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Oil And Gas

BOST defends sale of ‘contaminated’ fuel to oil company

BOST-new

The Bulk Oil Storage and Transportation Company (BOST) has defended its decision to sell off contaminated or off-spec product to oil company, Movenpiina. Documents sighted by Citi Business News indicate that BOST has agreed to sell 5 million litres of the product to the company at a cost of 1 cedi per litre. This is viewed by some industry watchers ...

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Ghana to lose GH¢7 million over sale of contaminated fuel

Fuel-Tankers

Ghana is likely to lose about 7 million cedis in revenue following attempts by the Bulk Oil Storage and Transportation Company Limited (BOST) to sell contaminated fuel to some oil marketing companies. Documents sighted by Citi Business News indicate that BOST has agreed to sell about 5 million litres of contaminated fuel to Movenpinna Energy. The documents indicated that as ...

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Ghana Gas denies reports of ‘missing’ $47.4m gas funds

ghana-gas

The Ghana National Gas Company has dismissed reports suggesting that it is unable to account for some $47.4 million accrued from the sale of raw gas to the Ghana National Petroleum Company (GNPC). Ghana Gas, in a statement signed by the Corporate Communications Manager of Ghana Gas, Ernest Owusu Bempah, described such reports as “untrue and misleading.” It further rejected ...

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ACEP opposes hedging, wants stabilization fund fortified

Benjamin Boakye - Executive Director, ACEP

The African Center for Energy Policy (ACEP) has opposed calls for Ghana to hedge its oil against global price fluctuations. According to the Executive Director of ACEP, Benjamin Boakye, the move will rather be injurious to the country’s economy in the long run. He rather advocated that the Bank of Ghana and Ministry of Finance work to develop the Stabilisation ...

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Hedge Ghana’s oil to protect economy from shocks – PIAC

The FPSO JEA MIlls

The Public Interest and Accountability Committee (PIAC) has impressed on the Bank of Ghana and Finance Ministry to target hedging Ghana’s oil reserves to protect the economy from massive revenue losses due to declining global oil prices. In its 2016 Annual report, PIAC warned of extreme financial losses in the near future following the over 50 percent drop in oil ...

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PIAC demands swift clearance of $ 2.4bn energy sector debts

oil

The Public Interest and Accountability Committee (PIAC) has warned that the troubles confronting Ghana’s energy sector may deepen soon if the huge debts in the sector are not settled. PIAC argues that the debt owed particularly by the Volta River Authority (VRA), greatly affected operations for 2016 considering the declining global oil prices. In the Committee’s 2016 annual report, it ...

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200mw Asogli plant lying idle due to insufficient gas–Chairman

file photo

Operators of the Sunon Asogli Power Plant have told Citi Business News the plant is running at half capacity due to insufficient gas supply from the West African Gas Pipeline Company (WAGPCo). The company which completed its phase two power plant in January this year is expected to add about 360 megawatt power to its supply. But speaking to Citi ...

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No fuel shortage in Ghana- Boakye Agyarko assures

Boakye Agyarko - Energy Minister

The Minister of Energy Mr. Boakye Agyarko has announced that government is working to ensure sustained availability of petroleum products at affordable prices. The move, according him is aimed at making fuel shortage a thing of the past as a reliable supply chain is established. Speaking at the maiden Energy Summit held yesterday in Accra, Mr. Agyarko also pointed out ...

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Give value for money – Energy Minister charges new Audit Committee

Energy Minister, Boakye Agyarko (second left) with other members of the committee

Energy Minister, Boakye Agyarko has charged the new Audit Committee for the energy ministry to commit itself to giving value for money as it commences its work. As part of fulfillment of provisions of Section 86 of the Public Financial Management Act 2016 (Act 921), the Minister on Friday, June 2, 2017 inaugurated a five member committee. The committee’s mandate ...

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Ghana Business News