Category: Oil And Gas
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Petroleum prices to drop by 3% in March
Prices of petroleum products are expected to drop by about 3 percent for the first pricing window in March. The pricing window spans Thursday, March 1, 2018 to Thursday, March 15, 2018. According to the Institute of Energy Security (IES), the drop can be attributed to the reduction of crude oil prices on the international…
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Standards Authority clamps down on substandard electrical gadgets
The Ghana Standards Authority has served notice it will confiscate all substandard electrical gadgets and equipment. The authority has also warned it will pursue and sanction appropriately, persons who deliberately engage in the dumping of such products onto the Ghanaian market. The caution forms part of moves to develop and enforce standardization on the Ghanaian…
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Low funding keeps sulphur in diesel products from TOR high
It is emerging that the Tema Oil Refinery (TOR) will need some 300 million dollars before it could refine products to the current specified sulphur content for diesel of 50 parts per million. The development also puts consumers at risk as there are fears the products may have been in circulation at the various retail…
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MiDA resolute with local ownership in ECG
The Millennium Development Authority (MiDA) has stressed that it will protect the interest of the government of Ghana in selecting a private manager for the ECG. It follows concerns raised by one of the concessionaires, a French electricity conglomerate, EDF which together with its local partner, CH Group is protesting the 51% mandatory Ghanaian ownership…
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Karpower relocates vessel to Takoradi
Karpowership Ghana Company Limited has confirmed to Citi Business News plans to relocate its floating power plant from Tema to Takoradi. The Company further highlights its intentions to do so by the end of the second quarter of this year. Ahead of the relocation, the company has held various stakeholder meetings to sensitize stakeholders in…
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Petroleum Commission halts fast paced contract approvals
The Petroleum Commission has warned that it will not approve any petroleum contract that does not fulfill the three months’ mandatory notice ahead of its implementation. The caution follows what the Commission describes as the abuse of the law by oil companies. According to the CEO of the Petroleum Commission, Egbert Faibille, the issue also…
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TOR targets full production by year end
The Tema Oil Refinery (TOR) is hoping to restore the burnt furnace at the plant, to increase its production to full capacity, by the end of this year – 2018. This is to improve the profitability of the oil refinery to be competitive in the industry. The Managing Director of TOR, Isaac Osei disclosed this…
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Fuel prices drop marginally at the pumps
Checks by Citi Business News at some major Oil Marketing Companies(OMC) show that petroleum prices have dropped by less than one cedi at the pumps. A visit to major oil marketing companies such as Total, Shell and Goil showed that a litre of petrol at each of the stations is now selling at 4 cedis…
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Interest on Ghana’s petroleum funds increase by 60%
The average interests on Ghana’s Petroleum Funds more than doubled for the second half of 2017. Latest figures released by the Bank of Ghana on the Petroleum Holding Fund and Petroleum funds showed that the interest went up by about 50 percent and 77 percent. The Ghana Heritage Fund accrued about 3 percent from the…
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Special Petroleum Tax reduced by 2%
Parliament has passed the Special Petroleum Tax Amendment Bill to reduce the tax from 15 percent to 13 percent. The amendment follows recent protests on the rising cost of fuel, as well as calls from the minority for the Special Petroleum Tax to be scrapped. Speaking to Citi Business News, a Deputy Finance Minister, Kweku…