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Oil And Gas

Govt must stock fuel to avert power crisis- ACEP

Dr. Ishmael Ackah

The African Center For Energy Policy (ACEP) has called for pragmatic steps to stock fuel in order  to power the nation’s thermal plants to avert a power crisis in the near future. According to the group, Ghana already has enough capacity but currently requires the financial strength to acquire more fuel to produce stable power. Speaking to Citi Business News, ...

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Merge TOR, BOST for efficiency – Dr. Manteaw to NPP

Co-Chair of the Ghana Extractive Industries Transparency Initiative, Dr. Steve Manteaw

Some industry watchers have made a strong case for the new government to merge the management of the Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation Company (BOST) if it is to be efficient in the petroleum downstream sector. In their view, the merger will among others cut down cost and facilitate operations in the refining and ...

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Review special petroleum tax levy- COPEC             

An employee at a Total fuel station waits for customers in south Jakarta

The Chamber of Petroleum Consumers(COPEC) has called on government to review the special petroleum tax levy. This they say will clamp down on the constant increase of fuel prices. Prices of some petroleum products went up by between 8 and 11 percent for the first pricing window in January, with many describing the development as disappointing. Speaking to Citi Business ...

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TOR faces threats from Dangote’s refinery if … – MD

awuah darko

The outgoing Managing Director of the Tema Oil Refinery (TOR),Kwame Awuah Darko, has urged his successor to pursue expansion drive and increase the competitiveness of the refinery. He argues TOR could lose its economic potential if plans are not implemented to strengthen the current benefits accruing to the company. Mr. Awuah-Darko’s suggestions follow plans by Nigerian business magnate, Aliko Dangote ...

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Fuel prices increase by about 11%

fuel

Prices of some petroleum products have gone up by 11 percent for the first pricing window in January. Checks by Citi Business News indicate that the price of a litre of petrol has gone up between 8 and 11 percent while the same quantity for a litre of diesel has gone up between 9 and 11 percent. A litre of ...

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Ghana on course to become energy sufficient – President Mahama

Mahama SOTN final

President John Mahama has touted his administration’s achievement in what he describes as a major turnaround in the country’s power sector. According to him, the increased generation capacity and a relative stable supply system has lessened the plight of consumers recently. The President made the remarks when he gave his final State of the Nation Address in Parliament on Thursday, ...

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ICU warns of massive layoffs over gas insecurity in 2017

gas  one

The Industrial and Commercial Workers’ Union (ICU) has cautioned of another bout of redundancy in the economy due to uncertainties of a stable power sector early this year. They argue that industry cannot support any increases in operational costs should the situation recur. “Obviously we are even going to see some redundancies again, obviously we will not be able to ...

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Isaac Osei will be next CEO of TOR

Mr. Isaac Osei - Acting CEO of TOR

Information gathered by Citi Business News indicates that the outgoing Member of Parliament (MP) for Subin in the Ashanti region, Mr Isaac Osei is to take over from Mr Kwame Awuah Darko as the new Managing Director (MD) of the Tema Oil Refinery (TOR). Mr. Osei, a former Chief Executive Officer (CEO) of the Ghana Cocoa Board and one time ...

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Proposed relocation of GNPC not advisable – ACEP

Dr. Ishmael Ackah

The African Centre for Energy Policy (ACEP) is kicking against the New Patriotic Party’s (NPP) plans to relocate the headquarters of the Ghana National Petroleum Corporation (GNPC) to the Western Region. Speaking at a media interaction in Accra, the Head of Policy Unit of ACEP, Dr. Ishmael Ackah said the decision will put policy makers in a tight corner, since ...

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HFC bank to make major investment in oil & gas  in 2017

oil_platform_p-51__brazil_

The Managing Director of HFC Bank, Robert Le Hunt has told Citi Business News the bank will make substantial investment in Ghana’s oil and gas industry in 2017. According to him, the industry holds the potential to empower efforts by government to increase local participation of Ghanaians in the sector. Speaking to Citi Business News, Mr. Le Hunte stated that ...

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