GRi BEF News 29 - 09 - 2000
Ghana
Association of Bankers announces Exchange Rates
TOR to
strike deal with NPC for oil supply
Ghana Association of Bankers announces Exchange
Rates
Accra (Greater Accra) 29 September 2000
The following are the average interbank
Exchange Rates of the cedi equivalent to the dollar and derived rates for other
major foreign currencies as announced on Thursday September 28, by the Ghana
Association of Bankers:
Currency Buying Selling
US Dollar 6,432.82 6,638.82
Pound Sterling 9,418.29 9,725.21
French Franc 867.18 893.81
Swiss Franc 3,726.77 3,844.56
Deutsche mark 2,906.16 2,999.94
Canadian Dollar 4,296.27 4,431.83
Japanese Yen 59.84 61.74
Dutch Guilder 2,581.27 2,660.58
S/African Rand 888.12 915.61
Euro 5,684.63 5,865.27
CFA Franc 8.67 8.94
Naira 63.05
65.07
ECOWAS/WAUA 8,483.67 --------
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TOR to strike deal with NPC for oil supply
Accra (Greater Accra) 29 September 2000
The Tema Oil Refinery (TOR) is to strike a deal
with the Nigerian Petroleum Corporation (NPC) for the supply of 30,000 barrels
of crude oil daily from November 1.
A 130-day credit facility is being favourably
considered by the Nigerian authorities to assist Ghana find a way out of the
current fuel crisis that has hit Accra and surrounding areas, following
shortage at the Accra Plains Depot (APD) of the Bulk Oil Storage Transport
(BOST) Company.
These followed the conclusion of technical
discussions initiated by Vice President John Evans Atta Mills on Monday, when
he visited Abuja to seek favourable terms of oil supply.
Mr. Simon Abingya, Deputy Minister of Mines and
Energy, who announced at a press conference, said an agreement to this effect
would soon be signed.
He said a technical team is currently in Abuja
drafting a document to facilitate the supply to TOR to the end of the year.
Mr. Abingya said in the interim - between now
and November - letters of credit for
the supply of 80,000 metric tonnes of crude oil
have been opened to ensure that enough fuel is available for the period.
These represent 450,000 barrels of oil for
October.
Mr. Abingya said a swapping arrangement is,
however, being worked out with VITOL, an oil refinery company, for the supply
of two other parcels from November One.
Mr. Abingya said TOR has a problem with its
inefficient steam boiler and this is affecting the premium reformer.
"The lack of the steam boiler is
responsible for the inability of TOR to refine naftar, a
component of crude oil. Hence the product is
re-exported back and the money used to import other products necessary for the
operations of TOR".
Mr. Abingya said a 60-ton boiler is expected by
the end of October adding, "TOR would be at full blast and refining at
full blast".
Giving the reasons behind the lack of petrol
last week, Mr. Abingya said it was due to a mix up in by BP Amoco, who
initially named Bank Pariba of Paris as their bankers, instead of Creditte
Leonnaise, with whom letters of credit had been arranged.
"The current problem we have is due to the
inability of Bank Paribas to honour the letters of credit sent by BP
Amoco."
The Deputy Minister stressed that at the moment
adequate supplies are being pumped onto the market and wondered why there were
still queues.
He advised drivers to desist from panic buying
and stick to the quantity they would normally buy if there were no crisis.
He said there is crude oil at the refinery for
all, which should be able to meet the needs of Ghana.
Mr. Abingya said government is unable to plan
strategically because of the distortion arising from the trends in the global
market place.
"We pegged the expected price hike within
the year to up to 25 dollars a barrel, with an exchange rate of 4,000 cedis,
but this have gone up to between 34 and 37 dollars and an exchange rate of more
than 6,000 cedis."
Operation managers of the oil marketing
companies, who were present, suggested that excess fuel in non-problem zones
should be moved to problem areas in order to eliminate the shortage.
"It does not make economic sense in
sending products to places where they are not needed," Mr. I. Alhassan an
operations manager said.
Dr Kwabena Donkor, Acting Manager of BOST said
the problem is only in the APD Zone and assured motorists of an end to the
problem when more oil is received in November.
He said BOST has had to increase supplies from
a normal 1.5 million litres daily, to about 1.8 million litres and expressed
the hoped that the situation would normalise soon.
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