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By Francis Ameyibor, GNA

Accra, April 26, GNA – Scores of Oil Marketing Companies (OMCs) on Wednesday called on the National Security to tighten the noose around Petroleum Black Market dealers whose infiltration into the sector posed a great risk to the national economy.

Mr Henry Akwaboah, Managing Director of Engen Ghana Limited told the Ghana News Agency in an interview that, the growing Petroleum Black Market trade could disrupt the national economy, if not properly checked.

He said the total national petroleum consumption for 2015 was 4,341,519,247 volumes of litres. Based on developmental trend for 2016, which was also an election year and therefore forecasted to stimulate vitality on the economic front the general projection for petroleum consumption was pegged at 3 per cent increment over the 2015 figures.

He said based on 2015 volumes of sales, projected estimates volumes of sales of petroleum products for 2016 should have hit 4,471,764,824 litres but sadly the consumption for 2016 dropped significantly to only 4,051,101,969 volumes of litres.

In effect, over 420,662,855 volumes of litres was not sold through official channels; “this strategically was due to the activities of Petroleum Black Market dealers with active support of some unscrupulous security operatives.

“Ghana lost huge sums of money in terms of tax revenue as per official petroleum tax - Special Petroleum Tax GH¢132 million was lost to the nation; Energy Debt Recovery Levy about GH¢123 million; and the Road Fund levy about GH¢120 million”.   

Mr Akwaboah said in spite of the drop in volumes of litres sold through mainstream channels, export volumes grew by 400 per cent; he added that products loaded as exports strangely through the black market dealers ended up being sold in the country.

He explained that the Government of Ghana removed all taxes on petroleum products meant for exports to the main trading land lock countries; “the petroleum black market dealers’ mode of operating is to register and load tanker trucks for export.

Mr Akwaboah suggested that all petroleum products for both local and export market should attract the same tax, but the caveat should compel all exporters to provide evidence of export of the product for a refund.

On the security front, the Engen MD suggested a multi-stakeholder approach to make petroleum black market dealing a high economic crime, “we should raise the risk associated with dealing in the dark.

“Security must scale-up its monitoring role and adopt other undisclosed manoeuvring tactics to outwit the bad elements within, especially those at the borders who aid petroleum black market dealers”.

He also suggested that fuel tanker trucks transporting petroleum products to the land lock countries must be fixed with a tracking device to ensure that the National Petroleum Authority (NPA) monitors its operations from the point of loading to the point of discharging.

Meanwhile, the Association of Oil Marketing Companies (AOMCs) has reiterated an operation to combat Petroleum Black Market dealers to save the country from continuous loss of tax revenue.

The AOMCs combat against Petroleum Black Market dealers also aimed at protecting OMCs, whose volumes of fuel sales has taken a dose dive, Mr Kwaku Agyemang-Duah AOMCs Industry Coordinator told the GNA in an interview in Accra.

He said the AOMCs combat against Petroleum Black Market dealers would involve multi-stakeholder operations to make illegal petroleum activities a high-risk adventure in the country.

Mr Agyemang-Duah said the operation would also unmasked all those personalities including politicians, security operators, few OMCs, and any other entity who are supporting and benefiting from the illegal trade at the expense of the state and genuine OMCs. 

“For strategic security reasons, the date for the operation would not be announced, as we speak now, operatives are on the ground especially in the Northern, Upper East, Upper West, Brong Ahafo and Ashanti Regions gathering data on these unscrupulous nation wreckers.

“We caution all security personnel who have been compromised by these Petroleum Black Market dealers to watch-out as very, very soon they will be exposed to face the full power of the laws.

“...it’s very ironic that security operatives paid from the tax-money generated, to protect the nation, would stoop so low to collaborate with fraudsters to cheat the nation,” Mr Agyemang-Duah noted.

Scores of OMCs told the GNA of their intentions to join the illegal trade if the situation persist; “we are losing millions of Cedis, we cannot sell our products, it’s locked up in the underground tanks yet we pay taxes.

“We are confronted with huge operational cost; the banks are also chasing us for payment of loans contracted. If you cannot beat them join them, we are contemplating on all these options,” an operator told GNA.

The OMCs therefore pledged their full support to the Association and Government for the effort to combat against Petroleum Black Market dealers.

GNA investigations also indicates that the AOMCs, the National Petroleum Authority, Ministry of Finance, Ministry of Energy, National Security and other stakeholders are discussing the issues to map-up holistic strategy to support the combat against Petroleum Black Market dealers.              

GNA

 
Mr Kwaku Agyemang-Duah

By Francis Ameyibor, GNA

Accra, April 13, GNA – The Association of Oil Marketing Companies (AOMCs) has lauded government’s effort to instilling discipline in downstream oil marketing sector and to ward-off infiltrators whose nefarious activities cause the nation to lose millions of cedis in tax revenue.   

The government lost revenue in excess of $500 million in 2016 through the illegal activities of Petroleum Black Market dealers.

The Association is therefore working in cooperation with the National Petroleum Authority (NPA), Ministry of Energy, Ministry of Finance and National Security to deal with illegal offshore and onshore oil Petroleum Black Market dealers to save the country and protect the interest of Oil Marketing Companies (OMC).

Mr Kwaku Agyemang-Duah, AOMC Industry Coordinator in an interview with the Ghana News Agency, explained that unscrupulous and irresponsible Ghanaians and foreigners have entered into the petroleum sector (Petroleum Black Market dealers) whose operations are inimical to the economy.

He said investigations have established that the Petroleum Black Market dealers engage in some illegal oil ships deal on the high seas in order to avoid the payment of taxes whilst others claims to be exporting the products to the land lock countries only to divert and sell the products locally.

According to the tax regulations, petroleum products being exported to the land lock countries does not attract taxes from Ghana.

Mr Agyemang-Duah admitted the existence of clandestine oil market transactions across the country, who after invading taxes and diverting the products sells it cheaply in “yellow gallons,” at vantage points and also on table tops.

He said the AOMC is working in cooperation with other sector actors to target any buyer of what it considers illegal petroleum products, “we are teaming up with relevant state authorities to toughen tactics against illegal oil operators”.

He said in a country where oil constitute large per cent of government’s budget, illegal deals, diversion of export products, and evasion of taxes is a potential threat to national revenue mobilization.

Mr Agyemang-Duah noted that the illegal operations is also affecting negatively the market share and investments of OMCs; “Not only is government losing tax revenue, scores of OMCs are also losing out as a result of sale of cheap products in the market and we are at the point of declaring employees redundant.

“The motoring public is also endangered for patronizing these ‘yellow gallon’ fuel as its quality cannot be guaranteed…operators do not also observe environment and safety measures, you buy cheap fuel at the peril of your life,” he said.

The Association is an industry association and a private initiative by the oil marketing operators in Ghana. “We are an advocacy institution established to help direct downstream policy, legislation and regulation and pursue research towards the development of the downstream sector”.

It also represents the collective interests of the companies involved in the oil marketing and petroleum products in Ghana, coordinating with the major Stakeholders in the Industry which include: Ministry of Petroleum, Ministry of Finance, Bank of Ghana, NPA, The Energy Commission, Environmental Protection Agency, Tema Oil Refinery, Revenue Agencies Governing Board, Ghana Standard Board, Ghana Fire Service, and Bulk Oil Storage and Transportation Company Limited.

GNA

MARCH 14, 2017

BOAKYE AGAKOR

The Minister of Energy, Boakye Agyarko, has sworn into office, the board members of Tema Oil Refinery (TOR). The ceremony took place on Monday, 13th March 2017 at the Ministry’s conference room in Accra. After administering the Oath of Office and Oath of Secrecy to the members, the Energy Minister congratulated and expressed gratitude to the Board for their decision to serve the nation.

The Minister further assured the Board of his unflinching support, and urged them to set strategic directions, collaborate with management, operate with maximum efficiency, discharge their duties professionally, and encouraged them to ensure the success of TOR. Mr. Tongeaan Kugbilsong Nanlebegtang, Chairman of the Board, expressed his appreciation to the President, H.E Nana Addo Dankwa Akufo-Addo for the opportunity, and assured the Energy Minister of the Board’s commitment to work assiduously to revamp Tema Oil Refinery.

Members of the Board include Ambassador Isaac Osei, Hon Kofi Brako, John Boadu, Dr. William Abayaawiea Atuilik, Mrs Edith Sapara-Grant, Seth Achamfour-Yeboah, Leon Kendon Appenteng and Nene Abayaateye Amegatcher. Other dignitaries present were Prof. Thomas Mba Akabzaa, Chief Director of the Energy Ministry, Directors from the Energy Ministry, and General Managers of the Tema Oil Refinery.

Source: http://citifmonline.com/2017/03/14/energy-minister-inaugurates-new-tor-board/

AOMCs organized a breakfast session for MDs/CEOs of OMCs/LPGMCs on Wednesday, 12th April, 2017 at the Golden Tulip Hotel, Accra to delibrate on industry issues. The session was steered by four (4) Lead Discussants and a Moderator.

WhatsApp Image 2017 04 13 at 11.54.56

MARCH 8, 2017

pictureicon-oil-gas-avenue

Contrary to the perception that local companies did not have the capacity to insure any of the three Floating Production, Storage and Offloading (FPSOs) used in oil production, the Ghana Oil and Gas Insurance Pool (GOGIP) says it is up to the task

The Pool, comprising of indigenous general insurers, explains that it currently provides complete insurance for  all the three FPSOs- Kwame Nkrumah, John Evans Atta Mills and John Agyekum Kufuor, but reinsures the excess risk above its limit of retention.

The Technical Manager of the Ghana Oil and Gas Insurance Pool (GOGIP), Mr Faris Attrickie in an interview on March 2, said the GOGIP currently provided 100 per cent insurance for the FPSOs, per its mandate of being the only vehicle through which the upstream oil and gas insurance are to be insured.

“The pool is a conglomeration of general insurers in Ghana. All the general insurers subscribe to it, and we pool our capacities together. We are insuring 100 per cent because we are the exclusive vehicle through which the insurance must be done, it cannot be done through anybody,” he said.

Although the insurance of the FPSO, required huge capital, Mr Attrickie said the pool had a proper re-insurance system that helped  to reinsure the excess risk above their limit of retention.

“It is not like we are not up to the task, once you have the reinsurance in place, you earn the capacity together with your reinsurers, to absorb the whole risk. We have world class reinsurers and they provide us the support. We take it on and the excess that is above our limit of retention, are properly reinsured,” he said.

Aggregation of risk

He explained that the reinsurance was done by foreign reinsurance companies because it was not prudent to retain all the risk locally.

“The pool has the money to pay all these but if the pool goes down then it means the subscribers go down. Therefore, if these things are insured, then it is not proper that we reinsure ourselves,” he said.

He added, “the liability that the pool takes on itself is for members who have subscribed, assuming there is a loss, it is borne by all the subscribers.”

Insurance for FPSO Kwame Nkrumah

In 2016, oil production from the Jubilee field slumped by over 50 per cent following a fault with the turret bearing on the Floating Production,  Storage and Offloading (FPSO) Kwame Nkrumah.

He explained that the reinsurers had to pay for the insurance with the exception of the Business Interruption insurance, which covered the consequent loss of production and revenue for Tullow, the lead operator of the field.

Tullow Oil received a total of US$80million to cater for the losses the company suffered as a result of the fault.

GOGIP

The Ghana Oil and Gas Insurance Pool (GOGIP) comprising mostly general insurers are expected to pull together local resources to underwrite oil and gas risks in Ghana.

The formation of the pool was in accordance with the Petroleum (Local Content and Local Participation) Regulations 2013, (L.I. 2204) and the Insurance Act 2006, (Act 724) and seeks to give opportunity to local underwriting companies to take part in activities in the sector.

Source: http://www.graphic.com.gh/business/business-news/oil-and-gas-insurance-local-insurers-up-to-the-task.html

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