GE’s Power Services has signed a multiyear service agreement (MYA) with GEL Utility Limited (GELUL), a joint subsidiary of Engro Corporation of Pakistan and Genesis Power & Energy Solutions, to support the power generation requirements of the Nigerian National Petroleum Corporation’s wholly owned subsidiary- the Port-Harcourt Refining Company. The 12-year MYA includes the provision of parts, spares, repairs and services over 2 major inspection cycles for three units of GE’s TM2500 aeroderivative gas turbines earlier installed at the plant site in March 2015. “As an integrated energy company with a constant focus on commitment for greater efficiency in our investments and reduction of our costs without compromising the safety and production goals of our customers, we have been working with GE for several years to ensure optimum performance of the power generation assets installed at our various plants” said Akinwole Omoboriowo II, Chairman, Genesis Energy Holding. “We are pleased with this unique transaction experience with GE, which will help our esteemed customer, the Nigerian National Petroleum Corporation, to accomplish the scheduled outages of our assets at the Port Harcourt Refining Company, while also increasing significantly our savings in maintenance throughout the duration of the agreement”, he said. Sustaining gas turbine performance in these present times of ever-shrinking budgets can be a difficult challenge GE’s Power Services offering will feature the expanded capabilities on GE’s TM2500* fast power solution assets installed at the plant. GE’s TM2500* aeroderivative gas turbines enable governments, utilities, and businesses around the world to fulfill their generation requirements within days. Thanks to their modular concept, fast installation features and quick production schedules, these units typically can be ready to enter into commercial operation approximately 30 days after your order is placed. “Sustaining gas turbine performance in these present times of ever-shrinking budgets can be a difficult challenge. As oil prices are a determinant of the country’s growth pattern; this service agreement is crucial to help improve power supply for the constant production of one of the nation’s leading facilities” said Narendra Asnani, Executive Sales Director for GE Power Services, Sub-Saharan Africa. “I’m therefore very proud we’ll be able to provide the right tailored services solutions to help reduce GELUL’s operational and maintenance costs, while providing operational and technical support for the next twelve years”. The state-owned refinery which specializes in the refining of crude oil into petroleum products will have an optimal supply of the power it needs to run its plant reliably and efficiently. GE‘s TM2500 fast power solution represents some of the most reliable distributed power units available. That means plant operators will not face frequent interruptions and instabilities due to technical problems related to faulty equipment or an unstable electricity grid. The units will also provide the ability to frequently and rapidly ramp up to meet load and demand fluctuations. With production capacity currently at approximately 210,000bpd, Port-Harcourt refinery which is also the country’s largest operational refinery, needs a constant supply of power with no room for downtime to the facility and its operations.
African Development Bank (AfDB) President Akinwumi Adesina has called on investors to join the partnership platform offered by the Africa Investment Forum and “grab the chance to fast track the continent’s investment and development agenda". Adesina, made the call in Johannesburg, South Africa, during a plenary session entitled “Delivering As One for Africa,” on the first day of the Forum. According to him “we must fast track Agenda 2063,” Adesina urged. “To deliver as one. We are impatient to get there”. A press statement made available to FRESH FACTS by APO also indicated that the event featured heads of leading Development Finance Institutions and Forum partners, including Patrick Dlamini, CEO, Development Bank of Southern Africa; Professor Benedict Oramah, President, the Africa Export-Import Bank; Dr. Bandar M. H. Hajjar, President, Islamic Development Bank; Admassu Tadesse, President, Trade and Development Bank; Alain Ebobisse, CEO, Africa 50; Mallam Samaila Zubairu, CEO, Africa Finance Corporation. Besides, the Bank’s partners acknowledged that with all the multilateral institutions in the room they had the capital needed to tilt the investment balance and channel much needed investments into Africa. The Africa Investment Forum is the first ever transaction-based Forum, “This is not an event. It is a platform where governments, private sector, investors, and project promotors come together. We develop quality bankable projects, de-risk them and actually make sure it happens”. ‘‘We are committed to fast track development. We know countries do not develop from aid but by the discipline of investment. We require broad-based partnerships and collective effort with the private sector and institutional investors”, Adesina further noted. Panelists acknowledged the critical role of African leaders who set the tone in terms of policy and creating conducive environments for businesses to thrive. The Africa Investment Forum is part of a much bigger drive by the African Development Bank to tap into the vast pool of global capital to fund its ambitious plan to transform Africa. The Bank estimates the continent needs between US$130 billion and US$170 billion a year to fund its critical development needs. Due to tightening budgets, traditional funding sources such as national governments and development institutions like the African Development Bank alone are unable to meet Africa's capital needs. Global institutional investors and asset owners control US$ 131 trillion Asset Under Management, of which Adesina said, even one percent would be sufficient to close the infrastructure financing gap, estimated at between US$68-US$108 billion.