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Ghana May Overtake Nigeria as Preferred Maritime Hub

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NIMASA
  • Ghana May Overtake Nigeria as Preferred Maritime Hub

The paperless clearing system introduced in Ghana’s port of Tema in May 2017 is yielding result and about to transform the port into the most preferred hub for maritime investment in Africa.

Under the system, exporters and importers are required to provide detailed and timely information about their shipment in advance on a global online platform, thus modernising operations to facilitate the movement of legitimate trade and the fast commencement of review processes well in advance in line with international best practices.

The policy has made port processes less stressful, resulting in effective time management.

Our correspondent gathered that already, major shipping lines have started investing in the West African coast.

One of them is Maersk which has already invested $1bn in ultra modern cranes and framework for the port.

According to a statement from AP Meller-Maersk, seven ship-to-shore and ultra-modern gantry cranes have already arrived the port and are set for inauguration in June.

The statement read in part, “This new gigantic port infrastructure will be able to accommodate Ghana’s trade and industry growth as well as serve as the regional hub for West Africa and beyond.

“Expanding the port using superior infrastructure and modern, advanced technology will allow Ghanaian companies to compete for business in the most cost-effective way.

“MPS’s terminal efficiency, accessibility, variety of shipping lines, frequency of vessel calls, fast vessel turnaround time, high port capacity and berth availability are the optimal criteria for making Tema Port, the hub port for Africa.”

Ghana’s President, Nana Akuffo-Addo, restated the importance of Ghana’s ports as national assets in his State of the Nation address, on February 21.

He had said the introduction of paperless operations aimed at aiding the clearance of goods within a day to three, was yielding results to the commendation of importers and stakeholders.

The President further articulated the announcement of other reforms to enhance the competitive position of Ghana’s ports and its impact on the cost of living in the country.

Going forward, the President expressed the preparedness of government to put in place initiatives – modernising Ghana’s ports in terms of infrastructure and ICT, to position them as the preferred maritime trade hubs of business in West Africa.

According to reports, Ghana’s ports have received major reforms in the 18-month of the Akuffo-Addo government, including the implementation of a paperless clearing system.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Crude Oil

South Africa’s iGas, PetroSA and Strategic Fuel Fund Merge to Create South African National Petroleum Company

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The South African Department of Mineral Resources and Energy (DMRE) has announced the merger of Central Energy Fund (CEF) subsidiaries iGas, PetroSA and the Strategic Fuel Fund (SFF).

The merger will be effective from 1 April 2021 and the new company will be called the South African National Petroleum Company.

The merger, driven by the pursuit of implementing a new company that has a streamlined operating model via the development of a shared services system and a common information platform, comes a few months after cabinet approval and the confirmation that PetroSA had incurred losses of R20 billion since 2014.

Additional factors which prompted the move included the determination to strengthen PetroSA which had not had a permanent CEO in five years prior to the appointment of CEO Ishmael Poolo last and, had become majorly ungainful since its failure to secure gas for the gas-to-liquids refinery project in Mossel Bay.

While the merger deadline has been set, the portfolio committee expressed reservations to the department’s likelihood of meeting the deadline, considering the existing legislative regime, pending issues raised in the SFF and PetroSA forensic reports, as well as PetroSA’s current insolvency and liquidity challenges, the official press statement on the briefing revealed.

“South Africa’s energy sector is entering a new dawn,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “With gas discoveries off the coast and the announcement of the REIPPP programme bid window 5 and 6 on the horizon, now is the most opportune time for the merger of the CEF subsidiaries. Of course, it is not an easy task and delays may be anticipated but, this move signals a real change towards a meaningful strategy that will not only be beneficial to the DMRE but to potential investors and local development as well.”

The African Energy Chamber welcomes this move and acknowledges that this is yet another step supporting the country’s determination to restarting the engines of sustainable growth and the transformation of energy policy and infrastructure.

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Crude Oil

Crude Oil Hits $71.34 After Saudi Largest Oil Facilities Were Attacked

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Brent Crude Oil Rises to $71.34 Following Missile Attack on Saudi Largest Oil Facilities

Brent crude, against which Nigerian oil is priced, jumped to $71.34 a barrel on Monday during the Asian trading session following a report that Saudi Arabia’s largest oil facilities were attacked by missiles and drones fired on Sunday by Houthi military in Yemen.

On Monday, the Saudi energy ministry said one of the world’s largest offshore oil loading facilities at Ras Tanura was attacked and a ballistic missile targeted Saudi Aramco facilities.

One of the petroleum tank areas at the Ras Tanura Port in the Eastern Region, one of the largest oil ports in the world, was attacked this morning by a drone, coming from the sea,” the ministry said in a statement released by the official Saudi Press Agency.

It also stated that shrapnel from a ballistic missile dropped near Aramco’s residential compound in Eastern Dhahran.

Such acts of sabotage do not only target the Kingdom of Saudi Arabia, but also the security and stability of energy supplies to the world, and therefore, the global economy,” a ministry spokesman said in a statement on state media.

Oil price surged because the market interpreted the occurrence as supply sabotage given Saudi is the largest OPEC producer. A decline in supply is positive for the oil industry.

However, Brent crude oil pulled back to $69.49 per barrel at 12:34 pm Nigerian time because of the $1.9 trillion stimulus packed passed in the U.S.

Market experts are projecting that the stimulus will boost the United States economy and support U.S crude oil producers in the near-term, this they expect to boost crude oil production from share and disrupt OPEC strategy.

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Crude Oil

A Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

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Loud Blast Heard in Dhahran, Saudi Arabia’s Largest Crude Oil Production Site

Two residents from the eastern city of Dhahran, Saudi Arabia, on Sunday said they heard a loud blast, but they are yet to know the cause, according to a Reuters report.

Saudi’s Eastern province is home to the kingdom’s largest crude oil production and export facilities of Saudi Aramco.

A blast in any of the facilities in that region could hurt global oil supplies and bolster oil prices above $70 per barrel in the first half of the year.

One of the residents said the explosion took place around 8:30 pm Saudi time while the other resident claimed the time was around 8:00 pm.

However, Saudi authorities are yet to confirm or respond to the story.

 

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