US Secretary of State Rex Tillerson on Thursday wrapped up a four-day mission to the Gulf with little sign of progress in resolving the diplomatic crisis pitting Saudi Arabia and its allies against Qatar. Tillerson met Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani for the second time in 48 hours, together with a Kuwaiti mediator, … Read more
European and US stocks scored solid gains Wednesday, with the Dow ending at a fresh record, as investors welcomed congressional testimony by Federal Reserve Chair Janet Yellen reiterating the pledge to gradual interest rate increases. Sentiment also got a boost from higher oil prices following US inventory data showing a big drop in petroleum supplies. … Read more
US Secretary of State Rex Tillerson, touring the crisis-hit Gulf for a round of intense shuttle diplomacy, arrived in Saudi Arabia Wednesday for talks with four Arab states boycotting Qatar. Tillerson will meet with the foreign ministers of Saudi Arabia, Egypt, the United Arab Emirates and Bahrain in Jeddah in an attempt to mend fences … Read more
A US appeals court rejected an effort by ExxonMobil Tuesday to enforce a $188 million judgment against Venezuela for the 2007 nationalization of the company’s heavy oil operations in that country. While the decision did not rule on the merits of the fine, the three-judge appeals panel overturned a US district court decision saying ExxonMobil … Read more
The Executive Director of the Chamber of Petroleum Consumers of Ghana (COPEC), Duncan Amoah, has suggested that illegalities in the sale of contaminated fuel is more costly than illegal mining hence requires a strong political will and adequate resources to tackle it. According to him, Ghana lost about GH¢850 million in just one year as a result of … Read more
The Chamber of Petroleum Consumers of Ghana (COPEC), has alleged that some illegal fuel dealers are harbouring the supposed contaminated fuel belonging to the Bulk Oil Storage and Transportation Company Limited (BOST) in Tema and Kpone in the Greater Accra Region. Following the public uproar over BOST’s sale of 5 million litres of contaminated fuel … Read more
US Secretary of State Rex Tillerson arrived in Qatar Tuesday for talks on the Gulf diplomatic crisis as leaks of secret agreements between regional powers triggered fresh tensions. Hopes of a resolution to the five-week crisis seem increasingly remote as Tillerson’s arrival in Doha was overshadowed by the publication of confidential agreements between Qatar and … Read more
Some powerful state actors are involved in the recent $5 million litres contaminated fuel are working vigorously to cover the rot at the Bulk Oil Storage and Transportation Company (BOST). That is the conviction of the Exective Director of the Chamber of Petroleum Consumers of Ghana (COPEC), Duncan Amoah. According to him, the development is being … Read more
US Secretary of State Rex Tillerson arrives Monday in Kuwait, the key mediator between Qatar and its Arab neighbours, for talks aimed at defusing the Gulf’s worst crisis in years. Tillerson will shuttle between Kuwait, Qatar, Saudi Arabia from Monday to Thursday in what is the first serious intervention by Washington in the Gulf crisis. … Read more
President Nana Akufo-Addo, as well as other power stakeholders have revealed that the newly commissioned Floating Production Storage and Offloading Vessel (FPSO) named after former President John Agyekum Kufuor holds a lot of bright promises for the ailing Ghana economy. The FPSO Kufuor was commissioned by President Nana Addo on Thursday, 6th July, 2017 in a … Read more
Chief Executive Officer of Ghana National Petroleum Commission (GNPC), Dr. Kofi Kodua Sarpong has hinted of plans by GNPC to venture into the production of fertilizer, ethanol and other petrol chemical products. The reposition of GNPC , he said, will need the participation of private investors in the implementation of these ventures. He disclosed this … Read more
Pakistan on Friday ordered Shell Pakistan to pay at least $2.4 million in compensation after more than 200 people were killed when one of its tankers overturned and exploded in a devastating inferno last month. The tanker contracted by Royal Dutch Shell’s local subsidiary crashed on a main highway in central Punjab province while carrying … Read more
President Nana Akufo-Addo has commissioned Ghana’s third oil Floating Production Storage and Offloading (FPSO) vessel named after former President John Agyekum Kufuor. Watched on by a line-up of top government officials and Italian managers of the vessel, the President turned the valve wearing a smile that meant – let the cash flow. The FPSO will … Read more
The President ,Nana Akufo-Addo has commissioned the Floating Production Storage and Offloading Vessel (FPSO) John Agyekum Kufuor to formally kick-start the production of oil in commercial quantities from the Sankofa Gye-Nyame Fields. The symbolic ceremony was done offshore by the President turning the production valve of the FPSO and opening a Subsea Well Choke. A … Read more
President Nana Addo Dankwa Akufo-Addo is expected to turn the valve on the Floating Production Storage and Offloading (FPSO) barge – named after former president John Agyekum Kufuor – offshore Cape Three Points on Thursday. The ceremonial turning of valve is to mark the commencement of commercial oil exploration from Sankofa Gye Nyame Fields. A … Read more
Nigerian lawmakers on Wednesday said former president Goodluck Jonathan should give evidence at an inquiry into an oil block deal that has become a shorthand for endemic graft. The probe centres on the $1.3 billion sale of OPL 245, an oil block estimated to hold nine billion barrels of crude, to petroleum giants Eni and … Read more
Petroleum-linked shares tumbled early Wednesday, on lower oil prices, pressuring US stocks, while some big technology shares were modestly positive. ExxonMobil and Chevron were among the biggest losers in the Dow as oil prices slid on worries about higher output from members of the Organization of the Petroleum Exporting Countries. But large technology companies including … Read more
Energy giant Shell said it is removing life-sized cutouts of a Malaysian woman in a headscarf from its petrol stations in the Muslim-majority country after photos of men groping the figure started circulating online. The adverts featuring a female employee, wearing a red T-shirt with a Shell logo, black trousers and a black headscarf, smiling … Read more
Rising oil prices and investor appetite for financial stocks helped boost most major US and European equities on Monday while the dollar rebounded on exchange markets ahead of the July 4 holiday in the United States. On a shortened trading day, Wall Street finished mixed, with the blue-chip Dow and the S&P both a hair’s … Read more
When Iran signed its landmark deal with world powers in 2015, curbing its nuclear programme in exchange for sanctions relief, many expected an investment gold rush. But despite thousands of business delegates flooding into Tehran from all over Europe, Asia and beyond, big deals have been slow to emerge. That makes Monday’s agreement with French … Read more