Accra, Ghana
36°C

GSE Feed

Forex Rate

Oil And Gas

We need an authority to propel Petroleum hub project—Amin Adam

dr-amin-adam-mohammed

Deputy Minister of Energy in charge of Petroleum, Dr. Mohammed Amin Adam, has defended calls for the setting up a special authority to oversee the management of Ghana’s Petroleum Hub project. Dr. Amin believes a dedicated authority will among other things facilitate the raising of the needed funds to develop the petroleum hub. The hub is expected to cost about 50 billion ...

Read More »

Oil marketers push for full employment under cylinder recirculation policy

CEO of the Association of Oil Marketing Companies (AOMCs), Mr. Kwaku Agyeman Duah

The Association of Oil Marketing Companies, has stressed that it will push for full employment for its members under the cylinder recirculation module to protect the interest of LPG distributers. The assertion comes after the LPG Marketers raised concerns that the new cylinder recirculation policy will render them jobless if implemented. Already, the CEO of the National Petroleum Authority (NPA), ...

Read More »

Oil refiners in Africa push for uniform pricing

Refinery-in-Nigeria

The African Refiners Association (ARA) has initiated steps to ensure a uniform pricing of fuel products in the West African region. According to the Association, the increasing smuggling of fuel products with low standards is the cause of disparities in prices across the region. Ghana lost some 200 million dollars in two years while its counterpart, Nigeria is said to ...

Read More »

Cost of fuel could hit GHS5.50 by end of year—Former GNPC Boss

Alex Mould-GNPC 600x330

The continues depreciation of the local currency coupled with increasing crude oil prices on the international market could see fuel prices increase to 5 Cedis 50 pesewes per litre at the pumps by the end of the year, a former Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Alex Mould has warned. The price of petroleum products until ...

Read More »

73% of Ghanaians working in vulnerable conditions—Report

Minister for Employment and Labour Relations, Ignatius Baffuor Awuah

A report published by the Trades Union Congress (TUC) has revealed that 73% of Ghanaian workers operate under vulnerable conditions. The report also points out that a majority of Ghanaian workers receive less than 2 dollars a day, and do not have any form of pension contributions. Out of the employed population of 11.21 million, 64.3 % who are self-employed ...

Read More »

Major OMCs reduce fuel prices

FUEL-STATION

Some major Oil Marketing Companies (OMCs) have reduced their prices by 4 pesewas within the first pricing window of June. The reduction comes after a 3 percent increase in prices of fuel in early part of June. Earlier, checks by Citi Business News showed that a litre each of diesel and petrol were selling for 4 cedis 89 pesewas. But ...

Read More »

Inject $300m into TOR or privatize it- Alex Mould

A panel at the 2018 GhIPCON

Former Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould has stated that the Tema Oil Refinery(TOR) will need a capital injection of about $300 million to be able to operate efficiently. The country’s only refinery in recent times has not been able to operate at its maximum capacity due to production losses, frequent breakdowns, as well as ...

Read More »

Oil & Gas experts caution gov’t against building more refineries

TOR-620x244

Some experts in the oil and gas industry are asking government to focus on building just one refinery rather than building four as proposed in the Petroleum hub project. According to them, the unpredictability in demands of petroleum products on the export market may not be favorable to Ghana. Local demand for petroleum products have been predicted to grow at ...

Read More »

Ghana needs effective regulation to be a petroleum hub—Experts

IMG_9200

Some energy experts at the Ghana International Petroleum Conference (GhIPCON) are urging government to speedily develop a policy framework to back its vision of creating a petroleum hub in the country. This, they believe will ensure effective regulation of the over 50 billion dollar project. Government is seeking to develop a petroleum hub which is expected to include refineries, tank ...

Read More »

Veep urges BDCs to consolidate

boobs

Ghana’s vision of becoming a petroleum hub may not be realized if oil service providers in the industry fail to consolidate their efforts, Vice President Dr. Mahamudu Bawumia has said. According to him, Ghana will be better positioned to compete within the sub-region if service providers like bulk oil distribution companies (BDCs) join forces. Speaking at the 2nd edition of ...

Read More »
Citi Business News