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Africa Oil President and CEO Keith Hill com- it could pose financial challenges for Turkey, a value. Some 1,400 Turkish companies currently
mented: “We have continued to deliver on our country already struggling with economic tur- work in Algeria.
commitment to shareholder capital returns with moil, including an FX crunch, Ali Arif Akturk, a bna/IntelliNews, November 14 2022
the launch of our share buyback programme in former senior executive at Turkey’s state energy
third quarter 2022. Together with our dividend importer Botas and oil company Genel Energy, Ex-boss of Ghana’s
policy, from start of the year through to Novem- told Al-Monitor.
ber 11, 2022, we have returned almost $60mn to Exploration, he was quoted as saying, is “the Tema Oil Refinery arrested
our shareholders whilst growing our cash posi- riskiest part of the business” and means the use of
tion. This has been made possible by the robust one’s own resources because there is little chance by UK authorities for
performance of our Nigerian assets that provide of finding loans for such projects. “I cannot say
us with high quality and long life production and whether [the Algerian government] could offer alleged bribery
cash flows. We can look forward to potentially fields where gas and oil discoveries are more
high impact catalysts in the next few months, likely or grant [the joint company] some com- Asante Berko, a former managing director of
including the results of Gazania-1 exploration petitive advantages. But Turkey is hardly on a Ghana’s state-owned Tema Oil Refinery (TOR),
well, and the Venus appraisal programme. Africa competitive level in terms of exploration and has been arrested by British authorities on
Oil has an attractive full-cycle opportunity set production.” charges that he orchestrated bribes to officials
for sustainable shareholder value growth and a bna/IntelliNews, November 16 2022 while working with investment bank Goldman
bright future.” Sachs Group Inc., Bloomberg reports.
He faces a six-count charge according to
Africa Oil, November 14 2022 Turkey, Algeria agree an August 2020 indictment unsealed in a fed-
to establish joint oil eral court in Brooklyn, New York earlier in
POLICY November.
Berko also stands accused of conspiring with
Turkey strikes oil and exploration firm two Ghanaian authorities and four others in an
Turkey’s minister of energy and natural resources alleged bribery scheme said to have favoured
gas exploration deal Fatih Donmez said his country has agreed with himself, Goldman Sachs, and a Turkish-based
the Algerian government to set up a joint oil energy company that intended to build a power
with Algeria, but expert and natural gas exploration firm focused on the plant in Ghana, the report noted.
MENA region, the Anadolu Agency reports.
According to prosecutors, Berko allegedly
questions its viability ment include Algeria’s state-owned energy group approvals for the Turkish-based power plant in
The participating parties in the new establish-
paid a huge sum of money in bribes to obtain
Turkey has struck an agreement for joint oil and Sonatrach and Turkish Petroleum. Ghana, in which Goldman held a 16% stake. It is
gas exploration with energy-rich Algeria, though Donmez and his Algerian counterpart also alleged that he laundered the bribed money
questions linger over the viability of such a ven- Mohamed Arkab agreed to support mutual pro- through US financial institutions, Bloomberg
ture, Al-Monitor wrote on November 15. jects in the future and increase cooperation in reports.
Turkish Energy Minister Fatih Donmez the oil and gas industry. Berko was sued in 2020 by the US Securities
has announced that Turkey’s state-run petro- Algeria and Turkey agreed last year to estab- and Exchange Commission (SEC) for similar
leum company TP and Algerian counterpart lish a joint venture in the petrochemical sector, conduct. He settled the suit after agreeing to pay
Sonatrach are to set up a joint company for oil in which a petrochemical workshop was estab- about $329,000 to regulators without confirming
and gas exploration in both Algeria and other lished in the southern Turkish town of Adana. nor denying the allegations, court records show
regional countries. In June, Turkish VP Fuat Oktay said his coun- as reported by Bloomberg.
The details of the plan remain unknown, but try’s investments in Algeria had reached $5bn in bna/IntelliNews, November 14 2022

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