The Bulk Oil Storage and Transportation Company Limited (BOST) has temporarily shut down its head office at Dzorwulu, Accra, after a number of its staff tested positive for the Coronavirus disease following a mass testing exercise.
A statement issued by the company said the mass testing exercise was necessitated after a staff of the IT department tested positive for the virus.

The temporal closure which takes effect from Monday, July 6 to Monday, July 13, 2020, is to enable the company fumigate its premises.

“After the mass testing, a number of the staff tested positive and arrangements are being made for their treatment. In the estimation of management, the Ghana Health Service should be able to reach out to these members of staff and isolate them for treatment within the week,” the company said.

“Management would further like to assure the general public that this arrangement will not negatively impact the operations of the company since all staff have the needed facilities and enhancements to work from home within the period,” the company added.

Source:Graphic

The plight of commercial vehicle drivers continues to worsen in this COVID-19 era as fuel prices have shot up from GH¢4.65 per litre to GH¢4.820 per litre at various pumps, representing some 3.8 per cent.

Drivers over the week called on the government to as a matter of urgency come to their aid by reducing the cost of fuel for them to keep adhering to the social distancing protocol in a bid to fight the deadly coronavirus else they would increase transportation fares to save them from the hardship.

Speaking on this issue with GhanaWeb, the Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah has advised the government to give an incentive package to commercial vehicle drivers to alleviate their burden while adhering to the COVID-19 safety protocols.

According to him, “The Chamber believes implementing a subsidization scheme on petroleum products specifically targeting the commercial drivers will be a good incentive for them to continue adhering to the social distancing protocols whiles curtailing the harsh effects of these significant increases in transport fares on the general commuting public”.

Touching on the increase in fuel prices, Mr. Amoah noted that the government can introduce a chit or a coupon system for public transport operators to make use at various fuel stations as a subsidy to the costs they incur while observing the social distancing protocol.

“COPEC also recommends that a compensation scheme can be instituted by the government as a way of easing the cost burden on the drivers. In this scheme, commercial drivers can be given handouts in the form of coupons which can be used to purchase a few litres of fuel. With this, commercial drivers will be taking some form of compensation in exchange of maintaining social distancing in their vehicles and maintaining fares at a constant for the time being”.

Duncan Amoah also called on the Central Bank to put in place some measures to guarantee fixed fx rates for petroleum importers in order to curtail the harsh effects the depreciation of the local currency has on fuel prices which equally affects consumers.
Source: GhanaWeb

Stranded Assets: Resources that once had value or produced income but no longer does often because of changes in technology and other external factors.

The CEO of the Ghana Chamber of Bulk Oil Distributors is cautioning decision-makers in Africa’s oil and gas space not to abandon fossil fuel exploitation to pursue heavy investments into renewable energy like western nations are doing but first consider optimizing resources. He cautioned against prematurely devaluing viable resources that would not be in the interest of the development of the continent.
Mr. Hosi was speaking at the UNU-INRA webinar series on the theme “Covid-19 and fossil fuels in Ghana – What is the future of hydrocarbon resources sector, post-pandemic?” on Wednesday, July 1, 2020.
Senyo Hosi stressed that while youth unemployment is one of Africa’s biggest problems, the continent can maximize industrialization which would create jobs among others, by expanding usage of fossil fuels and other natural resources to improve socio-economic development and improve lives.
“Africa is consuming about 15GJ/h [i.e. energy consumption per person] and the whole of North America is [consuming] about 240GJ/h, it really tells you the gap we need to cover to really give our people a real future. Trying to diversify from fossil fuels may not necessarily be the answer. I don’t think when the key input for what you really need as energy has the price dropping, it’s time for you to run away from that input. It’s rather a time to embrace the input. We need cheaper fuels, so cheaper oils will actually give us cheaper fuels. Our effort shouldn’t be on managing stranded assets, it should actually be on AVOIDING stranded assets.”
Hosi, an oil and gas expert said that Africa cannot abandon its significant fossil fuel reserves and follow western nations’ prognosis to problems associated with climate change and stranded assets.
“If you look at our reserves-to-production ratio as Africa we are in our 40s, Europe is 11, 11 years more and they’re practically done with all their fossil fuel reserves. Why do you think they would actually want to promote fossil fuels? We have about 42 years more to utilize our fossil fuel reserves. If we don’t utilize them in time and they become stranded we would have made big fools of ourselves and we would have missed a major economic transition opportunity.”
Senyo Hosi charged African leaders pursue solutions that fit the continent with regard to the usage of natural resources and refrain from imitating European solutions that may be costly and make no socio-economic sense.
“It’s time for Africa to look within. Europe is investing heavily in renewable energy, but it’s not time for Africa to start thinking about that. Let them [western countries] carry on with the technology but Africa must optimize its resources, not focus on resource diversification.”
Other speakers at the webinar were Antonio Pedro – SRO-EA Director, Fatima Denton – UNU INRA Director), Rose Mwebaza – Climate Technology Centre & Network (CTCN), Director Daria Ivleva – Adelphi, Project Manager, Selam Kidane – African Group of Negotiators, Legal Advisor, James Murombedzi- United Nations Economic Commission for Africa (ECA) ACPC, Chief and Stephen Yeboah, African Development Bank (AfDB) – African Energy Portal, Policy and Research Analyst.
The fossil fuel webinar series was organized by the United Nations University Institute for Natural Resources in Africa.

The largest oil company in the United States is preparing to let go between 5% and 10% of its US-based employees subject to performance reviewed, anonymous sources told BNN Bloomberg.

Exxon’s job cuts will be characterized as performance-based, and not considered layoffs, technically speaking. Employees who are not subject to performance reviews will not be affected, the source said.

Exxon told Bloomberg in a statement that there was no specific reduction target.

Exxon has not been immune to the drastic effects of the coronavirus pandemic and the oil price war that has destroyed demand for crude oil and eaten into profit margins for that reduced demand, and it has attempted to tighten its belt in response.

In Q1, Exxon swung to a $640 million loss—its first loss in a decade after a $2.9 billion market-related charge. It also cut 2020 capex by a staggering $10 billion—a 30% cut. It has also cut its production from the Liza field in Guyana, although that was related to the risk of excessive flaring and not the coronavirus or prices.

In addition to offloading some lower-performing employees, the oil giant is preparing to rid itself of its UK North Sea assets, for which it can no longer expect as much money thanks to the downturn.

The news comes as Minnesota and D.C. launch climate-related lawsuits against Exxon—and others–alleging that they have deceived oil consumers for years about the effects of climate change, and about their role in causing climate change.

Exxon, headquartered in Irving, Texas, employed nearly 75,000 people globally at the end of 2019.

Shares in Exxon fell on Friday by 3.43% by 4:11 pm EDT, to $43.62.

—Oil price

The Chamber of Petroleum Consumers says it is not usurping the powers of regulatory agencies within the petroleum sector with its Fuel Quantity Checks (FQC) exercise.

COPEC, a civil society organization that represents the interests of petroleum consumers, said it believes it has the right to assess the quantity of fuel Ghanaians are served with if there are reasonable suspicions.

The Association of Oil Marketing Companies (AOMC) in a statement last week challenged the exercise being conducted by COPEC.

COPEC in a statement argued that the concerns of AOMC are “misplaced, unnecessary and smacks of an attempt to cover up for the few bad nuts engaged in the cheating Ghanaian fuel consumers.”

COPEC explained that the exercise was only to gather quality data and forward its report to the appropriate authorities for action.

COPEC also insisted that its exercise does not involve the imposition of regulatory sanctions, procedures or shutting down of Service stations who appear to clearly flout or adhere to the appropriate dispensing levels set by the Ghana Standards Authority.

[TUBE]https://www.youtube.com/embed/-MXf2I9qeZ8[/TUBE]

“We strongly dismiss the supposed warning by the coordinator of AOMC in respect of the claim that the everyday consumer’s like ourselves to whom petroleum products are sold does not reserve any rights to assess the quantities that they purchase in the event that they have reasonable suspicions of under-delivery,” COPEC said. Read the full statement below: 

1. To begin, the Chamber of Petroleum Consumers-Ghana (COPEC) like all other legally registered Civil Society Organization which has for the past six (6) years contributed very significantly to relevant policy, public and educational discussions on improving efficiency and effectiveness in the operations of the Downstream Petroleum Sector of Ghana is expected by its stakeholders and the public to provide the comforts of consumer protection and education. The organization does its work primarily through aggregation of issues, consultations and dialogue, education and articulation through public advocacy largely informed by findings from day to day and scientific research we also undertake periodically.
2. COPEC, has worked hand in hand with both the public and regulatory bodies in helping improve basic standards in Ghana’s petroleum downstream sector. Contrary to the impression that was sought to be created by the coordinator of AOMCs in his releases last week, this is evidenced by the numerous reports and complaints COPEC-Ghana extends to both industry and the regulators of the downstream anytime we have come across anything untoward whiles we also duly recognize the efforts and hard work of the many good ones in the downstream through a periodic awards programme dubbed PETROLEUM CONSUMER AWARDS.
3. COPEC does NOT in any way, need to usurp the functions and responsibilities of these regulatory bodies in order to carry out verification of complaints from our major stakeholders including the GPRTU and other private citizens, these first hand certifications are done with the view to allaying the fears of these consumers with complaints or further reports sent to the regulatory agencies for appropriate sanctions to be meted out to those clearly engaged in such acts of mass cheating and at no point do our officers hold themselves as regulators nor prescribe sanctions nor enforce same, so it beats regular thinking how anyone can confuse the roles of civil society in investigating complaints first hand with the view to report offenders for sanctions by regulatory agencies as conflicting with what regulators do which is applying sanctions and in some cases closing down of outlets when their inspections find anything untoward. Unless of course it is the contention of Coordinator, that no one can verify quantities being dispensed by service stations in the exception of regulators, which will go completely contrary to consumer rights which the industry itself has sought to protect everyone by providing a dispute resolution device known as the 10 litre can.
4. The FQC is aimed at gathering relevant primary data vis-à-vis Petroleum Service Delivery in the country and does NOT in any shape or form involve the imposition of regulatory sanctions, procedures or shutting down of Service stations who appear to clearly flout or adhere to the appropriate dispensing levels set by the Ghana Standards Authority. The conception of this program was born out of the numerous complaints and intelligence we receive from the general public, notably Commercial Transport Operators as well as a section of the public including very distinguished industry players who seek the good of the Downstream Petroleum Sector.
5. Furthermore, it should be noted that outcomes of our activities are in most cases reported to the appropriate regulatory institutions to follow up and confirm, affirm, or provide clarity on these reports as well as take appropriate actions if need be. Results from the FQC program provides a reasonable basis to initiate policy discussions in respect of what Government and regulatory bodies must do to assist Oil Marketing Companies to continuously improve in the market whiles observing acceptable standards in their operations with utmost consumer confidence assured. The overwhelming endorsement of the FQC program by both the public and the well-meaning section of OMCs who have received both favorable and not so favorable feedbacks from our field trips have been able to trace where some dealers play games with their brands against the unsuspecting public, for the avoidance of doubt, most companies have distanced from activities of a few greedy persons manning some of these outlets and have gone ahead to even sanction same from within following from some of our feedback thereby ensuring their customers do not receive any raw deals which benefits the perpetrators and not the company often times, and have strongly encouraged the continuing of this programme to enable everyone regain whatever confidence they have in the brands they serve. This opposition by the Coordinator to this well-meaning programme though not surprising due to recent developments in the downstream, the vehement opposition from the coordinator of AOMCs to this well-intended exercise and the watchdog role played by COPEC in the sector will be interrogated properly at another forum.
6. The FQC program is one of our initiatives aimed at reliably informing and assisting both OMC managers and the consumers to make accurate decisions regarding Petroleum Service Providers who largely adhere to laid down standards by the regulatory bodies and those who clearly don’t. Under the Program, a technical team from COPEC and sometimes the media engages a limited number of fuel stations on spot quantity checks and assessment. The team competently and professionally discharge this duty of examining only dispensing levels using the approved 10-liter Can (ntiasekuruwa ) by the GSA with no discomfort whatsoever to fuel stations who are by conventions supposed to keep a 10 litre at the forecourts at all times for checking by everyday consumers who have doubts as to what is being served, this 10 litre can is not for regulators but everyday consumers and such it becomes very difficult to understand the apprehension by the coordinator on this harmless fact checking exercise unless of course there is something else he knows or has discussed behind the regulatory expectations of Ghanaians which we all do not know about and must be told or educated of same.
7. We strongly dismiss the supposed warning by the coordinator of AOMC in respect of the claim that the everyday consumer’s like ourselves to whom petroleum products are sold does not reserve any rights to assess the quantities that they purchase in the event that they have reasonable suspicions of under-delivery. It is increasingly obvious that the coordinator of AOMCs is clearly not aware of the daily complaints across the country from some specific retail outlets within the country, this may also, therefore, explain why he makes the sidesplitting argument that all retail outlets are conforming to the prescribed standards as expected, even in the of the display 10-liter cans to assist consumers who are not satisfied with fuel being dispensed, whiles a good number readily offer this 10 litre can others clearly do not and will not budge no matter how much a consumer pushes to have the levels dispensed to them verified. It is important for the AOMC to explain to the general public the essence of the need to display the 10-liter Cans at fuel stations if ordinary consumers or entities cannot demand its usage to determine the accuracy of quantities they are served.
8. COPEC by this statement, is reiterating our resolve to enhance and make the FQC program more rigorous until such a time we can confidently say every Ghanaian consumer anywhere can be able to buy fuel from any of the over 3000 retail outlets dotted across the country without any fear whatsoever of being cheated in any way and will not be intimidated by such uninformed baseless warnings from the Coordinator unless of course he would want us to also fortnightly publish all such complaints received without any avenues for confirming or otherwise, any consumer suspicions of the few bad outlets engaged in this enterprise of short changing the unsuspecting public, our motives as always are without malice but rather in the ultimate interest of the public (both lettered and unfettered) and OMCs. We have and will consistently engage relevant stakeholder bodies including the AOMC itself on issues that bother on, fuel pricing, quality and quantities being served, security and sanctity of the Downstream Petroleum Sector.

COPEC will continue to operate this open-door policy with the expectation that any entity or individual who seek to understand our operations may come forward without hesitations. To end, we will request of the Coordinator the AOMC to desist from these unfortunate retributions as such conduct gives him and the few others seeking to resist civil society organizations and anyone else seeking first-hand information on how much consumers receive for their fuel purchases, away as an Organization that appears to condone and conceal the few PSPs who may be engaged in these unacceptable activities of deliberate under-delivery with the aim to short-changing Fuel Consumers and deprive them from obtaining value for money.

—citinewsroom

The CEO of the Chamber of Bulk Oil Distributors (CBOD) Senyo is urging African leaders to pay close attention to the lessons from Covid-19 for the continent to be self-reliant. Mr. Hosi was speaking during a panel session on the theme “COVID-19: Pathways to Africa’s Economic Recovery and Growth – The place of policy response and private sector mobilization in Africa’s recovery efforts” at the virtual Africa Summit 2020.
Hosi, an economic policy analyst told the panel the coronavirus pandemic has pushed the continent to look within to solve its problems.
“Africa has a perfect opportunity under Covid-19 to reset its thinking and to trigger the paradigm shift that it has been waiting for. We’ve always said that Africa is going to be the next economic frontier, but the question is a frontier for who? Is it going to be a frontier for ourselves? If Covid-19 hasn’t taught us anything at all, I think it should tell us the need for ourselves to be self-reliant on very key issues and basic things and to be a bit more futuristic in our thinking and our planning.”

In Africa, over 335,000 thousand coronavirus cases have been recorded with attendant deaths of over 8,850. Many African countries closed their borders in line with the imposition of lockdowns and other restrictions measures to deal with the pandemic. Although this may have caused a strain on economic activities, the halt on importation meant the continent had to look within to fill the gap. In Ghana, indigenous companies took charge of the production of personal protective equipment such as facial masks, ventilators and alcohol-based sanitizers. This somewhat spurred economic activity.
Senyo Hosi said it is no longer be acceptable for the continent to be dependent on foreign support while she [Africa] sits on arable lands and has a vibrant youth population. He believes the proper use of agriculture, human resource, education and value addition are the surest ways for the continent to recover from the pandemic and achieve economic development.
Vice president of Liberia Jewel Howard-Taylor, a keynote speaker, maintained it was Africa’s job to keep its economies afloat during the pandemic but said it was more important not to miss the negative effect of Covid-19 on women and girls because of their significant roles.
“There’s a lot of loss of income for women, there’s a loss of mobility (where to go to settle sexual reproductive health issues), there’s a loss of empowerment of women but most importantly there is an increase in sexual and gender-based violence across our world.”
She called for the prioritization of empowering women and girls during this global crisis.
The virtual Africa Summit 2020 organised by the Africa Leadership Magazine (ALM) was graced by other distinguished speakers including the Prime Minister of Eswatini Ambrose Dlamini, Secretary-General of the Commonwealth Patricia Scotland, Former Director of Communications of the African Development Bank Dr. Victor Oladokun and Member of the UK House of Lords and Prime Minister’s Envoy to Uganda and Rwanda Lord Dollar Popat.

The CEO of the Chamber of Bulk Oil Distributors (CBOD) Senyo Hosi will be speaking alongside the Prime Minister for Eswatini H.E. Ambrose Dlamini, Vice President of Liberia Jewel Howard-Taylor and the Secretary-General of the Commonwealth Patricia Scotland QC among other leaders from diverse backgrounds in the continent. They will participate in the virtual Africa Summit 2020 organised by the Africa Leadership Magazine (ALM).
The virtual summit on the theme, “COVID-19: Pathways to Africa’s Economic Recovery and Growth” is scheduled for the 25th of June 2020 via teleconferencing at 2 pm GMT.

Senyo Hosi, a Ghanaian thought leader, economic policy analyst and CEO, with vast experience in the oil and gas industry will speak in a panel about the place of policy response and the private sector mobilization in Africa’s recovery efforts in light of the coronavirus pandemic.

In Ghana, Mr. Hosi is leading private-sector corporations and individuals in the Ghana COVID -19 Private Sector Fund (GCPSF) to build the first-ever infectious disease, isolation and treatment facility in the capital Accra. The project, which is nearing completion, begun about eight weeks ago and has been funded by both private and public organisations and individuals and also through crowdfunding. Mr. Hosi and all other trustees GCPS Fund have been commended by Ghana’s President Akufo-Addo for their bold initiative.

For more information about the fund, visit http://ghanacovid19fund.com/.

The Chamber of Bulk Oil Distributors (CBOD) has donated more boom mics in a second round of donations to media houses to help journalists ensure safe news coverage during the Covid-19 pandemic. CBOD gave out boom mic poles to Graphic online (graphic.com.gh), TV3, GHOne TV, Asaase FM and GhanaWeb. The donation was made on behalf of the board, management and members of the CBOD by the Corporate & Member Affairs Manager Francisca Kakra Forson and Human Relations Manager Angela Osei-Badu.

The Chamber which has over the years built strong relations with the media earlier in April donated boom mic poles to the Multimedia Group (JoynewsTV), Despite Media Group (UTv) and Omni Media (CitiTv).

Already, reports indicate some journalists have contracted the coronavirus. The Multimedia Group last week announced some of its journalists had been infected in a statement. Excerpts below.
“This is to inform you that five (5) members of our team at our business offices in Accra who were contact traced and tested by the Ghana Health Service (GHS) have tested positive for the 2019 Novel Coronavirus (Covid-19).
The affected team members, who were all asymptomatic, have been isolated in line with case management protocols. Officials of the Ghana Health Service are monitoring them and we can report that they are all hale and hearty and are responding well to treatment.
As part of ensuring the safety and well-being of our team members and our guests and to minimise any potential for the spread of the virus, we have ramped up internal contract tracing, in liaison with the Ghana Health Service. Together, we have ensured that team members who may have come into contact with the five (5) team members who tested positive have been tested and have gone into self-isolation for 14 days as required. In addition, all remaining team members are to be tested. Testing commenced on Monday, June 15, 2020.
Furthermore, thorough disinfection and deep cleansing of our studios, offices, and facilities take place on a daily basis.”

In light of this, the CBOD wishes all affected journalists speedy recovery and continues to pray for the safety of all journalists in Ghana.
The Chamber cautions all Ghanaians to avoid stigmatizing persons infected or who have recovered from the coronavirus.

The Chamber of Bulk Oil Distributors (CBOD) has petitioned the Ghana Revenue Authority over some challenges Bulk Distribution Companies (BDCs) are experiencing with the Integrated Customs Management System (ICUMS), a system deployed by the GRA to replace GCNeT, the previous system that linked all players in clearing goods through the port.
While BDCs are appreciative of the training as regards using ICUMS and are in full support of the new system, it is bedeviled by some challenges; increase in potential demurrage exposure for BDCs and reduction in operational flexibility.

The CBOD has requested a meeting with the GRA to address the matter.

The Chamber of Bulk Oil Distributors (CBOD) has learnt with sadness the passing of the former Managing Director of Bulk Oil Storage and Transportation (BOST) Company Limited, George Mensah Okley. He passed away on Monday, June 22, 2020.

Mr. Okley will be remembered for his instrumental influence in bridging the gap between BOST and Bulk Distribution Companies (BDCs). He previously worked at the Ministry of Energy as director in charge of upstream and later served as board member of the National Petroleum Authority. In 2017 he was appointed by President Akufo-Addo as MD for BOST and resigned in 2019.

The Chamber, on behalf of the board and all members, expresses its deepest condolences to the family and loved ones of Mr. George Mensah Okley.