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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

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    Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

    Local currency crosses ¢10 to one dollar mark on retail market

    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    PURC justifies upward review of utility tariffs

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

  • Business
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    VEPEAG, GAVEX partner to boost vegetable production, exports in Ghana

    VADUG members resist implementation of Customs Amendment Act

    Cost of credit to further go up as Bank of Ghana raises policy rate to 22%

    Emergency MPC meeting: Goldman Sachs projects 200 basis points hike in policy rate

    MTN Ghana introduces voucher distribution denomination change to prevent price disparity

    BoG, UG partner to improve research in Ghana’s financial sector

    BoG, EOCO deepen collaboration to build robust financial sector

    Cedi Depreciation: Government urged to enforce laws on pricing in dollars

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    E-cedi will not affect MoMo business – Bank of Ghana

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    Vodafone agrees sell stake in Ghana’s business to Telecel

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    IIPGH to enter coding education partnership with Telecoms Chamber

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    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

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COPEC’s claims about LPG from Atuabo gas plant misleading – Ghana Gas

byNerteley Nettey
May 23, 2020
in Oil And Gas, Top Stories
Head of Corporate Communications of Ghana Gas, Ernest Kofi Owusu-Bempah Bonsu.

Head of Corporate Communications of Ghana Gas, Ernest Kofi Owusu-Bempah Bonsu.

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The Ghana National Gas Company Limited (GNGC), has described as misleading and mischievous claims by the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Mr. Duncan Amoah, that LPG supplied by Ghana Gas at its Atuabo Gas Processing Plant is more expensive compared to imported LPG.

According to GNGC, it is mindful of its strategic role and impact on the downstream LPG market.

Unlike other suppliers of LPG who add the producer’s premium to the benchmark pricing, the company says as a matter of responsiveness to the Ghanaian consumers, it does not add a premium on the benchmark free on board (FOB) price.

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In a statement issued by the Company, Head of Corporate Communications of Ghana Gas, Ernest Kofi Owusu-Bempah Bonsu, explained that, “The pricing mechanism for Liquefied Petroleum Gas (LPG) produced by Ghana Gas at the Atuabo Gas Processing Plant is derived from NPA’s bi-weekly market-driven Argus Butane ARA/UK large cargo price index, which is also the guideline for the commodity portion of imported LPG. The non-commodity charges are outside Ghana Gas’ domain.”

He also explained that the Bi-Weekly pricing comprises two pricing windows for each month. The first pricing window for any current month references the Argus Butane CIF ARA cargoes price assessment for the period between the 12th to 26th of the previous month. The second pricing window references the Argus Butane CIF ARA cargoes price assessment from 27th of the previous month to the 11th of the current month.”

Addressing other issues, Mr. Bempah debunked the claim that GNGC supplies contaminated Liquefied Petroleum Gas (LPG) from the Atuabo Gas Company as alleged by COPEC.

He said, “Ghana Gas ensures that the quality of LPG and the standard for quality determination of LPG are in alignment with both Local and International Standards. The average vapour pressure of the Ghana Gas LPG over the last six months is 7.46kg/cm2, which is well below the 9.5kg/cm2 required by the Ghana Standards Authority.”

“We have consistently marketed LPG of exceptional performance and the highest quality while ensuring that the propane content is always within the acceptable specifications of the Ghana Standards Authority, GSA, and the National Petroleum Authority, NPA,” he added.

He further noted that COPEC’s claim that “the Atuabo LPG is quite high in Propane without providing a standard measure of “high” is mischievous”.

“LPG is a gas mixture mainly made up of Propane and Butane. The presence of Propane in LPG amongst many other constituents to the vapour pressure, density and calorific value of the LPG,” he said.

“The Liquefied Petroleum Gas (LPG) produced from the Atuabo Gas Plant is from a rich and sweet feedstock with negligible/trace amounts of undesirable compounds,” he added.

Click here for the full statement:

Background

On May 21, 2020, the Chamber of Petroleum Consumers, COPEC, petitioned the Ministry of Energy to address some issues with Liquefied Petroleum Gas, LPG, supplied by the Ghana National Gas Company, which have contributed to the increase in the price of the product in some parts of the country.

According to COPEC, LPG supplied by Ghana Gas at its Atuabo Gas Processing Plant is more expensive compared to imported LPG.

They also said that despite the price differentials, some Oil Marketing Companies are being forced under a policy of zonalisation to buy and sell to consumers.

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Accra, GHANA: A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)
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