Category: Oil And Gas
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TOR to operate on weekends to avert premix shortage
The Tema Oil Refinery (TOR) is to commence operations on weekends to avert the shortage of premix fuel during peak periods. The move follows a directive from the President Nana Akufo Addo, over the constant shortage of the product during the fishing season. Shortage of premix fuel hit fishing communities along the coast in July…
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Cleaning Ghana’s power sector : AfDB pledges support
President of the African Development Bank, Mr. Akinwumi Adesina has pledged of his outfit’s commitment to provide government with significant support to clear its energy sector debt. He argues that the perennial challenges that have confronted the country’s power sector require robust measures to address them permanently. Mr. Adesina made the remarks when he paid…
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Oil prices to push ex-pump prices up in August – IES
Fuel prices for the first window in August 2017 will see a marginal increase of about 2.5%. This is the prediction by the Institute of Energy Security (IES). According to the IES, the increase is due to key indicators such as the marginal increase in crude oil prices. Speaking to Citi Business News, the Principal…
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We are not to blame for premix shortage – TOR
The Tema Oil Refinery (TOR) has dismissed claims that challenges with its pump systems have contributed to the shortage of premix fuel in the country. According to TOR, its systems are all in good condition hence have the capacity to produce to meet demand. Fisheries Minister, Elizabeth Afoley Quaye has attributed the shortage of the…
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Tullow records $ 300m loss after tax in 2017 first half
Tullow Oil has posted a loss after tax of 300 million dollars for the first half of this year. The figure represents a decrease of 270 million dollars compared to the 30 million dollars profit after tax recorded for the same period last year. The oil company’s revenue for the first half of 2017 however…
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Delays in implementing new sulphur level worrying—COPEC
The Chamber of Petroleum Consumers (COPEC) has told Citi Business News it is disappointed over the delay by the National Petroleum Authority (NPA) in implementing the new Sulphur levels for diesel. This comes at the back of the change in time of the initial date to start implementing the new Sulphur levels from July 1…
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Cash waterfall insufficient to deal with power sector debts – Analyst
Some analysts in the energy sector say the government’s new cash waterfall mechanism to help the power sector will yield little results if the ECG fails to improve its revenue collection. They assert that overcoming the underlying challenge of revenue mobilization should translate in the prompt settlement of monies owed all agencies in the supply…
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Fuel prices to remain stable in 2nd pricing window in July
Prices of fuel are likely to remain stable in the second pricing window of July. This is the assertion of the Institute of Energy Security (IES). The Institute of Energy Security (IES) believes the cedi to dollar exchange rate, as well as the country’s stock level which is around 185 million litres are key projections…
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Govt starts infrastructure devt for Gas Master Plan
The Ministry of Energy has announced that government is developing the infrastructure to enable reverse gas flow from Takoradi in the Western region to Tema in the Greater Accra region. The project, which is part of the Gas Master Plan is expected to supply adequate gas to generate electricity in the Tema power Enclave. The…
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‘Bigger hand’ behind contaminated fuel saga—Duncan Amoah
The Chamber of Petroleum Consumers(COPEC), has rejected the BNI’s investigations which cleared the Bulk Oil Storage and Transportation Company (BOST) of any wrong doing in the 5 million liters contaminated fuel saga. Citi Business News last month revealed that BOST had signed a deal to sell about 5 million liters of contaminated fuel to Movenpiina…