Page 15 - DMEA Week 11 2023
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DMEA                                        NEWS IN BRIEF                                             DMEA








                                                                                Town, South Africa.
                                                                                  At the conference, stakeholders called
                                                                                for retention of funds within the continent
                                                                                to finance the over $190bn yearly energy
                                                                                investment need of the continent.
                                                                                  About $15bn of the funds is being invested
                                                                                by Afreximbank while AFC already invested
                                                                                over $800mn with additional $200mn
                                                                                expected to be finalised.
                                                                                LEADERSHIP
                                                                                Iran’s largest refinery
       pungent smell. It is a key commodity in   has stabilised our industry and kept energy
       the petrochemical industry and can be   prices affordable,” he said.     restoring output to pre-war
       transformed into value added products   In addition, the Ghanaian government,
       like polypropylene and create jobs in the   through the NPA, has also removed energy   years
       downstream petrochemical sector.    subsidies, with Dr. Abdul-Hamid stating that
         RFCC units help convert hydrotreated and   “We have removed subsidies and deregulated   Iran is to launch a new expansion phase in its
       straight-run resid to high levels of propylene.  our markets. Industries were shutting down   flagship refinery in Abadan to restore output
       FINANCIAL TRIBUNE                   because government was finding it hard to   in the facility to levels seen before the Iran-
                                           find the money to provide subsidies and   Iraq war of 1980s.
       NPA boss touts Ghana                to this day industry is being powered by   planned to inaugurate an expansion project
                                                                                  Iranian President Ebrahim Raeisi is
                                           investments in the private sector and there
       downstream operations               are no complains of supply. We are ensuring   in Abadan Refinery on Friday, according to
                                           affordability and security for the vulnerable
                                                                                a report by the official IRNA news agency
       successes                           consumers through the removal of energy   which said that the project will increase
                                                                                production in the refinery by 210,000 barrels
                                           subsidies.”
       Dr. Mustapha Abdul-Hamid, Chief Executive   With the lack of adequate refinery capacity   per day.
       of the National Petroleum Authority (NPA)   being one of Ghana’s key challenges restricting   The government has invested $1.2bn on
       has highlighted regulatory measures it has   the exploitation of local oil and gas resources   the massive expansion project which will
       implemented to ensure stability across Ghana’s  to drive energy sector growth, the NPA has   create more than 7,000 new jobs, mostly for
       downstream sector, following the global   also created a special fund to help refineries   people in Khuzestan, the oil-rich province in
       oil and gas market volatility caused by the   to boost their capacity to reach 50 bbl and be   southwestern Iran where Abadan is located.
       Russian-Ukraine war and energy transition-  able to meet the country’s growing demand.  Established since 1912, Abadan Refinery
       related policies.                      “Ghana has also ensured the NPA is a   is the oldest oil refinery in the Middle East
         Speaking during a presentation at Africa   one-stop-shop for everything required for   region. It was once the largest refinery in the
       Refiners and Distributors Association   firms to participate in the country’s oil and gas   world with an annual capacity for processing
       (ARDA) Week 2023, which is currently taking   industry. By so doing, we have the time spent   25mn tonnes (mt) of crude oil.
       place in Cape Town, Dr Abdul-Hamid called   in registering and getting projects and firms   The refinery’s capacity was 635,000 bpd
       for increased cooperation between African   up to the ground,” he said.  (32mn tpy) before the Iran-Iraq war in the
       countries and players within the downstream   MY JOY                     1980s when the facility was largely destroyed.
       sector, and between private and public sector                              The capacity of the refinery will reach
       institutions to ensure security of energy   AFC providing support to     more than 630,000 bpd with the launch of the
       supply and affordability.                                                expansion project on Friday, according to the
         “For the first time in 30 years, we have   African refining sector     contractor leading the project.
       installed fuel caps as a measure to intervene                              Ahmad Farzaneh said the atmospheric
       and to control market instability,” he said.  The African Finance Corporation (AFC) has   distillation unit due to open in Abadan
         This has helped restrict uncontrolled   deployed about $800mn towards supporting   Refinery will be the largest distillation plant in
       increases in fuel and energy prices at the   Africa’s refinery sector with an additional   the Middle East.
       height of the global market instability since   $210mn in its near-term pipeline.  PRESS TV
       the conflict between Russia and Ukraine   Cumulatively, the AFC and the African
       started, stated Hamid.              Export Import Bank (Afreximbank) are
         The regulator also spoke about the Gold   investing about $16bn in oil and gas projects   FUELS
       for Oil Program, whereby the country is   across Africa.
       leveraging its vast gold resources to buy   Global head, Client Relations at   Iraq inaugures Samawa gas
       petroleum from international markets.  Afreximbank, Rene Awembeng, said the
         NPA boss touts Ghana downstream   company’s oil and gas portfolio exceeds $15bn   depot project
       operations successes at Africa Refiners’ Week  with a healthy pipeline across the entire
         “We exchange gold directly for petroleum   continent.                  Under the auspices of Deputy Prime Minister
       products from international firms. We buy   Awembeng, made the disclosure at the   for Energy Affairs and Minister of Oil
       the gold directly from large and small mining   ongoing African Refiners and Distribution   Hayan Abdulghani, Undersecretary for Gas
       firms and exchange it with petroleum. This   Association (ARDA) conference in Cape   Affairs Izzat Saber Ismail inaugurated the



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