Category: Oil And Gas
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Listing VRA & GRIDCO: Analysts urge due diligence
Some analysts in the energy sector have cautioned of long term costs to government should it rush through the process to list the Volta River Authority (VRA) and the Ghana Grid Company Limited (GRIDCO) on the Ghana Stock Exchange (GSE). Though they contend of the benefits in restructuring the operations of the institutions, the analysts…
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We’ll cancel some power contracts if necessary – Nana Addo
Government is set to conduct an audit of all Power Purchase Agreements (PPA) signed between the Electricity Company of Ghana(ECG) and Independent Power Producers(IPPs) under the erstwhile National Democratic Congress (NDC) government, President Nana Akufo-Addo has hinted. According to him, the erstwhile John Mahama government had signed 43 PPAs, while a further 23 were under…
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COPEC discredits fuel price increase report
The Chamber of Petroleum Consumers(COPEC) has discredited reports that fuel prices will go up this week. The Institute of Energy Security (IES) predicted a 3 percent increase in fuel prices for the 2nd pricing window. Checks by Citi business News also indicates that fuel prices at Total and Shell fuel pumps have gone up as…
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Petrol, diesel prices to go up by 3 percent next week
The Institute of Energy Security (IES) has predicted a 3 percent increase in fuel prices next week. According to the Institute, due to current developments around the world, it is likely prices for the next pricing window will go up. “If you look at the crude oil price at the world market, the cedi dollar…
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Govt will not finance Free SHS with Heritage Fund- Ofori Atta
Finance Minister Ken Ofori Atta has stated that government will not finance the Free Senior High School (SHS) promise it made with the Heritage Fund. This, is in sharp contrast with earlier assertions made by the Senior Minister; Yaw Osafo-Maafo that government will finance the Free SHS with the Heritage fund. Soon after Mr. Osafo…
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Don’t resort to panic buying of fuel- NPA appeals to public
The National Petroleum Authority (NPA) has appealed to the public not to panic over inaccurate reports of an imminent shortage of fuel and rush to pumps. This follows a press release by the Institute of Energy Security (IES), which warned that the country could face severe fuel shortage as well as increase in prices of…
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Return on investment of Ghana heritage fund declines
Return on investment of Ghana’s Heritage Fund recorded a decline in the second half of 2016 as compared to the first half of the same year. A report released by the Bank of Ghana on the performance and activities of the Petroleum Holding Fund (PHF) and the Ghana Petroleum Funds (GPFs) for the Second half…
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No fuel shortage in two weeks- NPA assures
The National Petroleum Authority(NPA) has assured that there is enough fuel in the country to meet domestic demand. The Institute of Energy Security (IES) in a press release warned that the country could face severe fuel shortage in two weeks time due to low levels of fuel stock at the Tema Oil Refinery(TOR) and the…
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IES predicts fuel shortage within two weeks
The Institute of Energy Security (IES) wants the National Petroleum Authority (NPA) to be swift in averting what it describes as an imminent fuel shortage in the next two weeks. The development follows the low levels of fuel stocks by the Tema Oil Refinery and the Bulk Oil Storage and Transportation (BOST). The Institute also…
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Tullow defers payment of dividends to shareholders
Oil giant Tullow has announced it will not be paying its shareholders dividends. According to Tullow, it took the decision following current financial constraints it is facing. Tullow which is listed on three stock exchanges including the Ghana Stock Exchange, in its 2016 financial report recorded a drop in its profits as compared to the…