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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