Category: Oil And Gas
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Don’t allow OMCs who evade tax to distribute petroleum products – Bawumia to NPA
Vice President, Dr. Mahamudu Bawumia has charged the National Petroleum Authority, NPA, to halt third party distribution of petroleum products to Oil Marketing Companies (OMCs) who evade taxes. The instruction comes on the back of data from the National Petroleum Authority (NPA), which indicates that between 2015 and 2019, government lost over four billion Ghana…
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TOR replies Woodfields Energy over $5.7m product shortfall allegation
The Tema Oil Refinery Ltd (TOR) has debunked claims by Woodfields Energy Resources Ltd that there are shortfalls in the product volumes held in tanks at the refinery. According to TOR, the claim that there was a shortfall of Woodfields’ products, equivalent to $5.7 million, was unfounded, as it is not established by any ongoing…
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Woodfields Energy denies withholding payments to TOR
Woodfields Energy Resources Limited, an indigenous Ghanaian petroleum company, has refuted claims of its indebtedness to the Tema Oil Refinery (TOR) to the tune of five million dollars. According to the company, they have honoured all their payment obligations for processing fees to TOR and is not indebted to the refinery for any processing fee…
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Address political inferences in operations of TOR – Energy Consultant
Energy Consultant, Dr Yussif Sulemana has commended the government for its commitment to revamp, Tema Oil Refinery (TOR). The country’s only oil refinery has not been operational for a while now due to several challenges, including the inability of the entity to pay its workers. But the Energy Minister, Matthew Opoku Prempeh, in a recent…
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Ghana must explore deep waters to avoid exhausting oil reserves – Amoako Tuffour
The secretary to government’s Economic Management Team (EMT), Prof. Joe Amoako-Tuffour has stated that Ghana risks exhausting its oil reserves in the next ten years if it doesn’t move into deep waters to explore oil. His comments come on the back of a warning of an imminent collapse of the country’s petroleum industry by the…
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Revive quarterly meetings with Finance Ministry – Akufo-Addo to PIAC
President Akufo- Addo has charged the Ministry of Finance and the Public Interest and Accountability Committee, PIAC, to revive their quarterly meetings which have been on hold for some time now and dialogue for better management of the nation’s petroleum resources and revenues. According to him, the proceeds, if not well handled, will turn out…
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Government committed to supporting activities of PIAC – Nana Addo
President Nana Addo Dankwa Akufo-Addo has said the government will continually cooperate with the Public Interest and Accountability Committee (PIAC) to carry out its mandate. Speaking at the 10th-anniversary celebration of PIAC, President Nana Akufo-Addo said the government has given PIAC enough resources to implement its policies and programmes since 2017. The President was hopeful…
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Parliament’s Mines, Energy and Finance committees must review fuel taxes – COPEC
The Chamber of Petroleum Consumers (COPEC), is calling on Parliament’s Mines and Energy and Finance Committees to review the government’s proposal of a new petroleum tax. Following the passage of the 2021 budget, the various committees in Parliament are set to debate aspects of its appropriations to the sectors. Meanwhile, speaking to the Citi Business…
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BOST targets Sahelian countries after reviving Bolga Depot
Ghana’s quest to serve as a hub for petroleum products in the sub-region received a major boost following the revival of the Bolgatanga Depot of the Bulk Oil Storage and Transportation Company Limited (BOST). The facility which has a capacity to hold about 46.5 million litres of petroleum products has been dormant since 2018 largely…
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Government will get TOR back on its feet – Energy Minister
The Minister of Energy, Matthew Opoku Prempeh, has expressed the government’s commitment to ensuring the country’s only Refinery, Tema Oil Refinery, TOR, is up and running. The refinery has not been operational for a while now due to several challenges, including the inability of the entity to pay its workers. But the Energy Minister says…