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Ghana Settles $42m Debt To Nigeria Gas Company
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Ghana Settles $42m Debt To Nigeria Gas Company
peacefmonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from peacefmonline.com Daily Mail and Mail on Sunday newspapers.
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Ghana’s energy sector has received a major boost following the payment of the country’s $42 million legacy debt owed Nigeria Gas Company (N-Gas).
The settlement of the debt to N-Gas among other things, enhances the country’s quest to use clean fuel for its power generation and afford the two countries opportunities for further discussions going forward.
The Chief Executive Officer of N-Gas, Mr Aliyu Aminu says the payment of the debt is a testament of the government of Ghana’s commitment to deepen its long-standing relationship with the company and the Republic of Nigeria.
Speaking at a meeting with Ghana’s Energy Minister, Mr Aminu commended the leadership of Dr Matthew Opoku Prempeh, saying “Since he took office in March, the Nigerian petroleum company has experienced a deeper collaboration with the Ministry of Energy.”
Date: May - 04 - 2021 , 15:35
BY: Dotsey Koblah Aklorbortu, SEKONDI-TAKORADI
Category: Business News
The country’s oil industry experts have warned that the agreement allowing for the importation of liquefied natural gas (LNG) poses a direct risk to the investment plans of international oil companies (IOCs) interested in the upstream oil and gas activities.
With the current volume of gas from the country’s fields and Nigeria, adding LNG imports holds the potential to discourage investors and send existing investors from further investment in the country’s upstream sector.
This follows the emergence of Shell LNG, which has entered into a take-or-pay agreement with the national oil company – Ghana National Petroleum Corporation (GNPC) when the country’s domestic gas and supplies from Nigeria remain sufficient.
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