Maravi

Finance Bank, PTA Bank to fund oil imports

Finance Bank, PTA Bank to fund oil imports
By Fridah Zinyama
Saturday September 20, 2008 [04:00]

ZAMBIA National Tender Board (ZNTB) has announced that PTA Bank and Finance Bank Zambia Limited will jointly finance eleven shipments of petroleum feedstock into the country from IPG of Kuwait.

Responding to a press query, ZNTB public relations manager Hazel Zulu stated that the Central Tender Committee met at a special meeting last week to decide on the financiers for the importation of the countryís crude oil being supplied by Independent Petroleum Group (IPG) of Kuwait over the next two years.

Zulu explained that the Central Tender Committee gave authority to the permanent secretary in the Ministry of Energy to engage the PTA Bank and Finance Bank Zambia Limited to finance eleven shipments of crude oil as per contract with the IPG.

The government last week terminated the US$ 1.2 billion crude oil financing negotiations with Zanaco, citing delays by the latter to give conclusive responses on the matter.

The government, a couple of months ago initially engaged Stanbic Bank in negotiations for the financing of crude oil importation, but they later failed to reach an agreement. This prompted the government to then engage Zanaco, as it was one of the preferred bidders.

Labels: FINANCE BANK, FUEL, OIL, PTA BANK, ZNTB

posted by MrK @ 5:10 AM