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Arrival of Russian crude oil aboard MT Theseus sparks controversy in Ghana’s energy sector

2 years ago
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Arrival of Russian crude oil aboard MT Theseus sparks controversy in Ghana’s energy sector

The energy industry in Ghana is currently facing a major controversy, as the Institute for Energy Security (IES) has raised concerns over the presence of a massive shipment of Russian crude oil aboard the MT Theseus. The energy think tank has called on the government of Ghana to provide transparency about the shipment, and to explain why it failed to block the vessel as suggested by the boss of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid, just days before the arrival of the cargo.

In a statement released by the IES, the group revealed that approximately 600,000 barrels of crude oil arrived at the Tema port on Friday, February 26, 2023, aboard the vessel MT Theseus. According to Bloomberg, the shipment was intended to be stored in Ghana as a pool of buyers around the world shrinks.

The IES has obtained documents that suggest that Planton Gas Oil Ghana Limited is the importer of the cargo, and has requested a crude oil storage space of approximately 80,000 metric tonnes (MT), equivalent to 600,000 barrels, from the Tema Oil Refinery (TOR), after nominating the facility as the discharge destination.

The IES has confirmed that the vessel in question is presently at the Tema port anchorage, and has issued notice of readiness (NOR) to the importer, awaiting to berth at either the Single Point Mooring (SPM) system or the Tema Oil Jetty for onward discharge into the storage tank(s). Samples of the crude have been taken for laboratory testing by nominated Inspectors and Agents, with the support of staff at the TOR facility.

However, the IES has also pointed out that just days before the arrival of the MT Theseus, the NPA had given a strong indication that it would block the vessel if it entered Ghana waters. The regulator of the downstream petroleum sector had indicated that it would cause the interception of the cargo, yet the vessel MT Theseus sits free, receiving the cooperation of state actors, and is likely to discharge into a national oil facility.

The IES finds this troubling, especially since Platon Gas Oil Ghana Limited’s processing and distribution capacity is very small for a size of 80,000 MT crude cargo. Between January and December 2022, Platon processed and distributed just 2,849 MT of Residual Fuel Oil (RFO) and Gasoil, representing just 3.6% of the crude oil consignment under discussion. This raises eyebrows, and the IES is tempted to think that the named receiver of the crude cargo Platon Gas Oil Ltd. is only a front.

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Ghanaians can recall that in late December 2022, the Deputy Minister of Energy Andrew Egyapa Mercer gave an assurance that the Tema Oil Refinery would commence full operation by the end of February 2023. The IES has asked whether this crude cargo aboard MT. Theseus is the first parcel of crude for TOR to start full operation, after two years of shutdown. The group has also questioned whether this crude oil consignment is an extension of the government’s Gold for Oil Programme.

The controversy surrounding the MT Theseus shipment is not only about the transparency of the government’s actions but also about the potential impact on Ghana’s energy sector. With a limited processing and distribution capacity, it is unclear how Platon Gas Oil Ghana Limited plans to manage such a large consignment of crude oil. Additionally, if the shipment is intended to help restart the Tema Oil Refinery, the IES has questioned whether the facility has the necessary infrastructure and capacity to process such a large amount of crude oil.

 

Tags: Arrival of Russian crude oil aboard MT Theseus sparks controversy in Ghana's energy sectorIESMT TheseusT0R
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