; and Ms. Fauzia Tanko, the Secretary to the Executive Secretary.
The Upper West Regional team of PURC, comprising Mr. Ali Abdul Wadud, Regional Manager; Amin Bashiru Nuhu, Regional Public Relations and External Affairs Officer; Bilal Alhassan Pelpuo, Complaints Officer; Mrs. Zenabu Gyamfi, Administrative Officer; and Mr. Yussif Belko Mumuni, Transport Officer, were all present to assist in the success of the Executive Secretary’s tour of the region.
Source:https://energynewsafrica.com
Nigeria: TCN Establishes Committee To Develop Advanced Network Monitoring System
The Transmission Company of Nigeria (TCN) has inaugurated a Network Monitoring System Development Committee as part of a strategic effort to enhance grid stability and mitigate power system disturbances.
The committee’s primary objective is to design and implement an advanced monitoring system equipped with integrated data analysis and real-time operational awareness capabilities.
This will ensure optimization of generation and transmission resources in grid operations.
At the committee’s inauguration, the Executive Director, Independent System Operations (ISO), Engr. (Mrs.) Nafisat Ali highlighted the importance of this initiative.
She noted that the System Operator is responsible for managing the entire power system network, which includes planning and monitoring operations.
However, the current manual operation poses challenges in terms of visibility and tracking the activities of various stakeholders.
Engr. Nafisat mentioned that the increasing complexity of the power system necessitates the development of a comprehensive Network Monitoring System.
The Committee Chairman, Engr. Ojo Thomas Oladeji, who is also the Assistant General Manager (Research) at ISO, noted that TCN’s in-house engineers have proficiently maintained the system with locally developed solutions.
He also mentioned that the committee intends to leverage the capabilities of Phase Measuring Units (PMU) along with existing IoT data to meet its goals.
The eight-member committee will employ domestic technologies, including the Internet of Things (IoT), to develop the Network Monitoring System.
This system will be operational prior to the completion of the ongoing work on the Supervisory Control and Data Acquisition (SCADA) System and will subsequently serve as a backup.
The comprehensive deployment of IoT throughout the grid network, coupled with the integration of artificial intelligence (AI) tools across generation, transmission, and distribution data processing, will significantly enhance the project’s success.
Source:https://energynewsafrica.com
Mozambique: US Exim Bank Approves $5 Billion Loan For LNG Project
The United States Export-Import Bank has approved a loan of almost $5 billion for the liquefied natural gas (LNG) project in Mozambique, being developed by a consortium led by the French oil and gas company TotalEnergies, according to a report by Mozambique News Agency citing Reuters.
The LNG project is budgeted at around 20 billion dollars.
The Export-Import Bank had previously agreed a 4.7billion dollar loan under President Donald Trump’s first administration, but it needed to be re-approved after construction on the project was frozen in 2021 following a major attack by islamist terrorists against Palma town, in the northern province of Cabo Delgado.
TotalEnergies CEO Patrick Pouyanne said in February that he expected financing from the United States to be approved in coming weeks, with other credit agencies to follow in the ensuing months.
The company had been waiting for loan re-approvals from the United States, UK and Dutch export credit agencies before lifting a force majeure on the project that has been in place since the 2021 terrorist raid.
The Mozambican Energy Minister, Estevao Pale, told the British “Financial Times” that he also expects the UK and Netherlands to reconfirm their support.
It was hoped that the project, known simply as “Mozambique LNG”, in which TotalEnergies holds a 26.5 per cent operating stake, would make Mozambique one of the major LNG producers in the world. But the jihadist raid of 2021 brought all work on the project to a halt.
But security has now improved with troops from Mozambique and Rwanda deployed to protect the Afungi Peninsula where the LNG plants will be built.
Source: https://energynewsafrica.com
Nigeria: APGC Webinar Calls For Greater Gender Inclusivity In Energy Sector
The Association of Power Generation Companies (APGC) in Nigeria on Monday, March 10, 2025, successfully hosted the “Women in Power: Accelerate Action” webinar to empower women in the energy sector to continue advancing.
The event brought together experts, industry leaders, and policymakers to discuss challenges and opportunities for women in the sector, while launching a new Women in Power Mentoring Program.
The webinar, anchored by Peace Oghenegbavwe and moderated by Rahila Thomas, Country Director of EMRC, featured keynote speakers such as Ifeoma Malo, Dr. (Mrs.) Heather Onoh, and Ibiene Okeleke as panelists. Dr. Joy Ogaji, CEO/Executive Secretary of APGC, served as the chief host and convener.
Ifeoma Malo, CEO of Clean Tech Hub Nigeria, emphasized the need for women to identify problems in the energy sector and provide solutions. She encouraged women to support one another, provide platforms for representation, and consistently help those coming up in the industry.
Dr. (Mrs.) Heather Onoh shared her experiences as the only female board member on the APGC Board. She stressed the importance of empowering women, stating, “A strong woman is a woman who raises another woman.”
She urged women to stand up, be willing to impact, and champion courses that promote positive change.
Ibiene Okeleke addressed the challenges women face in remaining in the sector.
“We need family-friendly workplace policies, such as on-site childcare, remote work options, and flexible schedules, to support women in their careers,” she said.
Okeleke stressed the importance of embedding young women into organizations through mentorship and hands-on training programs, ensuring they gain practical experience and long-term career development.
In her contribution, Mrs. Evangeline Babalola, Director of Policy, Research, and Statistics at the Federal Ministry of Power, emphasized the need for women’s involvement in decarbonization efforts and sustainable energy policies.
Babalola highlighted the environmental impact of energy choices, emphasizing that women, particularly those in rural areas, bear the brunt of harmful cooking fuels.
Dr. Joy Ogaji answered questions posed to her, sharing an example of how she intended to enroll ladies for internship training but ended up having only one in her team despite many applications.
The panel discussion concluded with a question-and-answer session, providing valuable insights and takeaways for women in the power sector. Following this session, the Women Mentoring Program, spearheaded by Dr. Joy Ogaji, Chief Executive of APGC, was launched.
The program aims to provide structured mentorship for women at different stages of their careers in the power sector, helping them navigate challenges and build long-term success.
Dr. Ogaji emphasized the importance of mentorship in breaking barriers and ensuring that more women rise to leadership positions.
“Women need guidance, sponsorship, and advocacy in this sector. Through this mentorship program, we will create a strong network of women leaders who can uplift the next generation,” she emphasized.
The webinar concluded with a call to action for industry leaders, policymakers, and stakeholders to accelerate gender inclusivity.
“As women, we must support one another, take bold steps, and challenge the status quo. We are not just asking for inclusion; we are proving that we belong in this space,” Dr. Ogaji declared.
In Rahila Thomas’ words, “The call to accelerate action is not a sprint but a marathon that requires unwavering determination and self-will.”
The “Women in Power: Accelerate Action” webinar was a resounding success, empowering women to accelerate action, challenge gender biases, and drive positive change in the power sector.
The event marked a significant step toward bridging the gender gap in the Nigerian energy sector.
As the industry continues to evolve, the contributions of women will be critical to achieving a sustainable and equitable energy future.
Source:https://energynewsafrica.com
Ghana: PETROSOL Hosts 3rd Women In Leadership Conference
The PETROSOL Women Network, an initiative of PETROSOL Platinum Energy Ltd., held its 3rd Women in Leadership Conference on Friday, March 7, 2025.
The event commemorated International Women’s Day and brought together approximately 100 women, including respected female senior business executives from the petroleum downstream industry and other sectors, as well as female staff of PETROSOL.
The conference, themed: “Accelerating Exponential and Sustainable Growth: The Role of an Energized Woman,” focused on the significant role women play in driving lasting, impactful change in their careers and communities. The event provided a platform for exchanging valuable perspectives on overcoming challenges, breaking barriers, and creating sustainable leadership practices for women.
The conference opened with an address from the Chairperson, Mr. Daniel Acheampong, also the Board Chairman of PETROSOL.
He emphasized the importance of cultivating a world where women are not only participants but also leaders, capable of driving exponential and sustainable growth.
“We have to create a world where women do not just participate but lead with vision and drive exponential growth on a sustainable basis,” he stated.
The Keynote Speaker, Mrs. Ivy Apea Owusu, CEO of Cirrus Oil Services Ltd, delivered an inspiring message highlighting the importance of networking and collaboration for sustainable growth.
“Networking and collaboration are very important keys to growing exponentially and sustainably. Build meaningful relationships and surround yourself with people who push you to bring out your best. Step out of your comfort zone, be agile and resilient. You need to be seen to make an impact. The future is ours. Lead with purpose and thrive,” she shared.
The Guest of Honour, Dr. Sheila Addo, Deputy Chief Executive, Technical, at the National Petroleum Authority (NPA), remarked, “Achieving success as a woman in leadership is not without its challenges. Along the journey to the top, obstacles are inevitable.
However, resilience, expertise, and a deep understanding of one’s field are essential qualities that enable women to persevere and sustain their leadership positions.”
She challenged the ladies to dare to be the best at what they do.
The CEO of PETROSOL, Michael Bozumbil, commented, “Here at PETROSOL, we are proud that women can walk into our organization and feel empowered, free to express their views and showcase their talents. We are pleased that this is the culture we’ve cultivated.”
A key feature of the conference was the panel discussion, which covered a wide array of topics, including career progression, overcoming obstacles, breaking barriers, and creating transformative change through leadership.
The panel discussants included Dr. Mrs. Stella Agyenim-Boateng, former Deputy Chief Executive in charge of Services at Volta River Authority (VRA) and currently Vice Chairman of the Public Services Commission; Lawyer Kwame Jantuah, energy policy strategist and CEO of the African Energy Consortium; and Lesley Arthur, CEO of Cubica Energy, a Bulk Import, Distribution and Export Oil Trading Company.
A networking reception followed, providing attendees the chance to engage with industry peers and leaders in a supportive and collaborative atmosphere, setting the stage for future partnerships and mentorship opportunities.
As part of its ongoing commitment to promoting diversity, inclusion, and the empowerment of women within the energy sector and beyond, PETROSOL’s Women in Leadership Conference continues to be a vital initiative in creating opportunities for women to lead with confidence and purpose.
Source:https://energynewsafrica.com
Kenya: Energy Regulator Unveils New Fuel Pricing Framework
Kenya’s Energy and Petroleum Regulatory Authority (EPRA) has introduced a new fuel pricing model that seeks to balance the interests of consumers, investors and the government while ensuring price stability in Kenya’s petroleum sector.
Speaking at a stakeholder meeting in Nairobi, EPRA Director General Daniel Kiptoo Bargoria emphasised that the revised pricing structure, developed after extensive consultations, aims to reflect the real costs incurred across the fuel supply chain.
Kiptoo said that the study behind the model considered key factors such as taxation, transportation costs, exchange rate fluctuations, and global oil prices.
“The last review was conducted in 2018, and since then, the economic landscape has significantly changed,” he said, adding that this new model took into account inflation, the depreciation of the Kenyan shilling, and changes in international oil markets to ensure a fair pricing system.
Also making his remarks was the Director of Economic Regulation and Strategy Directorate at EPRA, Dr. John Mutua, who highlighted key areas of focus, including petroleum product procurement, transportation costs, and retail pricing.
Mutua reiterated that the study examined the existing petroleum pricing formula, assessing the accuracy of various cost parameters from importation to retail distribution.
According to him, one of the significant revelations was the impact of fluctuating global oil prices and exchange rate instability.
He insisted that the shift from the Open Tender System (OTS) to a Government-to-Government (G2G) procurement arrangement with Abu Dhabi National Oil Company (ADNOC) and Emirates National Oil Company (ENOC) has helped stabilize fuel supply but has also introduced higher premiums.
Further, he announced that EPRA was also working towards improving demand forecasting, especially for Liquefied Petroleum Gas (LPG) and kerosene, which have experienced significant market shifts.
Additionally, Dr. Mutua disclosed the authority was looking into adjusting transportation costs, which have remained unchanged since 2010 despite rising fuel and labour expenses.
“Retail operating margin at the moment is 4.14. For super, in the first phase, it will increase to 4.96, which is 0.82. And lastly, secondary transport, 0.54. We will adjust to 0.86 in the first phase. And then now, the others will replace them,” declared the director.
Meanwhile, the review also touched on infrastructure investments, including pipeline expansions and storage facilities, to enhance fuel distribution efficiency across the country and the East African region.
To ensure fair pricing, EPRA is proposing phased implementation of price adjustments, with increments expected in various margins, including retail and wholesale profits, transportation, and storage costs.
Further, the new pricing model aims to balance affordability for consumers while sustaining the petroleum supply chain.
Source:https://energynewsafrica.com
Uganda Embraces Electric Mobility With Launch Of First EV Charging Station
Uganda has taken a significant step towards promoting sustainable mobility and reducing carbon emissions with the launch of its first-ever Electric Vehicle (EV) charging station at Amber House in Kampala.
This initiative, led by the Ministry of Energy and Mineral Development, aims to support the growing number of electric vehicles in the country, which already stands at nearly 3,000, including motorcycles, cars, and buses.
The newly unveiled charging station boasts a power output ranging from 30kW to 360kW, allowing vehicles to recharge in as little as 15 minutes to 1.5 hours.
Minister of Energy and Mineral Development Ruth Nankabirwa emphasized the importance of transitioning to electric mobility, stating, “The shift to electric vehicles offers numerous benefits, including lower fuel costs, reduced maintenance expenses, and, most importantly, a cleaner and greener future.”
Nankabirwa also noted that the transport sector is a leading contributor to greenhouse gas emissions, making electric mobility a crucial solution in combating climate change.
“Globally, the adoption of electric mobility is still relatively low, but Uganda is making commendable progress. With this EV charging station, we are laying the foundation for an eco-friendly transportation system,” she added.
Uganda’s transition to electric mobility aligns with its clean energy policy, which leverages the country’s more than 90% renewable electricity production.
The government has pledged full support for e-mobility through strategic policies, investments, and incentives.
Eng Simon Kalanzi, a representative from the Permanent Secretary’s office at the Ministry of Energy, reaffirmed this commitment, stating, “With fast-charging stations now operational, the government is taking a direct lead in sustainable mobility through its energy policy and efficiency initiatives.”
Kalanzi also highlighted the critical role of the private sector in the transition, saying, “We are working with private sector partners to attract investments in sustainable mobility and energy-saving solutions.”
The global e-mobility market is expanding rapidly, projected to surge from $280 billion in 2021 to $1.5 trillion by 2030, with a Compound Annual Growth Rate (CAGR) of 27.2%.
However, the transportation sector remains a significant contributor to greenhouse gas emissions, accounting for 10% of total emissions in Africa.
Despite the benefits, Uganda’s e-mobility sector faces several challenges, including the establishment of operational standards, regulatory frameworks, and expanding infrastructure. Financial institutions, such as NCBA Bank Uganda, are stepping in to support this transition.
Adad Iraguha, Head of Asset Finance at NCBA Bank Uganda, expressed the bank’s commitment to facilitating e-mobility adoption, saying, “As a bank, we are ready to finance Ugandans at low interest rates who wish to purchase electric vehicles and bikes. This will accelerate the uptake of e-mobility in the country.”
Source:https://energynewsafrica.com
Nankabirwa also noted that the transport sector is a leading contributor to greenhouse gas emissions, making electric mobility a crucial solution in combating climate change.
“Globally, the adoption of electric mobility is still relatively low, but Uganda is making commendable progress. With this EV charging station, we are laying the foundation for an eco-friendly transportation system,” she added.
Uganda’s transition to electric mobility aligns with its clean energy policy, which leverages the country’s more than 90% renewable electricity production.
The government has pledged full support for e-mobility through strategic policies, investments, and incentives.
Eng Simon Kalanzi, a representative from the Permanent Secretary’s office at the Ministry of Energy, reaffirmed this commitment, stating, “With fast-charging stations now operational, the government is taking a direct lead in sustainable mobility through its energy policy and efficiency initiatives.”
Kalanzi also highlighted the critical role of the private sector in the transition, saying, “We are working with private sector partners to attract investments in sustainable mobility and energy-saving solutions.”
The global e-mobility market is expanding rapidly, projected to surge from $280 billion in 2021 to $1.5 trillion by 2030, with a Compound Annual Growth Rate (CAGR) of 27.2%.
However, the transportation sector remains a significant contributor to greenhouse gas emissions, accounting for 10% of total emissions in Africa.
Despite the benefits, Uganda’s e-mobility sector faces several challenges, including the establishment of operational standards, regulatory frameworks, and expanding infrastructure. Financial institutions, such as NCBA Bank Uganda, are stepping in to support this transition.
Adad Iraguha, Head of Asset Finance at NCBA Bank Uganda, expressed the bank’s commitment to facilitating e-mobility adoption, saying, “As a bank, we are ready to finance Ugandans at low interest rates who wish to purchase electric vehicles and bikes. This will accelerate the uptake of e-mobility in the country.”
Source:https://energynewsafrica.com Chinese State Refiners Cut Russian Oil Imports Amid Sanctions Uncertainty
Some state-controlled Chinese refiners have reduced purchases of Russian oil loadings for March as they assess the risks of dealing with sanctioned entities and wait for more clarity about a possible Russia-Ukraine ceasefire and potential U.S. sanctions relief on Russia’s oil trade.
State-owned refining giant China Petroleum and Chemical Corporation, or Sinopec, as well as Zhenhua Oil, have suspended purchases of Russian crude oil loading this month, amid concerns over secondary sanctions, trade sources with knowledge of the plans told Reuters on Friday.
Oil giants PetroChina and CNOOC continue to buy Russian oil for March loadings, but at reduced rates, according to some of the Reuters sources.
While state oil firms in China either halt or reduce Russian oil volumes, at least for now, the independent refiners in China, which prefer to buy cheaper Russian and Iranian oil, are picking up the slack.
Chinese oil majors have adopted a more cautious approach toward Russian grades following the U.S. sanctions, Emma Li, senior market analyst at Vortexa, wrote in an analysis this week.
“Even when transported via non-sanctioned tankers, their ESPO Blend purchases were limited. Market sources indicate that some state-owned companies have completely halted Russian crude purchases in March after scaling back in February,” Li added.
Chinese state majors refraining from Russian oil has dampened demand not only for ESPO, but also for other Russian crude grades, including Urals and Arctic crude, according to the analyst.
The independent refiners, for their part, boosted purchases of Russia’s Far East flagship ESPO Blend and more February-loading cargoes were delivered to the Shandong and Jiangsu provinces, primarily to teapot refiners, Vortexa has estimated. In January, the independent refiners preferred to reduce runs rather than seek alternative barrels amid uncertainties surrounding ESPO supply, Li noted.
A massive reshuffle of tankers allows non-sanctioned vessels to pick up trade with Russian and Iranian oil, which will result in a rebound in China’s imports of cheaper crude from the two producers in March, from a two-year low in February, analysts and traders have told Reuters.
Source: Oilprice.com
Nigeria: Vandals Strike Owerri-Ahoada Transmission Line, Leave Bayelsa State And Parts Of Rivers State In Darkness
The Transmission Company of Nigeria (TCN) has reported that four of its towers along the Owerri-Ahoada 132kV Double Circuit line were vandalized, causing them to collapse on Tuesday, March 11, 2025, at around 6:23 pm.
The affected towers, T171 to T174, were compromised due to the vandalism, disrupting power supply to the Ahoda, Gbarain, and Yenagoa 132kV transmission substations, TCN said in a statement.
This has left the entire Bayelsa State and some parts of Rivers State without electricity.
According to TCN, a team of engineers, led by General Manager Emmanuel Apka, has assessed the damage and is working to mobilize personnel and materials for repairs.
TCN condemned the act of vandalism, which undermines efforts to establish a robust transmission grid.
This incident comes just months after Bayelsa endured a four-month blackout in 2024 due to similar vandalism of power infrastructure.
The economic and social impact of these disruptions has been severe, with businesses and residents bearing the brunt of the outages.
TCN called on host communities to join the fight against vandalism of power infrastructure.
The company further appealed to host communities to report any suspicious activities around power transmission lines and substations to help prevent future incidents.
Source: https://energynewsafrica.com
Source: https://energynewsafrica.com Ghana: ACEP Trains Journalists On Chinese Lending Strategy & Its Impact On Debt Sustainability
The African Centre for Energy Policy (ACEP) has organised a day’s workshop in Accra for media personalities from Ghana, Nigeria and other African countries.
The workshop, which was held on Wednesday, 12th March 2025, hinged on Chinese Lending Strategy and Ghana’s Debt Sustainability.
It was aimed at resourcing and educating the media on how to understand the Chinese lending strategy to enhance the knowledge of participants who write about such important subjects.
Taking participants through ACEP’s funding on Chinese lending strategy and Ghana’s debt sustainability, an analyst at the centre, Mr. Mohammed Saani Osman, stated that their research has exposed bottlenecks in Ghana’s debt sustainability to China and therefore recommended these steps to deal with it.
ACEP, through this medium, is proposing to government to adopt proactive measures to negotiate better lending terms, supported by cost-benefit analysis for such loan agreements in future.
“Ghana needs a long-lending strategy on how to contract loans, while ensuring long-term debt sustainability,” he stressed.
Additionally, ACEP recommends that government should prioritise medium to long-term benefits when engaging with China or other bilateral partners rather than seeking to fulfil short-term political gains.
Besides, the think-tank has tasked government to widen domestic resource generation mechanisms and promote private sector partnership in infrastructural development, including finding innovative financing models for infrastructural projects in the country.
Additionally, ACEP is tasking the media and civil society groups to take active interest in how government contract loans, so that they could point out holes in shoddy and shady loans which would not benefit ordinary Ghanaians.
Taking participants through the Chinese lending strategy, Mr. Osman said their research, which is yet to be published, found out that the Chinese use anti-Paris Clauses that are opaque in giving loans to creditors, and this makes it too expensive to service such loans.
“Characteristics of the Chinese lending oblige the borrower to refrain from seeking debt restructuring with the Paris Club,” he stated.
He also explained that since their loans are enveloped in opacity, it smacks of confidentiality clauses, making it difficult for little or no disclosure, concerning the size, scope and terms of payment.
“As of 2016, an estimated $200, about 50% of the total debt volume of Chinese loans, reported are hidden from official statistics”, the think-tank mentioned.
Another strategy deployed by this Asian giants is the use of resource-backed collaterals which, Mr Saani said, are typified by mortgaging Ghana’s oil and gas receipts for payment of $3bn master facility agreement, mortgaging our bauxite deposits for the repayments of the Sinohydro deal.
“The interest rates are equally high. Credit contracts in the Chinese sample, exhibit distinctively higher interest rates than those of other bilateral partners,” the analyst lamented.
Focusing on the key sector projects financed by the Chinese in Ghana’s sector, he mentioned the Bui Dam, the West Corridor Gas Infrastructure Project, Offshore Gas Gathering Pipeline, Early Phase Gas Processing Plant, Offshore and Gas Truck Pipeline, among many others.
Because of Ghana’s challenges in dealing with its debt serving, the country’s debt service to revenue-rate reached an all-time high of 127% in 2020 – the highest ever in the world according to the IMF in 2023.
Touching on how much of the loans was invested in the energy sector, he said that is about $148bn in loans between 2010 and 2018, which are mainly for infrastructural projects.
With reference to investment in Africa, ACEP said it is about $37bn committed to the energy sector.
Source: https://energynewsafrica.com
Ghana: Energy Minister Inaugurates Committee To Probe Akosombo Dam Spillage
The Minister for Energy and Green Transition, John Abdulai Jinapor, has inaugurated a five-member committee to investigate issues arising from the flooding caused by the spillage of the Akosombo Dam in September 2023.
This initiative underscores the government’s commitment to managing the environmental impact and ensuring the safety and well-being of affected communities.
The committee, chaired by Ing. Kirk Koffi, has been tasked with examining the events leading to the spillage, assessing the extent of the response to the flooding, identifying affected areas and challenges encountered during the process, and evaluating the strategies adopted to address the impact.
Additionally, both immediate and long-term measures are expected to be recommended to prevent similar occurrences in the future.
During the inauguration, Mr Jinapor emphasised the importance of a coordinated response to mitigate the effects of the flooding on affected individuals. “If there ought to be compensation, how does the government go about it?” he quizzed
He highlighted the need for sustainable planning and flood management strategies and urged key stakeholders, including local government officials, community leaders, and environmental experts, to provide the committee with relevant information to aid its work.
Mr Jinapor further assured the committee of his full support in carrying out its assignment effectively.
In response, the committee chair, Ing. Kirk Koffi, expressed gratitude for the opportunity to undertake such a crucial task and assured the minister of their commitment to delivering on their mandate.
Other committee members include Mr. Kwame Jantuah, Ing. Kofi Ellis, Ing. Kwaku Akosa, and Ms. Georgette Emefa Fugah, Esq. (secretary).
The inauguration of the committee reflects a proactive government approach to addressing the challenges of flooding, demonstrating a commitment to improving the living conditions of victims and ensuring community protection.
The committee has been given a period of one month to complete its work.
Source:htttps://energynewsafrica.com
Additionally, both immediate and long-term measures are expected to be recommended to prevent similar occurrences in the future.
During the inauguration, Mr Jinapor emphasised the importance of a coordinated response to mitigate the effects of the flooding on affected individuals. “If there ought to be compensation, how does the government go about it?” he quizzed
He highlighted the need for sustainable planning and flood management strategies and urged key stakeholders, including local government officials, community leaders, and environmental experts, to provide the committee with relevant information to aid its work.
Mr Jinapor further assured the committee of his full support in carrying out its assignment effectively.
In response, the committee chair, Ing. Kirk Koffi, expressed gratitude for the opportunity to undertake such a crucial task and assured the minister of their commitment to delivering on their mandate.
Other committee members include Mr. Kwame Jantuah, Ing. Kofi Ellis, Ing. Kwaku Akosa, and Ms. Georgette Emefa Fugah, Esq. (secretary).
The inauguration of the committee reflects a proactive government approach to addressing the challenges of flooding, demonstrating a commitment to improving the living conditions of victims and ensuring community protection.
The committee has been given a period of one month to complete its work.
Source:htttps://energynewsafrica.com Ghana: Energy Ministry Partners With GCB To Revamp Ghana Cylinder Manufacturing Company
Ghana’s Ministry of Energy and Green Transition has initiated plans to revamp the Ghana Cylinder Manufacturing Company (GCMC) to enhance its production capacity and efficiency.
This move aims to strengthen local manufacturing, ensure energy security, and promote sustainable industrial growth in Ghana.
In a high-level meeting chaired by Minister John Abdulai Jinapor, discussions were held with Ghana National Gas Company (Ghana Gas) and Ghana Commercial Bank (GCB) to forge a strategic partnership.
The partnership will provide necessary support for GCMC’s full-scale operations, focusing on producing high-quality LPG cylinders for domestic and industrial use.¹
Minister Jinapor emphasised GCMC’s potential to contribute to Ghana’s clean energy agenda and local manufacturing industry.
To facilitate this transformation, a committee will develop a comprehensive roadmap for cabinet consideration. If approved, a Joint Project Implementation Committee will oversee the successful execution of the revitalization plan.
The meeting was attended by key stakeholders, including Mr. Abdul-Rahman Mankir, the Acting Managing Director of GCMC; Madam Judith Blay, Acting CEO of Ghana Gas; Dr. Robert Lartey, Deputy CEO of Ghana Gas; Alhaj Farihan Alhassan, Managing Director of Ghana Commercial Bank; and officials from the Ministry of Energy and Green Transition.
According to the Ministry, it remains committed to strengthening local manufacturing, ensuring energy security, and promoting sustainable industrial growth in Ghana.
Source:https://energynewsafrica.com