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Nigeria:Dangote Refinery Proposes 525 Naira Share Price For IPO, Targets 2 Trillion Naira

Dangote Group Chief Executive Officer Aliko Dangote said on Monday that the proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE will have a minimum subscription of 10 ordinary shares, costing 5,250 naira ($3.9). The IPO comprises 4.1 billion ordinary shares, each with a nominal value of $0.000013, at an offer price of 525 naira per share, Dangote said. “We intend to raise just a bit more than 2 trillion naira,” Dangote said, according to TheCable, adding that the proceeds would be used to fund the expansion of the refinery. Dangote said the minimum subscription was designed to allow a broad range of Nigerians, including workers and lower-income earners, to acquire a stake in the refinery. The offering would also provide subscribers with an opportunity to build long-term savings through their investment, Dangote said. “The IPO is positioned not simply as a capital-raising exercise, but as an opportunity for workers, entrepreneurs and everyday Nigerians to participate in the refinery’s future growth,” Dangote Refinery said. Dangote described the offering as an “IPO for the people”. The refinery, located in Lagos, is one of Africa’s largest oil refineries and has a processing capacity of 650,000 barrels per day. The company has said it plans to expand its operations as part of its broader growth strategy. The proposed offering, which is expected to raise more than 2 trillion naira at 525 naira per share, would represent a major transaction for Nigeria’s capital market. Dangote Refinery has described the planned offering as the biggest IPO in Africa’s history.

TotalEnergies Completes Acquisition Of Galp Interests In Namibia Licenses

French multinational oil and gas company TotalEnergies has completed the acquisition of Galp’s 40% operated interest in Petroleum Exploration Licence (PEL) 83, which holds the Mopane discovery. Meanwhile, Galp has acquired from TotalEnergies a 10% participating interest in PEL 56, which holds the Venus discovery, and a 9.39% participating interest in PEL 91. Following the transactions, TotalEnergies now holds a 40% operated interest in PEL 83, alongside Galp (40%), Namcor (10%) and Custos (10%). In PEL 56, TotalEnergies holds a 35.25% operated interest alongside QatarEnergy (35.25%), Galp (10%), Namcor (10%) and Impact (9.5%). In PEL 91, TotalEnergies holds a 33.09% operated interest alongside QatarEnergy (33.03%), Namcor (15%), Impact (9.5%) and Galp (9.39%). Commenting on the transaction, TotalEnergies Chairman and CEO Patrick Pouyanné thanked the Namibian authorities for their swift approval of the strategic transaction with Galp. “TotalEnergies’ entry as operator of the giant Mopane discovery marks a key milestone in our journey to establish a major production hub in Namibia,” he said. “This transaction positions TotalEnergies as the operator of Namibia’s two largest oil discoveries and strengthens its position in the Orange Basin, supporting the long-term value creation from these prolific licences. Exploration opportunities are already lining up beyond the Mopane development, which we will start appraising as early as the second half of 2026, with the aim of taking the final investment decision (FID) on the project in 2028, following a three-appraisal-well campaign,” he added. TotalEnergies has been present in Namibia since 1964 and employs around 70 people. The company is also the third-largest fuel distributor in the country, with 43 service stations. In line with its multi-energy strategy, TotalEnergies is also exploring local opportunities to develop low-carbon projects in Namibia. The company operates PEL 56, PEL 83 and PEL 91 and is progressing the completion of its entry as operator of PEL 104.

Ghana: Petroleum Hub Offers Tax Incentives To Attract Investors, PHDC CEO Says

Ghana’s $60 billion Petroleum Hub project offers attractive fiscal incentives to investors, including a 10-year tax-free period from the start of production, the chief executive of the Petroleum Hub Development Corporation (PHDC), Dr. Toni Aubynn, said. Speaking at Africa Oil Week 2026 in Accra, Aubynn said the project had been structured as a free zones development, with investors enjoying a 100% tax exemption during construction and the first 10 years of production, after which they would pay a 15% tax rate. He contrasted the incentives with those available in Ghana’s upstream petroleum and mining sectors, which attract tax rates of about 35%. The PHDC is open to various investment models, subject to negotiation, including public-private partnerships (PPPs), build-own-operate-transfer (BOOT) arrangements and joint ventures (JVs), Aubynn said. The models are intended to ensure mutually beneficial outcomes for Ghana and investors, he added. The petroleum hub is divided into three lots — Lot One, Lot Two and Lot Three — and is expected to be completed within 10 years. Full development of the project is expected to inject about $60 billion into Ghana’s economy, Aubynn said. He cited Ghana’s political stability, international standing, strategic location for the movement of goods and services and potential for port development as factors that make the country an attractive investment destination. Aubynn also said the PHDC had received interest from several investors seeking to build a new port to serve the petroleum hub since the *disruption of shipping through the Strait of Hormuz. He urged other investors interested in the project to come on board.  

Ghana: NPA Educates Consumers On Petroleum Safety During Fetu Afahye Festival In Cape Coast

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Ghana’s downstream petroleum regulator, the National Petroleum Authority (NPA), used the 2026 Fetu Afahye festival in Cape Coast to educate consumers on petroleum product safety, consumer rights and its complaint and enquiry channels. NPA Chief Executive Godwin Kudzo Tameklo and officials of the Authority interacted with members of the public during the festival, sharing information on petroleum safety and consumer protection. Tameklo said the NPA was pleased to participate in the festival, which brings together people and showcases the culture and traditions of Oguaaman. He said stakeholder satisfaction was a key part of the NPA’s mandate and remained one of his priorities. “Fetu Afahye is an important celebration for the people of Oguaaman and Ghana as a whole. The Orange Friday Float, in particular, brings together people from different backgrounds in a very vibrant atmosphere,” Tameklo said. “These people are consumers of petroleum products in one form or another. For us at the NPA, being here is not only about joining the celebration, but also about connecting with the people we serve and using the opportunity to share important messages on petroleum safety and consumer protection,” he said. The NPA said it would continue to protect petroleum consumers through public education, complaint management, consumer and market intelligence, and engagement with consumers across the country.        

Zimbabwe: ZESA Appoints Cletus Nyachowe As Group CEO

Zimbabwe Electricity Supply Authority (ZESA) (Private) Limited has appointed engineer Cletus Nyachowe as group chief executive officer, effective May 1, 2026, the company said. The appointment follows the restructuring of the ZESA Group into a single, vertically integrated electricity utility operating as ZESA (Private) Limited, the company said in a statement on Sunday signed by Board Chairman Albert Joel Nduna. Nyachowe is an electrical engineer and business executive with experience in the electricity and telecommunications sectors. He holds a bachelor’s degree in electrical engineering and a Master of Business Administration from the University of Zimbabwe. He is a registered professional engineer and a fellow of the Zimbabwe Institution of Engineers, the company said. Nyachowe joined ZESA in 1988 and has held several senior technical and executive positions within the organisation. He previously served as managing director of Powertel Communications, where he led the establishment and development of what the company described as Zimbabwe’s first data-focused telecommunications service provider. He later served as executive director for group operations at ZESA Holdings, overseeing executive leadership and operational coordination across the group’s businesses. He also served as executive director for international business at ZESA Holdings. Nyachowe has also been responsible for Zimbabwe’s national electricity transmission infrastructure and has undertaken consultancy work across the Southern African Development Community (SADC) region on renewable energy and regional electricity market development, the company said. He has served as a non-executive director on the boards of institutions in the banking, insurance and asset management sectors, as well as universities and regulatory bodies. Before his appointment as group CEO, Nyachowe served as ZESA’s acting group chief executive officer during a period of institutional transition and restructuring. The company said its board, management and staff had expressed confidence in Nyachowe’s leadership as he takes responsibility for the strategic and operational transformation of the newly integrated utility.  

Iran President Orders Probe Into Fuel Tanker Blast That Killed 11

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Iranian President Masoud Pezeshkian has ordered an immediate investigation into the cause of a fuel tanker explosion that killed 11 people and injured seven others on the Sanandaj-Hamedan road in western Iran.
In a message posted on X on Sunday, Pezeshkian expressed condolences to the victims’ families and people in Kurdistan province, called for urgent medical treatment for those injured and ordered support for affected families and a thorough investigation into the incident. First Vice President Mohammad Reza Aref also spoke by phone with Kurdistan Governor Arash Zerehtan and called for an expert investigation and a report to the government on the findings, the treatment of the injured and support for the victims’ families. Aref also ordered authorities to urgently address all aspects of the incident and follow up on insurance coverage for those killed or injured, including people who went to the scene to help. The accident occurred on Saturday near the Sanandaj-Hamedan police station, when a fuel tanker caught fire, setting several vehicles ablaze. The cause of the incident remains under investigation.

Ghana: Tema Oil Refinery MD Highlights Expansion Opportunities, Seeks Strategic Partners

The Managing Director of Tema Oil Refinery (TOR), Ghana’s state-owned refinery, Edmond Kombat, has highlighted investment opportunities at the facility and urged local and international oil and gas investors to partner with the company. Kombat said TOR was seeking strategic partners to expand its refining capacity from 45,000 barrels per stream day (bpsd) to 85,000 bpsd, with a longer-term plan to increase capacity to 200,000 bpsd. Speaking on Ghana Day, the second day of Africa Oil Week in Accra, Kombat said the planned expansion would increase TOR’s refining capacity, enable the refinery to process more crude locally and boost the supply of locally refined petroleum products to Ghana and other West African markets. The project forms part of TOR’s phased expansion plans, he said. “We are going to expand the refinery. There are two phases. One is the brownfield. We are currently going to take it from 45,000 to 85,000 [barrels per day], and the timeline that we have is that we can do it in one and a half years,” Kombat said. “We are not looking for a 50-year timeline where we will not be there and say that we didn’t have time. We have a short period of time to get that done,” he added. The second phase, which Kombat described as a greenfield expansion, would increase capacity from 85,000 bpd to 200,000 bpd, he said. “That will be the end stage for the land that we currently have,” he said. Kombat also highlighted investment opportunities in storage and related infrastructure, saying TOR needed partners to provide capital, technology and access to markets. He acknowledged growing interest in the refinery and said investors and potential strategic partners should examine the opportunities available at TOR. Ghana currently consumes about 133,000 barrels of petroleum products per day, equivalent to about 21 million litres, Kombat said. Last year, the country imported about 6.2 million metric tons of petroleum products, of which about 1 million metric tons were destined for Burkina Faso and other West African countries, he said. Kombat said Ghana’s political stability made it an important supply hub for countries in the region. “Most West African nations depend on Ghana given the country’s political stability,” he said. TOR had already held discussions with Burkina Faso and other countries, and they were ready to take significant volumes of petroleum products from Ghana, Kombat said. He also said the government was committed to insulating TOR from future political interference, citing the refinery’s history of management challenges. “It will be set up as a kind of separate entity in an SPV structure to make sure that the board is quite independent, management does not have any interference, because it’s a strategic national asset for the country,” Kombat said. Kombat said President John Dramani Mahama had also directed officials to work towards a system under which Ghanaian crude would eventually be purchased in cedis, once the necessary legislation was passed. “The President, after giving us the Ghanaian crude from the fields, has directed the Governor as well as the Minister of Finance and Minister of Energy that in the not-too-distant future, once an Act of Parliament is passed, we should buy all the crude in cedis,” he said. “If we buy all the crude in cedis and we pay for it in cedis, all this discussion about forex, we will not have those kinds of issues again,” he added.

Iran Condemns US Attacks On Oil Tankers As Violation Of International Law

Iran condemned U.S. attacks on its commercial shipping fleet, saying they amounted to a clear violation of international law. In a statement on Saturday, Iran’s Foreign Ministry said overnight attacks on oil tankers anchored in Iranian waters were a continuation of what it called the U.S. “war of aggression” against Iran and its blockade of the country’s maritime trade. The ministry said the attacks “constitute a clear violation of Paragraph 4 of Article 2 of the United Nations Charter, constitute a war crime, and represent an overt threat to international peace and the security of commercial shipping.” Iran said it was determined to defend its sovereignty and national interests against what it called U.S. “state terrorism” and aggressive actions, including an economic campaign that had manifested itself in the continued naval blockade and harassment of commercial vessels. The ministry said the United States, along with its allies and partners, would be responsible for the consequences of what it described as Washington’s continued hostile and interventionist actions in the region. The U.S. military said in a statement on Saturday that it had attacked an Iranian oil tanker near Kharg Island in the Persian Gulf and two others in the Gulf of Oman.

US Refutes Iranian Claim Of Attack On US Vessel In Strait Of Hormuz

Iran said on Sunday it had struck an unmanned U.S. vessel that tried to enter the Strait of Hormuz, but the U.S. military dismissed the claim as a “total lie,” according to the Associated Press. The purported attack came a day after the U.S. military said its forces had struck three Iranian oil tankers in response to attacks by Iranian forces on U.S. Navy warships with ballistic missiles. The war began with U.S. and Israeli attacks on Iran on Feb. 28. But since a fragile ceasefire agreement was announced in June, sporadic fighting has persisted, with both sides seeking to inflict military and economic damage as negotiations have collapsed. The United States and Iran resumed attacks last week after a month of relative calm, with the Strait of Hormuz and areas along Iran’s southern coast again coming under fire. At least five people were killed earlier in the week during a U.S. bombardment that drew renewed attention to the area, where a school was hit in the opening strikes of the war. The Trump administration appears to have adopted a two-pronged approach to the conflict, responding militarily to attacks around the strait while targeting foreign financial institutions that handle Iranian funds. But Tehran’s hard-line new senior leaders have signaled a willingness to dig in after weathering decades of sanctions. Iran has found ways over the years to circumvent sanctions and, despite a U.S. blockade of its ports, continue shipping its oil to buyers to ease mounting economic pressure. Much of that trade relies on a so-called shadow fleet of tankers that transport Iranian oil. Tehran’s latest leverage centers on the Strait of Hormuz, a vital passage for global oil and natural gas shipments. The strait was regarded as an international waterway before the war began. U.S. Energy Secretary Chris Wright said on Sunday that an average of 9 million barrels of oil a day was moving through the strait, which he said should help ease pressure on energy prices. His estimate appeared to exceed average flows over the previous 28 days through the strait, according to TankerTrackers.com and other sources. Wright told CNN that, with oil also flowing through pipelines in the region, “we’re probably two-thirds or more of pre-conflict flows.” Those flows, however, depend on the presence of the U.S. Navy to escort tankers and provide protection against possible Iranian attacks. Wright said he expected other countries eventually to support the Navy’s efforts.

Nigeria: Parts Of Abuja Face 8-Hour Power Outage On Sunday – TCN

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Nigeria’s capital Abuja will experience a temporary power outage in several areas on Sunday due to scheduled maintenance at the 132kV Apo Transmission Substation, the Transmission Company of Nigeria (TCN) said. The maintenance will run from 9 a.m. to 5 p.m. and affect electricity supply to Lugbe, Garki, Area 1, National Hospital, Guzape, Asokoro and surrounding areas, TCN said in a statement on Saturday. The work involves stringing and latching Optical Ground Wire (OPGW) on the two 132kV Katampe-Apo transmission lines between towers T130 and T132, it said. The Abuja Electricity Distribution Company (AEDC) will be unable to receive electricity for distribution to customers in the affected areas during the exercise, TCN said. Power supply will be restored immediately after the maintenance is completed, the company said, apologising to affected residents and electricity consumers for the inconvenience.  

Uganda Names Export Crude Blend Pearl Sweet As Oil Industry Moves Toward Production

Uganda has named its export crude blend “Pearl Sweet”, giving the country’s emerging oil industry a commercial identity as it prepares to enter international energy markets. President Yoweri Kaguta Museveni unveiled the name on Wednesday at the Kingfisher Development Area in western Uganda. The crude will be marketed as an identifiable grade, allowing refiners, traders and other industry participants to distinguish its origin and characteristics. “Pearl” refers to Uganda’s long-standing description as the “Pearl of Africa”, while “Sweet” refers to the crude’s relatively low sulphur content, a characteristic that can make it attractive to refiners. The blend is classified as medium light, with an API gravity of between 28 and 31 degrees, according to officials. Higher API gravity generally indicates a lighter crude that can yield a greater proportion of lighter petroleum products, although the commercial value of a crude also depends on factors including sulphur content and market conditions. Speaking at the naming ceremony, Museveni said Uganda had sought to develop its oil industry in a way that would maximise domestic economic benefits. “What you sow is what you reap,” Museveni said, referring to the government’s strategy to develop the country’s oil industry domestically. He said refining crude oil locally would support the economy and help protect the environment, adding that Uganda had prohibited gas flaring. “Oil is a finite resource, and its benefit must be for future generations,” Museveni said. Uganda’s petroleum resources could significantly transform the economy if managed strategically and linked to industrial development, he said. “The petroleum industry would push us very far,” Museveni said, referring to a planned refinery that is expected to produce fuel for vehicles, aviation fuel and other petroleum products. “So, what is happening here is not a joke. It will have a lot of implications,” he added. Museveni said Uganda’s oil resources should not be viewed solely as an export commodity but as an opportunity to develop industries and strengthen the country’s productive capacity. Uganda has confirmed about 6.5 billion barrels of oil resources in the Lake Albert region, of which about 1.65 billion barrels are estimated to be recoverable, according to government figures. Museveni said only about 40% of Lake Albert had been explored. “The 6.5 billion barrels of oil that were confirmed only cover 40% of Lake Albert. We still have 60% to explore,” he said. Museveni thanked oil-sector partners including TotalEnergies and CNOOC for their contribution to Uganda’s petroleum development. He praised CNOOC for the pace of its work and urged other partners to accelerate their activities. “I want to thank CNOOC here because they have moved very fast. I want the others to also work very fast,” he said. The president also reiterated that Uganda would not flare associated gas from the Kingfisher field. Instead, the gas will be used to generate electricity and produce liquefied petroleum gas (LPG) for cooking, he said. “Here, we said no to flaring gas. We shall be using the gas to generate electricity, up to 80 megawatts at Kingfisher alone,” Museveni said. “The other gas will be condensed and turned into liquefied petroleum gas for cooking,” he added. Energy and Mineral Development Minister Monica Musenero Masanza said the naming of Pearl Sweet marked an important step as Uganda prepares to begin oil production. “Uganda’s oil journey is anchored on efficiency, responsibility and ensuring that our resources create lasting value for Ugandans,” she said. The Petroleum Authority of Uganda (PAU) Chairperson Lynda Biribonwa said Uganda’s oil resources should be used to develop skills, enterprises, infrastructure and technology, while supporting industrialisation and energy security. Uganda National Oil Company (UNOC) Chief Executive Proscovia Nabbanja said the new name would help establish the crude as a recognisable traded grade and support the company in building relationships with refiners and traders. The Chinese ambassador to Uganda, Wu Guangrong, reaffirmed China’s commitment to bilateral cooperation with Uganda, including in oil and gas, trade, infrastructure and investment. He said cooperation should extend beyond resource extraction to include capacity building, employment, local content and industrial development. Crude from the Tilenga and Kingfisher projects will be combined at the Kabaale Shared Facilities in Hoima before being transported through the East African Crude Oil Pipeline (EACOP), a 1,443-km heated export pipeline to Tanzania’s Tanga port. The Lake Albert development is centred on the Tilenga and Kingfisher projects. Tilenga, operated by TotalEnergies EP Uganda, is designed to reach peak production of about 190,000 barrels per day.

Ghana: Petroleum Tanker Drivers Suspend Strike, Give Government One Month To Fix Roads

Ghana’s National Petroleum Tanker Drivers Union has suspended a two-day sit-down strike and given the government one month to demonstrate progress towards repairing roads serving key petroleum depots across the country. The drivers resumed loading on Friday following interventions by the Ghana Chamber of Bulk Oil Distributors (CBOD) and the Chamber of Oil Marketing Companies (COMAC). The union had issued a two-week ultimatum to the government to address deteriorating road conditions before beginning the strike on Wednesday, Sept. 2. The action disrupted tanker operations at key loading points, including the Tema industrial area, as drivers protested road conditions on routes used to transport petroleum products across Ghana. In a statement on Thursday, the union specifically cited the road from the Valco Roundabout in Tema to Kpone Junction, as well as roads within the Takoradi and Buipe depot enclaves. The union described the roads as critical economic corridors and said their deteriorating condition posed serious safety and health risks to drivers, workers and other road users. The union said activities facilitated by the roads generate about 300 million Ghana cedis ($X million) in tax revenue for the government each week, underscoring the economic importance of the affected routes. Despite suspending the strike, the drivers said their demands remained unchanged and called on the government to take immediate steps to accelerate the rehabilitation and completion of the affected roads. The union has given the government one month to demonstrate what it called “visible and measurable progress”, warning that failure to do so could trigger a return to industrial action. “Should Government fail to demonstrate visible and measurable progress within the one-month period, the Unions will be compelled to resume industrial action, including a prolonged sit-down strike,” the statement said. The suspension provides temporary relief for petroleum haulage operators and businesses dependent on fuel supplies, but puts pressure on the government to address the road conditions before the deadline expires.  

Africa Needs More Than $200 bln Annually In Energy Investment By 2030, IPPG Chairman

Africa needs more than $200 billion in annual energy investment by 2030 to develop its oil and gas resources, expand electricity generation and distribution and grow clean energy, the chairman of the Independent Petroleum Producers Group (IPPG), Adegbite Falade, said. Speaking at the recently concluded Africa Oil Week (AOW) 2026 in Accra, Ghana, Falade said Africa currently attracts just over half of the investment it requires. “Africa, which accounts for about one-fifth of the world’s population, attracts only about three per cent of global energy investment,” he said. “If Africa is to secure its energy future in an era of international capital retreat, we must look inward and build our own institutional and financial resilience,” Falade said. He identified the Africa Energy Bank (AEB) as critical to closing the financing gap, saying its establishment by the African Petroleum Producers Organisation (APPO) and Afreximbank was an important step towards financing Africa’s energy future. “The AEB is purpose-built to bridge the upstream and midstream financing gap left by traditional global financiers,” Falade said. “This is Africa’s clearest statement yet that we intend to finance our own hydrocarbon future, rather than wait indefinitely for others to do so,” he added. Falade urged African producers to develop bankable projects and actively originate high-impact investments that can attract financing. “It is imperative African producers actively originate high-impact, bankable projects,” he said. He also called for increased investment in gas infrastructure. “Today, natural gas already generates around 40 per cent of this continent’s electricity,” Falade said, noting that Africa has less than 50,000 km of oil and gas trunk pipelines, compared with more than 200,000 km in Europe. “Reserves without pipelines are simply stranded molecules benefiting no one,” he said. Meanwhile, former APPO Secretary-General Omar Farouk said the AEB is expected to commence operations in October 2026. “All hurdles have been overcome and I can confidently say that the bank has come close to starting operations,” Farouk said.

Ghana Gas Plans 278-km Tema-Takoradi Pipeline, Seeks Investors

Ghana National Gas Company Limited (Ghana Gas) plans to construct a 278-km, 20-inch-diameter bi-directional gas pipeline linking Tema and Takoradi to strengthen the country’s gas supply security. Deputy Chief Executive Officer Dr. Robert Kofi Lartey disclosed the plan at Africa Oil Week 2026 in Accra, describing the project as a major investment opportunity. The pipeline would allow gas to flow in both directions, from the western to the eastern corridor and vice versa, giving Ghana greater flexibility in meeting demand across the country, Lartey said. “It is one of the major infrastructure projects we are looking forward to constructing to guarantee security of gas supply,” he said. Ghana Gas also plans to install a backup compressor to complement its existing main compressor at the Atuabo Gas Processing Plant. The company currently loses about 60 million standard cubic feet per day (mmscfd) of gas when the main compressor trips or is taken offline for maintenance, Lartey said. The company also plans to commercialise gas currently being flared, which would generate additional revenue and help reduce Ghana’s carbon emissions, he said. On downstream logistics, Ghana Gas is seeking investors to automate its gas loading gantry, increase the number of loading arms and expand storage capacity. The investment would help ensure uninterrupted operations in the event of strikes by transport companies, Lartey said. “We are also going to add to the storage capability so that in the event that the companies go on strike we would not be threatened to shut down the facility,” he said. Financing Ghana Gas is seeking investors under Engineering, Procurement, Construction and Financing (EPC+F) arrangements, with possible models including Build, Co-own, Cooperate and Transfer (BCCOT) and Build, Own, Operate and Transfer (BOOT), Lartey said. While government policy may not permit outright private ownership of strategic gas infrastructure, investors could co-own projects with Ghana Gas and transfer their interests to the company after an agreed period, he said. Local expertise Lartey said Ghana Gas has been fully operated by Ghanaian engineers and technicians since 2014, after Sinopec handed over operations following two years and three months of post-commissioning operations. “We operate this facility purely as Ghanaian engineers and technicians, from top to bottom. So we have so much expertise,” he said.