Business News of Friday, 5 October 2018
President Akufo-Addo has met with and the CEO of Eni, Claudio Descalzi to discuss Eni’s operational activities in Ghana.
The meeting also looked at the frontrunner role Ghana can play in the partnership Eni recently signed with UNDP.
The partnership seeks to combine efforts on the development of renewable energy, energy efficiency, forestry and clean cooking initiatives, starting in Africa.
The meeting between the two gentlemen also aims at achieving the Sustainable Development Goals (SDGs) and specifically SDG 7 on affordable and clean energy, SDG 13 on climate actions and SDG 15 on land management and re-and/or afforestation, thanks to UNDP and Eni combined expertise, ability to innovate, and on-the ground networks.
A statement issued by Eni after the meeting said, ‘Improving access to energy, especially in Africa, is core to Eni’s values, and it is an intrinsic part of the Company’s business.
Eni invests more than half of its budget in Africa, boosting the domestic potential and promoting local development,’ it added.
Again, Eni noted that the $7bn investment in the integrated OCTP project represents its firm commitment to providing long term domestic gas supply.
Ghana’s OCTP project will deliver stable, secure, reliable, and affordable volumes of gas to feed Ghana’s power plants for over 20 years.
The use of domestic gas will allow Ghana to cut the use of liquid fuel, reducing CO2 emissions by 30%, and to limit the more expensive gas importation, whose entire value chain lies outside the country.
Also, Eni has destined over $15m to an extensive program of sustainability initiatives including economic diversification education, water and sanitation, and health activities, and is engaged in the development of solar power projects in the Country including off grid installations in remote areas and floating solar farms.
In the framework of the partnership signed between Eni and UNDP, a first area that will be developed together is a REDD+ (Reducing Emissions from Deforestation and Forest Degradation) initiative.
Community based activities will be proposed in order to increase agricultural productivity, introduce agroforestry schemes, and generate revenue from non timber forest products contributing to the diversification and development of the local economy.
Eni has been present in Ghana since 2009 through its subsidiary Eni Ghana.
Eni is Operator of the OCTP Integrated Oil & Gas Development Project (Eni 44.44%, Vitol 35.56%, GNPC 20%).