Page 8 - AfrOil Week 38 2021

AfrOil PERFORMANCE AfrOil

Suez Oil Processing Co. refines

44,000 bpd in FY 2020/2021

EGYPT SUEZ Oil Processing Co, (SOPC) of Egypt has
announced that it refined some 2.2mn tonnes
of crude oil, equivalent to 44,000 barrels per
day (bpd) during Fiscal Year 2020/2021, which
ended last June, producing butane, 80-octane
and 92-octane gasoline, residual fuel oil and
diesel.
The government-owned company’s output
went a long way towards satisfying local mar-
ket needs. Additionally, the company supplied
around 76,000 tonnes of diesel and 3,000 tonnes
of low-sulphur fuel oil (LSFO) to Nasr Petro-
leum Co. for export.
SOPC has established a new factory for
asphalt production that is due to come on The refinery has been in operation since 1923 (Photo: SOPC)
stream next month, following the completion of
experimental testing. It built the facility with the Additionally, 12 warehouses are being estab-
aim of meeting increasing domestic demand. lished to increase the storage capacity of petro-
Meanwhile, a number of new projects are leum products, and a new 24-inch (610-mm)
currently being implemented, including the diameter pipeline is being established to trans-
supply and installation of two salt separators for port petroleum products from the company to
distillation units 1 and 2 to provide the required the tanker berth in order to increase operating
feedstock for the new units in the coking and facilities for the import and export of petroleum
asphalt complex. products. ™

PIAC reports on Ghanaian oil revenues

GHANA GHANA’S Public Interest and Accountability
Committee (PIAC) revealed last week that the
country has collected more than $6.5bn in oil
revenues since 2011, when its first crude oil
deposit began commercial production.
In a newly published report, PIAC said that
Ghana had earned some $6.55bn in oil revenue
between 2011 and 2020. It noted that about
$2.557bn, or 39.04% of the total, had gone to the
Annual Budget Funding Account (ABFA), while
another $2.012bn, or 30.72%, went to Ghana
National Petroleum Corp. (GNPC), the national
oil company (NOC).
Meanwhile, the Ghana Stabilisation Fund
absorbed another $1.393bn, or 21.27% of the Section of Ghana’s offshore zone (Photo: Petroleum Commission of Ghana)
total, and the Ghana Heritage Fund absorbed
about $587mn, or 8.97%. for stakeholders in Ghana’s Western and Cen-
In 2020 alone, Ghana collected about tral regions, reported that the government had
$195.36mn in oil revenues. This represented a been using oil revenues to fund development
drop of 17.5% on the previous year’s figure of initiatives in 12 different sectors. These sectors
$236.794mn. PIAC attributed the decline to the include agriculture, environmental protec-
coronavirus (COVID-19) pandemic. tion, healthcare, infrastructure, institutional
PIAC chairman Kwame Adom-Frimpong, strengthening, renewable energy, security and
who presented the report at a virtual forum social welfare, he said.

P8 www. NEWSBASE .com Week 38 22•September•2021