THE Tema Oil Refinery (TOR) yesterday began taking delivery of the 997,000 barrels of crude oil imported into the country last Sunday.
The unloading of the product for TOR, which began at 10:48 a.m., is expected to take three days.
The ship which brought the product, imported into the country by Sahara Energy, spent over 96 hours offshore at the Single Point Mooring (SPM) facility, following difficulties with the acquisition of Letters of Credit (LCs).
Inside sources at the refinery told the Daily Graphic that an arrangement had been reached with Sahara Energy for the rest of the payment to be effected at an agreed date after successful delivery of the oil.
The acting Managing Director of TOR, Dr Kwame Ampofo, would, however, not comment on this new development, as he told this reporter that he was attending a board meeting when he finally answered his telephone after failing to do so for the past four days.
When reached on telephone, the Deputy Minister of Energy, Dr Kwabena Donkor, told the Daily Graphic that the issue at hand was a technical and operational one.
“We at the ministry are in charge of policies and supervision,” he remarked.
The absence of crude oil at the refinery, 10 months into the ruling National Democratic Congress administration, has seen the government and the workers of the refinery on a collision course, with the latter threatening to embark on a strike.
The move saw the President visiting the refinery last week to ascertain its true state and also interact with the workers, while assuring the nation of the importance the government attached to the operation of the refinery, which he described as one of the pivots of the country’s economic development.
The move resulted in the government reaching an agreement with Sahara Energy, which imported the 137,000 metric tonnes of crude oil into the country, while the government struggled for LCs to facilitate delivery, until Ecobank Ghana went to its rescue.
Friday, October 30, 2009
Thursday, October 29, 2009
UNCERTAINTY OVER CRUDE OIL DELIVERY (OCT 29, SPREAD)
THE anticipated delivery of crude oil to the Tema Oil Refinery (TOR) yesterday for refining was still uncertain at the time of going to press.
This is because the $54 million worth of letters of credit (LCs) so far guaranteed by Ecobank Ghana only cover the cost of 750,000 barrels out of the more than 997,000 barrels of crude brought into the country last Sunday by Sahara Energy.
Sources close to TOR, which disclosed the details to the Daily Graphic, were, however, unable to say what would happen to the rest of the consignment of crude if the full cost was not paid.
The sources said another vessel carrying finished products imported into the country by Chase Petroleum had arrived at the Single Point Mooring (SPM) facility near Kpone and had begun unloading its cargo into storage facilities in the Accra Plains Depot.
Although top management officials at the refinery were tight-lipped about the latest development, other sources told the Daily Graphic that the consignment’s delivery, which was expected to have been done yesterday evening, might have to wait till the end of today.
The vessel, ‘Wilhelmina’ , which is carrying the 997,000 barrels of crude, has been on anchorage at the Tema Harbour since Sunday waiting to berth for onward delivery, while the consignee agency, Sahara Energy, demands LCs that will serve as guarantee that the crude will be paid for after delivery.
Frantic efforts by the government and TOR management to get Ghana Commercial Bank (GCB) to provide the needed guarantee failed following the refinery’s indebtedness to GCB to the tune of about $600 million.
The move saw Ecobank Ghana stepping in to provide the LCs after officials of the Finance and Energy ministries, as well as TOR, on Tuesday had held a hectic 24-hour meeting with the bank, resulting in the $54 million to cover more than 80 per cent of the cargo, leaving the government to look elsewhere for money to settle the remaining 20 per cent.
This is because the $54 million worth of letters of credit (LCs) so far guaranteed by Ecobank Ghana only cover the cost of 750,000 barrels out of the more than 997,000 barrels of crude brought into the country last Sunday by Sahara Energy.
Sources close to TOR, which disclosed the details to the Daily Graphic, were, however, unable to say what would happen to the rest of the consignment of crude if the full cost was not paid.
The sources said another vessel carrying finished products imported into the country by Chase Petroleum had arrived at the Single Point Mooring (SPM) facility near Kpone and had begun unloading its cargo into storage facilities in the Accra Plains Depot.
Although top management officials at the refinery were tight-lipped about the latest development, other sources told the Daily Graphic that the consignment’s delivery, which was expected to have been done yesterday evening, might have to wait till the end of today.
The vessel, ‘Wilhelmina’ , which is carrying the 997,000 barrels of crude, has been on anchorage at the Tema Harbour since Sunday waiting to berth for onward delivery, while the consignee agency, Sahara Energy, demands LCs that will serve as guarantee that the crude will be paid for after delivery.
Frantic efforts by the government and TOR management to get Ghana Commercial Bank (GCB) to provide the needed guarantee failed following the refinery’s indebtedness to GCB to the tune of about $600 million.
The move saw Ecobank Ghana stepping in to provide the LCs after officials of the Finance and Energy ministries, as well as TOR, on Tuesday had held a hectic 24-hour meeting with the bank, resulting in the $54 million to cover more than 80 per cent of the cargo, leaving the government to look elsewhere for money to settle the remaining 20 per cent.
Wednesday, October 28, 2009
ECOBANK GUARANTEES LCS FOR OIL DELIVERY (PAGE 3, OCT 28)
ECOBANK Ghana Limited has raised $54 million worth of letters of credit (LCs) to enable the Tema Oil Refinery (TOR) to take delivery of 997,000 barrels of crude oil for refining.
The refinery may, however, have to wait till the end of today, by which time Sahara Energy in Nigeria is expected to have received confirmation of receipt of payment.
The consignment of crude has been on anchorage at the Tema Harbour since Monday waiting to berth at the Single Point Mooring (SPM) facility near Kpone for onward delivery, while the consignee agency, Sahara Energy, demands LCs that will serve as guarantee that it will be paid for the delivery.
Attempts by the government and TOR on Monday to get Ghana Commercial Bank (GCB) to provide the needed guarantee failed because the refinery was already indebted to GCB to the tune of some $600 million and the new guarantee would raise the level of indebtedness further to undesirable limits.
Daily Graphic sources disclosed that ECOBANK, after a hectic meeting with officials of the Finance and Energy ministries, as well as TOR, yesterday, agreed to provide the LCs to cover more than 80 per cent of the cargo.
The sources added that owing to the level of the transaction, the Bank of Ghana (BoG) had to grant the guaranteeing agency ECOBANK an exemption before it could agree on the deal as part of the conditions spelt out in the contract.
They further indicated that TOR needed to put its documents in order following a formal request for the LCs late on Monday afternoon after GCB had failed to raise the LCs.
ECOBANK Ghana and its parent company, ECOBANK Development Corporation (EDC), were in June this year contracted by the government to restructure TOR’s debt to enable it to recommence regular operations.
The absence of crude oil since September last year has led to agitation among TOR’s workers who threatened to embark on an industrial action if the President did not step in to save the situation.
The agitation also saw the workers accusing some officials of the Energy Ministry of subverting the importation of crude oil, leading to an artificial shortage of petroleum products, because of the huge profit margins they were generating from the importation of finished petroleum products for TOR.
Officials of TOR, as well as the representing ministries brokering the deal, are tight-lipped over the latest development, as calls to their phones went unanswered.
The refinery may, however, have to wait till the end of today, by which time Sahara Energy in Nigeria is expected to have received confirmation of receipt of payment.
The consignment of crude has been on anchorage at the Tema Harbour since Monday waiting to berth at the Single Point Mooring (SPM) facility near Kpone for onward delivery, while the consignee agency, Sahara Energy, demands LCs that will serve as guarantee that it will be paid for the delivery.
Attempts by the government and TOR on Monday to get Ghana Commercial Bank (GCB) to provide the needed guarantee failed because the refinery was already indebted to GCB to the tune of some $600 million and the new guarantee would raise the level of indebtedness further to undesirable limits.
Daily Graphic sources disclosed that ECOBANK, after a hectic meeting with officials of the Finance and Energy ministries, as well as TOR, yesterday, agreed to provide the LCs to cover more than 80 per cent of the cargo.
The sources added that owing to the level of the transaction, the Bank of Ghana (BoG) had to grant the guaranteeing agency ECOBANK an exemption before it could agree on the deal as part of the conditions spelt out in the contract.
They further indicated that TOR needed to put its documents in order following a formal request for the LCs late on Monday afternoon after GCB had failed to raise the LCs.
ECOBANK Ghana and its parent company, ECOBANK Development Corporation (EDC), were in June this year contracted by the government to restructure TOR’s debt to enable it to recommence regular operations.
The absence of crude oil since September last year has led to agitation among TOR’s workers who threatened to embark on an industrial action if the President did not step in to save the situation.
The agitation also saw the workers accusing some officials of the Energy Ministry of subverting the importation of crude oil, leading to an artificial shortage of petroleum products, because of the huge profit margins they were generating from the importation of finished petroleum products for TOR.
Officials of TOR, as well as the representing ministries brokering the deal, are tight-lipped over the latest development, as calls to their phones went unanswered.
TEMA INSTALS CHIEF IMAM (DAILY GRAPHIC, CENTER SPREAD,MON OCT 26)
THE Ministry of Foreign Affairs is to operate from the international conference center as parts of government’s interim measure to revive activities following last week’s fire outbreak that raised down the 10-storey building housing the ministry.
The sector minister, Alhaji Mohammed Mumuni disclosed this to the Daily Graphic at the outdooring ceremony of the Tema Metropolitan Chief Imam Alhaji-Salley Iddrisu Sika and his deputy Alhaji Adam Abubakari in Tema.
The ceremony also witnessed the launch of the Tema Metro Islamic Development Fund which is aimed towards the mobilization of resources for economic and infrastructure development in Muslim communities within the metropolis.
Alhaji Mumuni noted government as a matter of urgency has adopted a three tier approach which would see the construction of a modern office complex at the former students hostel premises which was reclaimed by government to house the ministry in its long term programme whilst feverish arrangements would be made within the next two weeks to secure a permanent office structure to accommodate staffs.
The minister commended the Muslim community in the Tema metropolis for a peaceful transition of leadership following the death of the late chief imam, Alhaji Abdul Samad two months ago.
He indicated the concept of globalization which comes with modern development has caught up with the world, hence the need to live in peaceful co-existence as parts of efforts being made towards instigating our economy into the new globalised society.
He challenged Muslims to seek knowledge in order to interprete themselves better to the world while they make strives towards investing in their children’s education as education is the “key to a nation’s development”. He remarked.
He commended the incoming chief Imam for the launch of a development fund which would go into facilitating development of Muslim children as well as Muslim communities and urge all to contribute towards sustaining the fund.
The new chief imam, Ahaji Salley Iddrisu Sika in his address noted the underdevelopment of Muslim communities was due to the low level of education of residents, hence the need to develop approaches aimed at complementing the efforts of the National Chief Imam to improve the situation.
He said an advisory board would be put in place in all mosques within the metropolis to plan activities that would facilitate the implementation of programmes aimed at improving the lives of the people.
Imam Iddrisu-Sika challenged endowed Muslims to support the less privileged, the aged and widows in Muslim communities.
The Tema Mantse, Nii Adjei Krakue II who administered the oath of office challenged the chief Imam to uphold the virtues of Islam, pointing out that the absence of peace retard development in the communities.
The Tema Metropolitan Chief Executive, Mr Kempes Ofosuware commended the new chief Imam for playing a major role in the smooth transition.
Ahaji Iddrisu-Sika was born in Accra on the 22nd September 1929. He had his elementary school at the Accra High elementary school and later proceeded to Accra High School between 1940-1948 for his secondary education.
He later trained as a librarian and served as an assistant librarian at the famous Balm Library of the University of Ghana and subsequently, at the Akuafo Hall of the same university.
Later, he joined the Kaiser engineers as a general foreman during the construction of the Akosombo Dam, the Volta Aluminum Company as well as government silos at the cocoa processing company.
The Deputy Minister of Water Resource, Works and Housing, Alhaji Saani Iddi who launched the fund donated an amount of GH¢100 as seed money for the fund.
Alhaji Mumuni who pledged GH¢1000 as the President’s personal donation also donated an undisclosed amount towards the fund.
The Member of Parliament for Ashaiman, Mr Alfred Agbesi, former Greater Accra Regional Minister Sheik I.C Quaye, Numo Addison Adinortey, municipal chief executive of Ashaiman and a member of the council of state Hajia Hajara Ali were among the dignitaries that graced the occasion.
The sector minister, Alhaji Mohammed Mumuni disclosed this to the Daily Graphic at the outdooring ceremony of the Tema Metropolitan Chief Imam Alhaji-Salley Iddrisu Sika and his deputy Alhaji Adam Abubakari in Tema.
The ceremony also witnessed the launch of the Tema Metro Islamic Development Fund which is aimed towards the mobilization of resources for economic and infrastructure development in Muslim communities within the metropolis.
Alhaji Mumuni noted government as a matter of urgency has adopted a three tier approach which would see the construction of a modern office complex at the former students hostel premises which was reclaimed by government to house the ministry in its long term programme whilst feverish arrangements would be made within the next two weeks to secure a permanent office structure to accommodate staffs.
The minister commended the Muslim community in the Tema metropolis for a peaceful transition of leadership following the death of the late chief imam, Alhaji Abdul Samad two months ago.
He indicated the concept of globalization which comes with modern development has caught up with the world, hence the need to live in peaceful co-existence as parts of efforts being made towards instigating our economy into the new globalised society.
He challenged Muslims to seek knowledge in order to interprete themselves better to the world while they make strives towards investing in their children’s education as education is the “key to a nation’s development”. He remarked.
He commended the incoming chief Imam for the launch of a development fund which would go into facilitating development of Muslim children as well as Muslim communities and urge all to contribute towards sustaining the fund.
The new chief imam, Ahaji Salley Iddrisu Sika in his address noted the underdevelopment of Muslim communities was due to the low level of education of residents, hence the need to develop approaches aimed at complementing the efforts of the National Chief Imam to improve the situation.
He said an advisory board would be put in place in all mosques within the metropolis to plan activities that would facilitate the implementation of programmes aimed at improving the lives of the people.
Imam Iddrisu-Sika challenged endowed Muslims to support the less privileged, the aged and widows in Muslim communities.
The Tema Mantse, Nii Adjei Krakue II who administered the oath of office challenged the chief Imam to uphold the virtues of Islam, pointing out that the absence of peace retard development in the communities.
The Tema Metropolitan Chief Executive, Mr Kempes Ofosuware commended the new chief Imam for playing a major role in the smooth transition.
Ahaji Iddrisu-Sika was born in Accra on the 22nd September 1929. He had his elementary school at the Accra High elementary school and later proceeded to Accra High School between 1940-1948 for his secondary education.
He later trained as a librarian and served as an assistant librarian at the famous Balm Library of the University of Ghana and subsequently, at the Akuafo Hall of the same university.
Later, he joined the Kaiser engineers as a general foreman during the construction of the Akosombo Dam, the Volta Aluminum Company as well as government silos at the cocoa processing company.
The Deputy Minister of Water Resource, Works and Housing, Alhaji Saani Iddi who launched the fund donated an amount of GH¢100 as seed money for the fund.
Alhaji Mumuni who pledged GH¢1000 as the President’s personal donation also donated an undisclosed amount towards the fund.
The Member of Parliament for Ashaiman, Mr Alfred Agbesi, former Greater Accra Regional Minister Sheik I.C Quaye, Numo Addison Adinortey, municipal chief executive of Ashaiman and a member of the council of state Hajia Hajara Ali were among the dignitaries that graced the occasion.
Tuesday, October 27, 2009
COMPANY DONATES TO ROTARY CLUB (DAILY GRAPHIC,PAGE 30, MON OCT 27)
TROPICAL Cable and Conductor limited has presented various sizes of electrical cables to the Rotary Club of Tema towards electrification works on the Tema Community 11 police station being constructed by the club.
Making the donation, the Marketing Manager of Tropical Cable, Mr Frederick Blasu said the cables which cost GH¢ 1600 would complement the club’s efforts at ensuring that the community have functional security.
Mr Blasu indicated that as a member of the UN Global Compact Network Ghana, Tropical Cable and Conductor limited was committed to upholding the principles of human rights, labour standards, environmental protection and anti-corruption, and it is for this reason that, “we have decided to partner the rotary club and the Police service to ensure residents in our community are safe and secure”.
The President of the Club, Mr John Bisiw expressed profound appreciation to the company for providing the cables.
He noted that the donation would relieve the financial burden on members who are finding it difficult in sourcing funds for the project.
At the same ceremony, Pasico Ghana Limited, producers of NACO Louvre frames and blades also donated quantities of louvre blades and frames towards the completion of the project.
The divisional commander of the Tema Community Two police station, Superintendent Gabriel Amankwah Dokyi in whose jurisdiction the project is being constructed, paid glowing tribute to the two companies for their support and appealed for more assistance in the provision of logistics to help them to carry out their duties effectively.
The project which was initiated by the Rotary club of Tema last year at an estimated cost of GH¢ 1.1 billion when completed, would serve four Communities whose residents presently have to travel to Community Two when they need the services of the police.
The project which is being roofed, has a charge office, male, female and juvenile cells, as well as a four-unit office for personnel.
Making the donation, the Marketing Manager of Tropical Cable, Mr Frederick Blasu said the cables which cost GH¢ 1600 would complement the club’s efforts at ensuring that the community have functional security.
Mr Blasu indicated that as a member of the UN Global Compact Network Ghana, Tropical Cable and Conductor limited was committed to upholding the principles of human rights, labour standards, environmental protection and anti-corruption, and it is for this reason that, “we have decided to partner the rotary club and the Police service to ensure residents in our community are safe and secure”.
The President of the Club, Mr John Bisiw expressed profound appreciation to the company for providing the cables.
He noted that the donation would relieve the financial burden on members who are finding it difficult in sourcing funds for the project.
At the same ceremony, Pasico Ghana Limited, producers of NACO Louvre frames and blades also donated quantities of louvre blades and frames towards the completion of the project.
The divisional commander of the Tema Community Two police station, Superintendent Gabriel Amankwah Dokyi in whose jurisdiction the project is being constructed, paid glowing tribute to the two companies for their support and appealed for more assistance in the provision of logistics to help them to carry out their duties effectively.
The project which was initiated by the Rotary club of Tema last year at an estimated cost of GH¢ 1.1 billion when completed, would serve four Communities whose residents presently have to travel to Community Two when they need the services of the police.
The project which is being roofed, has a charge office, male, female and juvenile cells, as well as a four-unit office for personnel.
SHIP WITH CRUDE OIL AWAITS LC (DAILY GRAPHIC, TUE OCT 27, BACK PAGE)
THE vessel carrying the consignment of 137,000 metric tonnes of crude oil which arrived in the country last Sunday from Warri in Nigeria, has been on an anchorage offshore Ghanaian waters awaiting a confirmation of letters of credit (LC) by the Ghana Commercial Bank.
A a source at TOR told the Daily Graphic at press time yesterdsy that “the GCB needs to confirm letters of credit to enable the vessel carrying the crude to dock at the Single Point Mooring (SPM) facility near Kpone,”
The consignment which was procured by Sahara Oil, according to the source, was a temporary arrangement outside government plans to ensure that TOR resumed its operations.
The absence of crude oil 10 months into the ruling National Democratic Congress' administration has seen the Government and workers of the nation’s only refinery on a collision course, with the latter threatening to embark on strike.
The move saw the President moving in last Thursday to the refinery, to ascertain its true state and also interact with workers for first-hand information on the situation, while assuring the nation of the importance the Government attached to the activities of the refinery, which he described as one of the pivots of the country’s economic development.
The workers’ protest also saw the Tema District Council of Labour issuing a two-week ultimatum to the Government to lift crude oil for TOR to enable it to begin full operations.
Deputy Energy Minister, Dr Kwabena Donkor, as well as the acting Managing Director of TOR, Dr Kwame Ampofo, could not be reached for their comments on the latest development as many calls to their phones went unanswered.
Officials of Sahara Oil who agreed to speak to the Daily Graphic could not be reached either as their chief executive was reported to be in a meeting.
A a source at TOR told the Daily Graphic at press time yesterdsy that “the GCB needs to confirm letters of credit to enable the vessel carrying the crude to dock at the Single Point Mooring (SPM) facility near Kpone,”
The consignment which was procured by Sahara Oil, according to the source, was a temporary arrangement outside government plans to ensure that TOR resumed its operations.
The absence of crude oil 10 months into the ruling National Democratic Congress' administration has seen the Government and workers of the nation’s only refinery on a collision course, with the latter threatening to embark on strike.
The move saw the President moving in last Thursday to the refinery, to ascertain its true state and also interact with workers for first-hand information on the situation, while assuring the nation of the importance the Government attached to the activities of the refinery, which he described as one of the pivots of the country’s economic development.
The workers’ protest also saw the Tema District Council of Labour issuing a two-week ultimatum to the Government to lift crude oil for TOR to enable it to begin full operations.
Deputy Energy Minister, Dr Kwabena Donkor, as well as the acting Managing Director of TOR, Dr Kwame Ampofo, could not be reached for their comments on the latest development as many calls to their phones went unanswered.
Officials of Sahara Oil who agreed to speak to the Daily Graphic could not be reached either as their chief executive was reported to be in a meeting.
CLIMATE CHANGE HAMPERS DEV IN AFRICA — CJ (PAGE 17, OCT 24)
THE Chief Justice, Mrs Justice Georgina Wood, has said climate change has contributed greatly to the high poverty levels in sub-Saharan Africa.
Mrs Justice Wood said this in a speech read on her behalf at the Stand Up and Take Action (SUTA) games in Tema held as part of activities marking the Global Day Against Poverty.
The celebration was on the theme, “We can’t wait; Stand up, take action, End Climate Change and Poverty Now”.
She indicated that climate change was one of the most serious threats facing humanity, adding that it would affect the lives of children and future generations if it was not addressed properly.
She said human activities, such as carbon emissions and pollution of rivers and water bodies, had contributed massively to the depletion of the ozone layer, which had in turn contributed to the climate change being experienced across Africa today, and called on all to join hands towards saving the environment.
She said women had a major role to play in the restoration of the environment, as they were the leading patrons of domestic products and services.
Mrs Justice Wood expressed regret that women, who were the torch-bearers of the crusade to save the environment, were rather the main architects of environmental pollution and called on all to adopt safe environmental practices by thinking through their actions and tackling issues on climate change.
The Chief Executive Officer of the Abibiman Foundation, organisers of the programme, Mr Kwabena Okai Ofosuhene, indicated that the annual games organised for students from basic schools within the Tema metropolis formed part of the “Children and youth against climate change and poverty” concept developed by the United Nations Millennium Campaign (UNMC) aimed at promoting sports development, peace and togetherness among students.
He noted that the games provided an opportunity for citizens to show solidarity with millions of poor people across the country by demanding from the government an improvement in governance practices and ensuring accountability and transparency in engagements.
More than 500 pupils from eight zones in selected basic schools within the Tema metropolis joined the anti-poverty campaign and called on world leaders to assist in bringing relief to persons locked up in the state of deprivation.
Mrs Justice Wood said this in a speech read on her behalf at the Stand Up and Take Action (SUTA) games in Tema held as part of activities marking the Global Day Against Poverty.
The celebration was on the theme, “We can’t wait; Stand up, take action, End Climate Change and Poverty Now”.
She indicated that climate change was one of the most serious threats facing humanity, adding that it would affect the lives of children and future generations if it was not addressed properly.
She said human activities, such as carbon emissions and pollution of rivers and water bodies, had contributed massively to the depletion of the ozone layer, which had in turn contributed to the climate change being experienced across Africa today, and called on all to join hands towards saving the environment.
She said women had a major role to play in the restoration of the environment, as they were the leading patrons of domestic products and services.
Mrs Justice Wood expressed regret that women, who were the torch-bearers of the crusade to save the environment, were rather the main architects of environmental pollution and called on all to adopt safe environmental practices by thinking through their actions and tackling issues on climate change.
The Chief Executive Officer of the Abibiman Foundation, organisers of the programme, Mr Kwabena Okai Ofosuhene, indicated that the annual games organised for students from basic schools within the Tema metropolis formed part of the “Children and youth against climate change and poverty” concept developed by the United Nations Millennium Campaign (UNMC) aimed at promoting sports development, peace and togetherness among students.
He noted that the games provided an opportunity for citizens to show solidarity with millions of poor people across the country by demanding from the government an improvement in governance practices and ensuring accountability and transparency in engagements.
More than 500 pupils from eight zones in selected basic schools within the Tema metropolis joined the anti-poverty campaign and called on world leaders to assist in bringing relief to persons locked up in the state of deprivation.
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