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business new africa bna/IntelliNews

As set out in the admission document published the country,” he added. authority. The hurried destruction lays credence
by the Company on August 10, 2022, the INA In Ghana, the state does not regulate fuel to that particular allegation.”
Acquisition also remains subject to a number of prices, which have reached almost GHS16.00 per Oil theft is a serious threat to the Nigerian
CPs. Given the progress made to date, there is litre at some filling stations, up from GHS6.93 economy, which relies on exports. The sector
not considered to be any requirement to extend per litre at the end of January 2022. has been marred by rising crude theft in recent
the long-stop date pursuant to the INA Acqui- Meanwhile, the Executive Secretary of Petro- months, causing Nigeria’s average crude produc-
sition at this time, as set out in the Company’s leum Consumers Ghana (COPEC) Duncan tion to fall to under 1mn barrels per day (bpd)
admission document. Amoah has told Citi Business News that the rate in August, down from a previous high of 1.8mn.
The Board looks forward to providing share- could hit GHS18.00 per litre if the government Earlier in October, Nigerian National Petroleum
holders with further updates on both transac- does not intervene. Co. Ltd (NNPCL) revealed that it had shut down
tions, as appropriate, in due course. bna/IntelliNews, October 20 2022 the operations of 395 illegal refineries.
Commenting on the update, CEO Paul bna/IntelliNews, October 19 2022
McDade said: “We are pleased to provide this
update on the Sonangol and INA acquisitions POLICY Sasol, ArcelorMittal
and remain confident, having engaged with local
authorities and counterparties in Angola earlier Nigeria defends decision to seal partnership to
this month, that the transactions will complete
within the previously guided timeline (Q4- destroy captured oil vessel decarbonise operations
2022). On the Sonangol Acquisition, we consider
the extension of the long-stop date as a prudent It was right to destroy the illegal oil bunkering South African chemicals and fuels producer
measure to ensure that the conditions precedent vessel found with 650,000 cubic metres of stolen Sasol and steelmaker ArcelorMittal South Africa
can be satisfied within the agreed timeframe. We crude oil, Nigeria’s chief of defence staff, General have partnered to explore the development of
look forward to completing both transactions Lucky Irabor, has claimed. carbon capture technology to produce sustaina-
and working with Sonangol and the other part- Last week, a private security team contracted ble fuels and steel through green hydrogen.
ners to optimise production and extend the life to protect an oil pipeline on the Escravos River They will advance a study on the possibility
of these quality, long-life assets.” discovered a vessel carrying illegally lifted crude of utilising ArcelorMittal’s Saldanha steelworks
Afentra, October 19 2022 oil. The ship was then destroyed by the Navy as an export hub for green hydrogen and deriva-
after its captain, Temple Manasseh, confessed tives, as well as green steel production. A second
that the oil was stolen. study will explore the use of renewable electricity
PERFORMANCE Some have, however, criticised the decision to and green hydrogen to convert captured carbon
destroy the vessel, suggesting that it deliberately from ArcelorMittal’s steep plant into sustainable
Energy think-tank predicts prevented a full investigation from taking place fuels and chemicals.
as vital evidence was destroyed.
“We are very excited to be leading the pre-fea-
Ghanaian fuel shortage bor noted that the Navy acted according to the tial projects that hold promise to unlock South
sibility and feasibility studies on these two poten-
Speaking on October 14, General Lucky Ira-
amidst cedi’s steady slide rules and didn’t need to carry out any investiga- Africa’s potential to be a global green hydrogen
and derivatives player,” said Priscillah Mabelane,
tion because the ship was caught in the act.
Ghana may experience a shortage of petroleum According to Human rights lawyer Marshall executive vice president for Sasol’s energy busi-
products triggered by the further depreciation of Abubakar, the move is highly suspicious. “Why ness. “These studies are anchored by the local
the cedi against the US dollar and rising global the hurry in destroying this vessel?” Abubakar need for green hydrogen and sustainable prod-
oil prices, a local think-tank warns. The cedi this said, as quoted by Voice of America (VOA). ucts, cementing Sasol as the leading contributor
week overtook Sri Lanka’s rupee as the world’s “There have been allegations that the menace to the development of southern Africa’s green
worst-performing currency to the US dollar, tak- of oil theft is being perpetrated by persons in hydrogen economy.”
ing its loss this year to 45.1%, the most among
148 currencies tracked by Bloomberg.
The depreciation and higher oil prices is
resulting in the erosion of working capital of
Bulk Oil Distribution Companies (BDCs), said
Nana Amoasi VII, executive director of the Insti-
tute for Energy Security (IES).
“There is something to be much worried
about and that’s the likelihood of the shortage
of the commodity on the market on the back of
a reported shortage of dollars for the Bulk Oil
Distribution Companies, the importers, and
the erosion of working capital of some of these
importers. The price of crude oil remains high
and the cedi value continues to decline,” he said,
as quoted by Pulse News.
“We first raised these concerns in March
this year and in the following month there were
reports of the pocket of shortages of fuel across

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