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Business News of Wednesday, 21 August 2013

Source: myjoyonline.com

Ghana saves $279 million from crude oil revenue

The country has been able to save close to $279 million from revenue earned from crude oil export for the first half of 2013.

This is contained in the Ghana Petroleum Funds report on the country's earnings from crude oil export since it started exporting crude.

According to the report, $77 million will be set aside for future generations in the Heritage Fund, while $202 million has accrued to the Stabilisation Fund to cushion the country in times of crude oil price volatility.

Meanwhile, the report revealed that $119 million has been paid to government by the oil companies in terms of corporate taxes.

Tullow Oil paid the highest of $79.2 million in total followed by Anardako Petroleum Corporation with $23.9million, while Kosmos Energy paid $15.9 million.

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