Zambia: $400 Million Oil Deal On, State, PTA Bank Agree
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The Times of Zambia (Ndola)
9 October 2008
Posted to the web 9 October 2008
THE Government and PTA Bank have finally concluded negotiations to finance the US$400 million oil procurement deal for the next two years, Energy Permanent Secretary, Peter Mumba has said.
Mr Mumba said the Government was happy that, after holding only three meetings, the two parties had concluded the deal and paid tribute to the PTA Bank on the seriousness exhibited.
Mr Mumba said in an interview in Lusaka yesterday that his Ministry had submitted the terms of the deal to the ministry of Finance and National Planning.
He said the Government and PTA Bank were likely to sign the deal next week.
"We have finally concluded the deal and what is remaining is the signing part which is likely to be done next week. Come rain, come sunshine we are signing next week so that we can concentrate on other developmental programmes," he said.
The Ministry of Energy and Water Development was given a go ahead by the Zambia National Tender Board to commence negotiations with the PTA Bank after talks with Zanaco collapsed.
Similar negotiations between the Government and Stanbic Bank, a unit of South Africa's Standard Bank fell off before the talks with Zanaco were initiated.
PTA Bank had lately been financing short-term crude oil imports for Zambia.
Mr Mumba also said the ship carrying 90,000 tonnes of crude which docked at the weekend in Dar es Salaam would only be offloaded after the rehabilitation of Indeni Refinery is completed.
He, however, said the delay in offloading of the crude oil would not in any way affect the flow of fuel in Zambia as the country still had enough stocks.
Mr Mumba said the crude would remain in Dar es Salaam until rehabilitation at the refinery is completed and the Government was confident the works would be over within the stipulated time frame.
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He assured the nation that there was no need to panic because the oil marketing companies (OMCs) had continued to supplement Government's efforts in the supply of fuel on the market and commended them for their support.
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