Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Ghana ‘owes Nigeria Gas $120m’

money

The Volta River Authority (VRA) owes Nigeria Gas approximately $120 million, TV3 can confirm.

High-placed sources say the debt is as a result of the power-producing company’s inability to pay off six months of gas supplied.

But it is not the reason for the erratic supply of gas from Nigeria, our sources assert.

This comes a day after Former Deputy Governor of the Central Bank and Economist Dr Mahamudu Bawumia stated that VRA owes Nigeria Gas $100 million, a reason for “the untold story” of the erratic supply of gas.

“Nigeria Gas is, therefore, dragging its feet with regards to the supply of gas while this amount is unpaid,” Dr Bawumia stated during his lecture as Visiting Professor of Economic Governance at the Central University College on Tuesday, March 24.

“Ultimately, the dumsor problem is more of a financial problem than a technical one,” he suggested.

TV3 has gathered that Nigeria is considering cutting supply of gas to VRA after honouring a breach-of-agreement compensation by paying $10 million to Ghana for erratic supply.

According to VRA, the Electricity Company of Ghana (ECG) owes it GH¢1.2 billion, without which it cannot settle the debt to Nigeria Gas.

Source: http://tv3network.com/all-news/markets/business/ghana-owes-nigeria-gas-120m.html

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar