Category: Oil And Gas
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Energy Ministry rejects calls to scrap special petroleum tax
The Ministry of Energy has rejected calls by the Chamber of Petroleum Consumers Council, to scrap the special petroleum tax on petroleum products. According to the Head of Communications at the Energy Ministry, Nana Damoah, scrapping the special petroleum tax will be detrimental to governments’ ability to raise revenue to tackle the energy sector debts. The…
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IES cautions of fuel crisis over unit shutdown at TOR
The Institute of Energy Security (IES) wants the government to intervene and get the Tema Oil Refinery (TOR) back to work. The IES believes this will largely be resolved with strengthening of the leadership of the facility. TOR has seen numerous setbacks in its operations with the recent being its Crude Distillation Unit (CDU). The…
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Investor confidence influences ‘lower’ interest on 10yr energy bond
Economists have attributed the relatively lower interest rates on the re-opened ten year energy bond to the relative stability in the Ghanaian economy. The managers of ESLA Plc, the entity mandated to raise money to settle the energy sector debts, yesterday had its ten year bond oversubscribed at an interest rate around 19 percent. This…
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10yr energy bond accrues 615 million cedis
ESLA Plc, the entity mandated to raise money to pay the debts in Ghana’s energy sector has raised GH¢615,947,860 through its ten year bond that it reopened. The bond which was reopened on Monday (January 22, 2018) and closed on Wednesday (January 24, 2018), targeted between 100 and 130 million cedis from the market. Today’s…
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Parliament assures critical probe of ExxonMobil deal
The Mines and Energy Committee of Parliament has indicated that it will ensure Ghana gets the best out of the deal signed with ExxonMobil. The agreement is expected to be presented to Parliament for ratification when the House resumes. Citi Business News understands that certain key aspects will dominate the deliberation on the agreement. The…
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President charges Exxon Mobil to respect agreed terms
President Akufo Addo has charged management of Exxon Mobil to respect the terms of agreement signed with the government of Ghana. This follows the signing of an agreement for the oil company to commence operations in Ghana. The agreement which is subject to parliamentary ratification will allow the oil giant to acquire exploration and production…
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Gov’t signs agreement with ExxonMobil
Government is anticipating increased activities in Ghana’s oil exploration activities with the coming on board of ExxonMobil. The Minister of Energy, BoakyeAgyarko tells Citi Business News the move will also increase government’s revenue from the sector to propel economic growth and transformation. ExxonMobil’s investment in the oil sector becomes the first major one in Ghana…
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Consumers seek NPA intervention as fuel prices rise
Citi Business News has gathered that prices of fuel have gone up at some pumps effective Tuesday, January 16, 2017. This follows an earlier prediction by the Institute of Energy Security (IES) that prices will go up by between 3 and 5 percent. According to the IES, the development can be attributed to the increase…
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Industry divided over reduced cost of gas
There have been mixed reactions to government’s announcement of a 26% reduction in the cost of gas to businesses that rely heavily on the product. While industry has wholly welcomed the move, some industry analysts have cautioned against the outstanding debts facing institutions involved in the supply of gas. Citi Business News spoke to a…
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Lands Commission takes over compensation of land owners at Bui
The Bui Power Authority (BPA) has told Citi Business News it is working closely with the Lands Commission to settle all owners of lands whose properties were used in the construction of the reservoir for the power generation facility. The CEO of Bui Power Authority, Mr. Fred Oware however maintains that the payment of compensation…