The Nation Newspaper

Tag: Sahara Energy

  • Pope’s feet-kissing, Sahara Energy’s $600m boost South Sudan peace

    As South Sudanese and other people across the world remain in awe of the inspiring feet-kissing and blessing of the nation’s leaders by Pope Francis, Sahara Energy Resources DMCC of Dubai has extended a $600 million facility to help boost resurgent hope for peace in the world’s youngest democracy.

    Pope Francis recently kissed the feet of President Salva Kiir Mayardit and Vice Presidents-designate Riek Machar and Rebecca Nyandeng de Mabior during a “spiritual retreat” at the Vatican, urging them to “remain in peace”.

    Steeped in a consciousness that spurs reciprocal forgiveness, the Pope’s widely commended gesture and ongoing support from various governments and corporate entities, like Sahara Energy, signpost a prospective march toward peace in South Sudan.

    The $600 million facility provided by Sahara Energy DMCC, a member of the leading energy and infrastructure conglomerate, Sahara Group, is expected to support the peace process and facilitate sustained economic growth and development in South Sudan.

    “Sahara Group is passionate about spearheading sustainable development in Africa and remains unwavering in its resolve to support peace and trade integration on the continent to promote shared prosperity,” said Temitope Shonubi, Executive Director, Sahara Group, in a meeting with President Kiir in South Sudan.

    The World Bank reports that South Sudan is the most oil-dependent country in the world, with oil accounting for almost the totality of exports, and around 60 per cent of its gross domestic product (GDP). The cost is required to help 6 million South Sudanese – half of its population – to cope with the effects of the country’s economic situation was put at $1.7 billion in 2018, according to the United Nations.

    The huge funding challenge of transforming South Sudan makes the Sahara Energy facility and continuing global support inevitable.

  • Edo, Sahara Energy to power public utilities with gas 

    Edo, Sahara Energy to power public utilities with gas 

    Plans by the Edo State government to improve power supply through partnership with oil and gas companies have received the buy-in of Sahara Energy.

    The innovative energy solution includes the conversion of gas, hitherto flared, to electricity that will be used to power hospitals, schools, street lights and other public utilities.

    Governor Godwin Obaseki, who spoke yesterday after the weekly Executive Council (EXCO) meeting at the Government House, Benin City, said during the unveiling of representatives of Sahara Group, led by the Chairman, Funso Kupolokun, an engineer, the company indicated interest in partnering the government in electricity generation through the exploitation of the state’s gas assets and other key developmental areas.

    The Co-Founder/Executive Director, Sahara Energy, Tonye Cole, hailed the governor for opening up the space for investment, saying he (governor) had expressed interest in collaborating with Sahara Energy in electricity and curbing illegal migration.

    “Governor Obaseki is committed to stopping gas flaring and to convert it to electricity. This ties 100 per cent to what we stand for. On illegal migration, which has become the biggest problem in the state, we are standing here to give hope to the people and commit to developing the nation,” he said.

     

  • Edo, Sahara Energy reach deal to power utilities with flared gas 

    Edo, Sahara Energy reach deal to power utilities with flared gas 

    Plans by the Edo State Government to improve power supply in the state through partnership with oil and gas companies, have received the buy-in of Sahara Energy.  

    The innovative energy solution includes the conversion of gas, hitherto flared, to electricity that will be used to power hospitals, schools, street lights and other public utilities.

    Governor of Edo State, Mr Godwin Obaseki, said this after the weekly Executive Council (EXCO) meeting, held at the Government House, Benin City.

    Obaseki explained during the unveiling of representatives of Sahara Group, led by the chairman, Engineer Funso Kupolokun, that the company has indicated interest in partnering with the Edo State Government in the area of electricity generation through the exploitation of the state’s gas assets and other key developmental areas.

    Managing Director, Sahara Energy, Tonye Cole, lauded governor Obaseki for opening up the space for investment in the state, adding that the governor has expressed interest in collaborating with Sahara Energy in the areas of electricity and curbing illegal migration.

    “The governor has committed to stop gas flaring and to convert it to electricity. This ties 100 per cent to what we stand for. On the issue of illegal migration, which has become the biggest problem in the state, we are standing here to give hope to the people and commit to developing the nation,” Cole said.

  • Our role in oil deals, by Sahara Energy

    Our role in oil deals, by Sahara Energy

    The management of Sahara Energy has stated the company’s involvement in the lifting of crude for refined products, which the economic czar, Economic and Financial Crimes Commission (EFCC). The oil deals are card out under the product exchange (swap) and offshore processing agreement (OPA).

    Swaps are are transactions in which the Nigerian National Petroleum Corporation (NNPC) supply the other party with crude oil in return for the other party supplying the NNPC with refined products for sale locally on a value-for-value basis. Under the Offshore Processing Agreements (OPA), the NNPC provides crude oil to another party who would refine the crude oil on behalf of the NNPC and return the refined products to the NNPC based on the yield slate of the party’s refinery while the NNPC provides the crude oil and pays the refining and other incidental costs.

    The management said: “Sahara, amongst other operators, was invited by the Economic and Financial Crimes Commission (EFCC) as part of a complete petroleum industry investigation. We made submissions to the EFCC, which showed that the Society Ivoirienne de Rafinage, Abidjan (SIR)/Sahara OPA contract has been fully reconciled and indicate a zero debt position to NNPC/PPMC in crude, cash or products.  The receipts from expenses on jetty fees and port dues are being awaited and would be compiled for submission.

    “ It must also be reiterated that SIR/Sahara have always had a Letter of Credit (LC) in place to the full value of the crude lifted and is still valid till date. The LC acts as a performance bond that can be called in by the NNPC at any point of the transaction in the event that the full contractual value of any outstanding products is not delivered. This is lopsided as we do not have any security against NNPC if there is a default on their part.

    “ It is important to stress the fact that Sahara, whenever the need arose, has always gone the extra mile to ensure product availability, often times pre-delivering in the absence of a corresponding crude allocation.