Hon Speaker, Hon Deputy President, the issue of the security of oil supply is obviously an issue of extreme importance to our country. It is not only about securing crude supply, though, but also about managing price risk through the securing of bilateral agreements with oil- producing countries.
In that regard, can you confirm that we didn't in fact secure this year's bilateral agreement with Ghana by the cut-off date, which could lead to us having to pay more for that amount of crude oil on the open market? If so, how would we avoid this situation occurring again in the future?
In addition, why is it that a large percentage of our strategic fuel stock is, in fact, Basra crude oil, which is incompatible with our refinery requirements? Its price has also recently dropped, representing a significant loss to our country. What will therefore be done to remedy this particular situation?