Category: Oil And Gas
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New BOST Board mandated to stabilize fuel prices
The Minister of Energy, Boakye Agyarko, has tasked the new Board of the Bulk Oil Storage and Transportation Company (BOST) to intensify efforts to increase the strategic reserves of petroleum products in the country. He maintains that failure to increase the stock of petroleum products in due time, could trigger price hikes. In addition, BOST’s…
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William Amuna exits as GRIDCo CEO
The CEO of the Ghana Grid Company (GRIDCo), Ing. William Amuna has stepped down as the boss of the power generation company. It follows the expiration of his four year term as the head of the institution. Engineer William Amuna assumed the mandate in September 2013. Prior to his appointment as Chief Executive, Ing. William…
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Gazprom secures major gas deal in Ghana
Sources within the Ghana National Petroleum Corporation (GNPC) have confirmed, exclusively to Citi Business News, that the company’s board has approved the awarding of a long term Liquefied Natural Gas (“LNG”) supply contract to Gazprom, the world’s largest producer of gas. The long term supply contract is expected to significantly increase the country’s energy security,…
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US storms to trigger petroleum price hikes
Current developments in the U.S including Tropical Storm Harvey are likely to push the prices of fuel up in Ghana in the second pricing window. The Institute of Energy Security (IES), has predicted of stable prices in the first pricing window in September. The Institute attributes this to the relative stable prices for finished products on…
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‘Vigilant’ fuel purchases to halt cheating
The Consumer Protection Agency (CPA) has advised the general public to insist on making fuel purchases in litres when buying from fuel stations. The CPA says the current practice where consumers just concentrate on the monetary value of their fuel purchases has partly contributed to the rise in cheating by the Oil Marketing Companies (OMCs).…
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ITLOS to settle maritime border dispute on September 23
The International Tribunal for the Law of the Sea (ITLOS) is to deliver its ruling on the Ghana Ivory Coast border dispute on the 23rd of September 2017. The two countries are seeking a resolution over the dispute at the International Tribunal after Ivory Coast accused Ghana of using the development of its oil industry…
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Fuel prices to remain stable in September
Prices of fuel are likely to remain stable in the first pricing window of September this year. This is according to the Institute of Energy Security (IES). The IES attributes this to the relative stable prices of finished products on the international market as well as the suspension of the recently implemented fuel standards. Principal…
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Ghana Energy Awards launched
The Energy Media Group in collaboration with GP Business have launched the Ghana Energy Awards. Tthe awards are aimed at recognizing the efforts of outstanding industry players in the Oil and Gas as well as the power sector. Launching the event, the Chairman of the Ghana Energy Commission, Dr. Kwame Ampofo, expressed optimism that the…
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Opposition to VRA assets sale intensifies
The Institute for Energy Security (IES) has challenged government to provide evidence backing its claim that the Volta River Authority (VRA) is inefficient. This comes after the President disclosed in parliament in February 2017 the possibility of listing VRA and Ghana Grid Company (GRIDCO) on the Stock Exchange. Subsequently, the Minister of Finance has also…
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VRA staff risk layoff over assets sale
Energy sector analysts have raised labour security concerns with the government’s decision to sell off some thermal assets of the Volta River Authority (VRA). They argue that the move may spark protests if unmanaged properly. Government, through the Finance Ministry is seeking to sell majority stake in the thermal assets of VRA. Deputy Finance Minister,…