Category: Oil And Gas
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Ghana loses GH¢490 m to illegal imports – BDCs
The Chamber of Bulk Oil Distributors (CBOD) has made a strong case for the government to clamp down on all importers of illegal products into the market if it is to provide fair competition in the industry. The Chamber argues that the perpetuation of the act led to a revenue loss of about 490 million…
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Energy sector debt: Govt debt to banks, fuel suppliers hits $1.2 b
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks…
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Breakdown of Govt’s energy sector debt – Infograph
Net debt owed banks and fuel suppliers alone under the energy sector debt hit 1.2 billion cedis at the end of 2016. According to documents cited by Citi Business News as at 31st December, 2016 Government’s net debt in the Energy sector was 2.3 billion dollars. A breakdown of the debt shows that the banks…
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![GE Oil & Gas opens new support base in Takoradi Port [photos]](https://citibusinessnews.com/wp-content/uploads/2017/03/1-1.jpeg)
GE Oil & Gas opens new support base in Takoradi Port [photos]
General Electric (GE), a US based oil and gas company specialized in deep water offshore services in the oil and gas sector has opened its newly Sub Saharan facility at the Takoradi Port in the Western Region. The facility, according to the company will provide support services for its customer operations. In 2015, GE was…
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VRA debt: 160 million cedis to be paid end of March
About 160 million cedis is expected to hit the accounts of banks that are owed the energy sector debts, by the end of March 2017. This is according to the President of the Ghana Association of Bankers, Alhassan Andani. The payment will be the first to be made this year since the erstwhile NDC government…
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OMCs reduce prices to reflect tax cuts
Citi Business News’ checks at fuel stations have revealed that major Oil Marketing Companies (OMCs) have reduced the prices of their products for the second consecutive time this month; March. The reduction is in line with the recent tax cuts announced by the government in the 2017 budget. The OMCs earlier in the second pricing…
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OMCs yet to reduce prices as Goil’s prices drop by 1%
It appears most of the Oil Marketing Companies (OMCs) have not reduced the prices of their petroleum products for the first pricing window in March. This is contrary to predictions that fuel prices will be reduced for the period. The Institute for Energy Security (IES), early this week, indicated that prices for petroleum products are…
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Fuel prices to drop in second pricing window in March
The Institute for Energy Security (IES) is predicting at least a 3% fall in fuel prices for the second pricing window in March. The IES is basing the fall on the drop in prices of petroleum products on the world market. They also believe there has been a relative stability in the forex exchange market…
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Cedi depreciation threatens fuel price stability
The Institute of Energy Security (IES) is predicting a further increase in fuel prices in the first pricing window of March due to the constant depreciation of the cedi. The IES says the depreciation of the cedi is already threatening the stability of fuel prices. The Institute also believes the cedi played a part in…
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Consumers unsatisfied with 2.5% reduction on petrol taxes
The Chamber of Petroleum Consumers (COPEC) has expressed dissatisfaction over the rate of reduction of the special petroleum levy. According to the chamber, the reduction is minimal and could have seen a 10 percent reduction instead. Finance Minister Ken Ofori Atta on Thursday announced a reduction in the special petroleum levy from 17.5 percent to…