Category: Oil And Gas
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Energy bond: Ghana Gas upbeat about repayment
Institutions to benefit from proceeds of the energy bond are upbeat about the allocations to hit their accounts soon. One of such is the Ghana Gas Company which is owed by the VRA alone, to the tune of over 500 million dollars. The debt which is believed to have accumulated over a three year period…
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Appeal court dismisses IFC’s case against Quantum
The court of appeal has dismissed a stay of proceedings application by International Finance Corporation (IFC) which sought to put on hold an ongoing case with Quantum Oil Terminals Limited at the High Court over a breach of a contract. According to the ruling of the court, it found no reason to stay proceedings at…
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OMCs want tax payment date extended
Oil Marketing Companies (OMCs) are appealing for an extension of the payment date of some taxes. The OMCs contend that the current twenty-one day period for payment of taxes such as the Special Petroleum Tax, is adversely impacting their operations. According to the CEO of the Association of Oil Marketing Companies (AOMCs), Mr. Kwaku Agyeman…
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Govt to pay 17-19% interest on energy bond
Government may not be paying anything less than 17 percent in interest for the energy bond. At least this is the indication from managers of the bond following the announcement of their estimated interest rate for the energy bond. Lead managers of the bond, tell Citi Business News the target is also largely due to…
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NPA urges Nigeria to reduce sulphur content in diesel
The National Petroleum Authority is urging its Nigerian counterpart to reduce the sulphur content in its diesel fuel to about 50parts per million(ppm). Nigeria is currently doing 3,000ppm of sulphur content, which is considered to be toxic fuel. Mr. Tampuli who was speaking in Nigeria, Lagos during the Oil Trading and Logistics Downstream Expo said…
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Govt projects ‘higher’ interest rates for energy bond
Government may be targeting at least 19 percent interest rate on the energy bond to be issued to clear the debts in the energy sector. Citi Business News understands this is relatively higher compared to the estimated 18 percent rate on the ten year domestic bond. Sources close to the bond issue also indicate that…
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LPG marketers backdown on closure of outlets
LPG operators have announced the rescheduling of the maintenance of their retail outlets with immediate effect. The move according to the businesses, is to ensure uninterrupted supply of liquefied petroleum gas. The decision was arrived at after an emergency meeting between OMCs, Ghana Liquefied Petroleum Gas Operators and the Liquefied Petroleum Gas Marketing Companies on…
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Roadshow for GH¢10bn energy bond starts today
Government will today (October 19, 2017) embark on a roadshow for the energy sector bond to be used to clear the energy sector debt. Today’s roadshow, to be carried out in London, is the first of two roadshows to be conducted ahead of the issuing of the bond.. The bond is also expected to be…
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Road show for energy bond starts tomorrow
Government will tomorrow Thursday, October 19th, 2017 begin a road show for the energy sector bond, which will be used to clear the energy sector debt.. The show will commence in London on Thursday and there will be another in Accra on the 23rd of October, 2017. The 2.5 billion dollar bond which will be…
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COPEC wants gas re-circulation extended by 3 more years
The Chamber of Petroleum Consumers (COPEC) is advocating the extension of government’s proposed gas re-circulation program by at least two more years to address all major concerns. The Chamber argues that the teething issues with the program especially threats of a strike by the gas marketing companies will pose dire consequences on consumers if unresolved.…