Page 12 - AfrOil Week 50 2022

AfrOil PERFORMANCE AfrOil

In order to address concerns, he noted, the
government has enlisted the help of a com-
pany owned by former militant Government
Ekpemupolo, known as Tompolo, to provide
security in Delta State. Maton Engineering is
providing security around the Brass terminal
and central areas, while Pipeline Infrastructure
Nigeria Ltd (PINL) is responsible for security in
the east.
As things stand, according to Wunti, the
NNPC was losing an average of 700,000 bpd of
crude oil.
The losses include engineering losses, actual
loss due to theft and opportunity loss due to an The Forcados oil terminal has already resumed operations (Image: Shell)
inability to produce planned amounts.
“We have been working hard with the private are hoping we will open Bonny very soon,” the
security contractors to return the Trans-Ni- NUIMS head explained.
ger Pipeline (TNP) and we have succeeded to The TNP is operating at less than full capac-
some extent, but not where we want to be. We ity, he added. ™

POLICY
South Africa’s PIC, IDC stand to lose more

than $580mn in Sunrise Energy LPG project

SOUTH AFRICA SOUTH Africa’s national development finance aimed at facilitating the rehabilitation of a finan-
institutions Public Investment Corp. (PIC) and cially distressed company). The court hearing
the Industrial Development Corp. (IDC) stand took place on December 7. The details in the
to lose more than ZAR1bn ($580mn) invested application show that the Sunrise Energy busi-
in the Sunrise Energy LPG project, located in ness has been loss-making ever since its com-
Saldanha Bay, Western Cape. missioning in 2017.
This project was executed on the back of An affidavit by Barthlo Harmse, a director at
receiving a concession from the Transnet Ilitha, indicates that the position Sunrise finds
National Ports Authority to build an open-ac- itself in was a result of control that RBH has at
cess import terminal and storage facility so that board level because of MOGS non-executive
all LPG importers, distributors and bulk con- chairperson, Albertinah Kekana, who is also an
sumers may use its infrastructure and services, executive director of RBH.
local media outlet IOL writes. Kekana is a qualified chartered accountant
The shareholding of Sunrise Energy is made who held the position of PIC’s chief financial
up of Ilitha Group Holdings Pty at 9%; IDC at officer prior to taking up his role as MOGS
31%; and Mining, Oil and Gas Services (MOGS) chairperson, writes IOL.
at 60%. The MOGS shareholding consists of The court documents claim that the main
Royal Bafokeng Holdings (RBH) at 51% and reason for the company’s worsening financial
PIC at 49%. situation is due to the conditions of an exclu-
According to IOL, Ilitha has applied to the sive “throughput take-or-pay agreement” with
Western Cape High Court for placing Sunrise an LPG aggregator Vita Gas procured through
Energy into business rescue (a legal process MOGS despite strong objections from Ilitha.

The LPG terminal is in Saldanha Bay (Image: Sunrise Energy)

P12 www. NEWSBASE .com Week 50 15•December•2022