Page 12 - AfrOil Week 28 2022

AfrOil POLICY AfrOil

In the meantime, he commented, the country
continues to have unreliable power supplies,
even though the rate of electrification is high.
This combination hampers industrial develop-
ment, he noted.
Tema LNG Terminal Co. (TLTC), the oper-
ator of the LNG import facility, has put itself
forward as the best solution to this conundrum,
describing itself as capable of handling enough
gas to meet Ghana’s needs and also serve as a hub
for small-scale deliveries to other West African
states. The Ghanaian Times quoted Edmund
Agyeman-Duah, TLTC’s project manager, as
saying: “Tema LNG’s year-round supply of gas
will enable the Ghana National Petroleum Corp. ACEP says Accra should look beyond TLTC’s LNG import capabilities (Image: Helios)
(GNPC) to supply reliable and cost-effective gas
into the Tema power and industrial enclave, (FRU) and a separate floating storage unit
while strengthening West Africa’s energy (FSU). The FRU is capable of handling 1.7mn
security.” tonnes per year (tpy) of LNG, and the FSU
It is worth noting, however, that TLTC has can store 145,000-160,000 cubic metres of gas.
yet to receive its first load of LNG. The com- Both vessels are already present at the termi-
pany, which is backed by London-based Helios nal but have yet to begin regular commercial
Investment Partners and South Africa’s African operations.
Infrastructure Investment Managers (AIIM), GNPC has arranged to use the terminal to
has repeatedly announced its readiness to take receive LNG from Nigeria from a unit of Shell
delivery of its first cargo from Shell (LNG), only under a long-term off-take contract. Officials
to adjust its schedule and then push its target in Accra have said they hope the deal will make
date back once again. larger volumes of gas available on the domestic
According to previous reports, TLTC’s ter- market, supplementing local production and
minal consists of a floating regasification unit pipeline imports from Nigeria. ™

UK High Court bars Nigeria from appealing

against ruling on OPL 245 corruption case

NIGERIA THE UK High Court of Justice has ruled
that Nigeria’s federal government will not be
allowed to appeal a previous ruling dismissing
a GBP1.4bn ($1.66bn) claim against US-based
banking giant JPMorgan Chase & Co. in con-
nection with the acquisition of Oil Prospecting
Licence (OPL) 245 by two international oil com-
panies (IOCs).
The high court explained its decision by
saying it saw “no real prospect” that the verdict
might be overturned. Nigeria’s government has
been pursuing its claim against the bank for at
least five years in multiple countries, including
Italy and the US, and has failed to gain relief in
any of those venues.
In the UK, Nigerian federal authorities first
filed suit against JPMorgan Chase & Co. in
2017. They were seeking to recover GBP1.4bn
in damages from JPMorgan Chase & Co. on the Shell and Eni arranged to acquire OPL 245 in 2011 (Image: PGS)
grounds that the bank had acted with gross neg-
ligence in 2013 when it allowed funds paid by On June 14, 2022, however, the Business
Shell (UK) and Eni (Italy) to be transferred into and Property Courts of England and Wales
an account that was not directly under Abuja’s Commercial Court ruled that Nigerian federal
control. authorities had failed to prove their case.

P12 www. NEWSBASE .com Week 28 13•July•2022