Category: Oil And Gas
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Finance Ministry introduces regulation to monitor petroleum revenue expenditure
The Ministry of Finance is set to complete a Petroleum Revenue Management Regulation to address some controversies associated with the implementation of the Petroleum Revenue Management Act 2011(Act 815). The move is also to ensure value for money as it will regulate manipulation of oil revenues by various governments. Players in the petroleum sector also…
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Groups demand equity in petroleum revenue allocation
Civil society groups in the petroleum industry have impressed on authorities the need to ensure equity in the allocation of resources to affected communities in the exploration of oil. They have cautioned of possible hostilities following instances of inequality in addressing some socio-economic impacts due to the exploration of resources. The concerns come at a…
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Oil price drop cuts sub-Sahara Africa’s economic growth by 33% in 2015
A latest World Bank report has revealed that declining global oil prices continue to impact on African economies. According to the Bank, the plunge in commodity prices – particularly oil, which fell 67 percent from June 2014 to December 2015, coupled with weak global growth, especially in emerging market economies, accounted for the region’s uninspiring…
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Negotiations intensify for high aviation taxes to be scrapped
Players in the aviation industry have intensified negotiations to get government to scrap the high taxes imposed on aviation fuel. The price of aviation fuel in Ghana is one of the highest in the sub-region due to the imposition of taxes such as price stabilization margin and export tax. [contextly_sidebar id=”JWfSEC3drX9F8qnP4fqt0Gjy20p8A7XM”]General Manager for Puma Energy,…
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Puma Energy commissions aviation fuel station at KIA (photos)
Global mid and downstream energy company, Puma Energy has commissioned a new aviation fuel storage station at the Kotoka International Airport in Accra. The station, which is designed to take 15,400 metric cube of aviation fuel is also aimed at making Ghana a hub for aviation fuel in the West African sub-region. Speaking at a…
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Trade Minister re-emphasizes support for entrepreneurs
The Minister of Trade and Industry, Dr. Ekow Spio-Garbrah, has impressed on corporate institutions the need to improve their support for young entrepreneurs in the country. [contextly_sidebar id=”FGUSltK3gHYCxtkhPnHSWnoeSl0umq82″]According to him, this will help in shaping the ideas and business plans as well as unearth the skills of such entrepreneurs. Access to funding and mentoring opportunities continue to…
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Fuel station loses fire permit for flouting regulations
The Ghana National Fire Service has revoked the fire permit of a fuel station under construction, for flouting the fire regulations for commercial buildings. The fuel station, located at Weija, had its fire permit revoked after the fire service visited the station on Friday April 8,2016 for an inspection tour. Assistant Chief Fire Officer Ebenezer…
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Petroleum consumers demand flexible fuel price mechanism
The Chamber of Petroleum Consumers has reiterated calls for government to legislate a dual pricing mechanism to protect consumers from the effects of high prices of oil. [contextly_sidebar id=”vvwBTY8FU3F6CJYJSGETK72jm6xZ3xZz”]The Chamber argues that government’s continuous imposition of taxes in the wake of a rebound in the global price of oil and the increase in the ex-pump…
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Total Ghana awards winners of ‘StartUpper’ contest (photos)
Total Petroleum Ghana Limited, one of Ghana’s leading oil Marketing Companies (OMCs), has climaxed its maiden edition of the “StartUpper of the Year” contest with an awards ceremony and dinner in Accra. The contest, launched in the last quarter of 2015, seeks to unearth and support young and budding entrepreneurs with financial packages as well…
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Petroleum price deregulation is a rip off – Dr. Steve Manteaw
The Integrated Social Development Centre (ISODEC) says the passage of the deregulation law has not aided Ghanaians positively. [contextly_sidebar id=”libBdJkZATchTZALQu8xkf7LJszPRpam”]The deregulation policy was implemented in 2015. According to proponents of the policy, it will help sanitize the downstream petroleum sector. The deregulation policy allows Oil Marketing Companies (OMCs) to fix their own prices, in an…