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News Review

News Review for 26 February 2018

  • SOURCE: Reportingoilandgas | qwesa2big
  • 55600518 – time concept: pixelated black text time for review on newspaper background, 3d rendering

    Hello to our cherished readers. We hope you had a restful weekend. We look forward to spending an exciting and fulfilling week with you and to keep you abreast of news making headlines in the extractive industry in Ghana.

    In today’s edition, the various online sources and newspapers including GBC Online, Classfmonline, Starrfmonline, The Punch and Ghanaian Times report of former President Mahama’s comment on petroleum hike in the country. According to the Former President, the high price of petrol is worrying hence government must find ways to stabilize the prices of petroleum products to mitigate the brunt on consumers, especially liquefied petroleum Gas (LPG). He added “I am even more concerned about LPG because LPG was about GHc40 before December 7. Today LPG is more than GHc80. What it means is that for those who cannot afford LPG, they will go back to using charcoal and we all know the implications of using charcoal. When you use charcoal, it degrades the environment and so government should do something about the price of LPG particularly”. He made this known when he was addressing a large crowd of NDC supporters to climax “Unity Walk” on Sunday at Somanya. Read more from here


    Myjoyonline reports “Tullow launches scholarship scheme for Ashesi University students.” The story has it that Tullow Ghana Limited has launched a scholarship scheme to support brilliant but needy Engineering students of Ashesi University College.Five students of the University benefited from the package dubbed: “Tullow Ashesi Engineering Scholarship Scheme”, and will enjoy free tuition, housing, meals, and health insurance. The scholarship scheme was set up to build capacities of students through Science, Technology, Engineering and Mathematics (STEM) education in order to produce graduates who would use their skills to help in the development of Ghana. Read more from here


    Citifmonline reports on “low funding keeps sulphur in diesel products from TOR high.” According to the story, Tema Oil Refinery (TOR) will need some US$300m to enable it refine products to the current specified sulphur content for diesel of 50 parts per million. The development also puts consumers at risk as there are fears the products may have been in circulation at the various retail outlets. The revelation comes seven months after the National Petroleum Authority (NPA) directed that all diesel in circulation must contain a maximum sulphur content of 50 parts per million. Find out more from here


    The Ghana News Agency reports “Experts push for prudent management of mineral resources.” Energy expert and Executive Director at the Centre for Extractive and Development Africa (CEDA), Emmanuel Kuyole, has made a clarion call for prudent management of Ghana’s mineral resources to spearhead the rapid socio-economic development of the country. He, in this regard stressed the need for transparency, accountability and tracking of mineral revenue accruing from the natural resources. Mr Kuyole was addressing a training workshop of traditional rulers, Assembly members, the media, Heads of departments, Community-Based Organisations and community members on “Mining Revenue Management at the Sub-National level” at Daboase in the Wassa East District of the Western Region. Read more from here


    The Daily Guide reports of a gas explosion in Bolga. The fire razed down several properties running into millions of cedis in Bolgatanga in the Upper East Region of Ghana. Some shops along the commercial streets of the town were also affected. Eyewitnesses claimed that they heard a loud explosive sound behind the shops and later saw smoke and then fire from the roof of a canteen (Good Taste), which spread quickly to other adjoining shops. Read more from here


    The Finderonline reports “BOST states record on sale of crude oil” The story indicates that the Bulk Oil Storage and Transportation Company Limited (BOST) sold 942,000 barrel of crude oil to raise $51.3 million ($51,386,100) to defray part of the company’s debts. According to BOST, in September 2017, when the crude oil was sold, the average price of the commodity on the world market was $56.55. However, BOST gave a discount of $2 per barrel and sold the product at $54.55 per barrel. BOST, therefore, rejected reports indicating that at the time of the sale, the price of crude oil on the world market was $62. A statement issued by Media Relations Manager of BOST, Nana Akua Adubea Obeng, said the crude was sold to BB Energy as Free on Board (FOB). Read more from here


    The B&FT also reports of the order issued by the Commercial Division of the Accra High Court to the International Finance Corporation (IFC) and the OPEC Fund to open their defense within nine days in the suit brought against them by Quantum Oil Terminals. The court on last Friday ruled that IFC and OPEC Fund could no longer commence any proceedings on the matter in any other jurisdiction. The court had earlier ruled that it has jurisdiction to determine whether or not the IFC and OPEC Fund erred in the abrogation of a number of financing agreements signed between them and Quantum Oil Terminals. Read more from here


    Other stories making headlines in the newspapers include:

    Page 1 “Golden Star ‘Wassa Underground’ up for major exploration” [Goldstreet Business] [Today]

    Page 18 “Total ensures consumers are not shortchanged at pumps” [Goldstreet Business]

    Page 7 “TOR to go full blast to check influx of adulterated sulphur” [The Punch]

    Page 4 “BOST MD & Media Officer contradict each other” [The Herald]

    Page 10 “No illegal mining in Essei-Lagoon” [Ghanaian Times]

    Page 8 “GMWU welcomes re-opening of Obuasi Mine & expected production of 450,000oz” [The Chronicle]

    Page 9 “BOST denies reports” [Daily Guide]

    Page 7 “Tullow launches scholarships scheme for Ashesi engineering students” [The Inquisitor]



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