Page 14 - DMEA Week 11 2022

DMEA NEWS IN BRIEF DMEA

Ghana: stop giving away none, even when the country is producing for clean ammonia is increasing rapidly.
But for politics, it is currently contributing
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free fuel crude oil in commercial quantities.
MY JOY
Executive Director of the Chamber of TERMINALS & SHIPPING
Petroleum Consumers, Ghana (COPEC) says
government appointees do not feel the heat of PETROCHEMICALS Suez Canal to discontinue
fuel price increment because they receive the
commodity free. Egypt signs MoU with LNG discount
Duncan Amoah said it is high time the
country stopped giving appointees free fuel to Scatec for ammonia facility Egypt’s Suez Canal Authority (SCA) has
appreciate the plight of Ghanaians better. announced that it will discontinue the 15%
Speaking to Nhyira FM’s Nana Kwadwo A number of Egyptian government entities discount offered to LNG carriers crossing the
Jantuah on Kuro Yi Mu Nsem show, he have signed a memorandum of understanding canal, effective March 15.
observed that fuel increment is no problem with Norway’s Scatec to produce green SCA is taking this step in light of
for many public office holders because they ammonia from green hydrogen in the geopolitical developments – chiefly, the
enjoy it at no cost. Suez Canal Free Zone (SCFZ) area. The decision of European countries to reduce their
“The unfortunate thing is that when $5bn project will be partly financed by the reliance on Russian natural gas by switching
you are in power, you don’t see petrol as a Sovereign Wealth Fund of Egypt and through to alternative sources. This plays out to Egypt’s
problem. So they will never understand if we securing long-term offtake agreements to advantage, as the Suez Canal is a conduit
don’t stop the free fuel. enable non-recourse project financing for the for Qatari and Australian LNG shipments
“Any appointee who has been given V8 green ammonia. heading north to markets in Europe.
who enjoys free fuel will not understand you The green hydrogen and ammonia facility As the shortest maritime route between
and will even insult you when you talk about will be located in the SCZone in the Ain Europe and Asia, the Suez Canal is a vital
fuel increment because they do not buy. Sokhna Industrial Zone and will be powered waterway for international trade. It is also a
“They will always tag it as a global issue by renewable energy plants to be built in close reliable source of foreign exchange revenues
when speaking about the increment, but that proximity on an area of land allocated by the for the Egyptian economy. The canal
is not wholly true; the cedi is also part.” New and Renewable Energy Authority. generated $5.9bn for Egypt in the fiscal year
Mr Amoah says the politics of Ghana has Once developed, Scatec intends to 2020/2021, up from $5.8bn in the previous
collapsed the Tema Oil Refinery, which should implement the project in phases based on fiscal year, which ended in June.
have been giving the citizens relief now that the company’s integrated business model. SCA authorities estimate that the
the price on the international market has shot The project will have an initial production waterway’s income in the current fiscal year,
up. capacity of 1mn tonnes per year and the which will end next June, may top $7bn.
According to him, the Tema Oil Refinery potential to possibly increase to 3mn tpy. The NEWSBASE
was single-handedly contributing five per cent green ammonia will mainly be exported to
to Ghana’s GDP in the late 90s. European and Asian markets, where demand

P14 www. NEWSBASE .com Week 11 17•March•2022