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GHANA IS TO BECOME A PETROLEUM HUB—VICE PRESIDENT BAWUMIA

As part of its strategic anchor initiatives, the Government of Ghana will position Ghana as a petroleum hub for the West African sub-region.

 

This will lead to the establishment of a Petrochemical industry in the country to supply refined Petroleum products to meet the demands of the West African sub-region and the continent. Ghana’s Petroleum Downstream sub-sector will also be further developed.

 

Vice President Dr MahamuduBawumia made these known in a keynote address at the 2nd Edition of the Ghana International Petroleum Conference in Accra, last Thursday.

 

Dr Bawumia said the project would accelerate the growth of Ghana’s petroleum downstream sub-sector, make it a major player in the economy and, consequently, ensure the development of sustainable value, wealth creation and the progress of industry.

 

He explained that a successful implementation of the project would, apart from creating employment, have immense benefits for the players in the industry as well as the nation as a whole.

 

He said the Petroleum Hub Project would increase the presence of major international oil trading and storage companies, create regional trading champions and encourage joint ventures between local and international companies for knowledge transfer and wealth creation as well as provide value addition to Ghana’s petroleum industry.

 

Vice President Bawumia said the development of a hub in Ghana would cause an increase in the country’s refining capacity beyond current levels, both to meet domestic demand and for export.

 

He urged local industry players including Petroleum Service Providers (PSPs), especially the Bulk Oil Distributors (BDCs), to change their business models to take advantage of the expected increase in business, as there would be more products for export than their current model of importing the shortfalls in production.

 

There was, therefore, the need, Dr Bawumia said, for PSPs, especially the BDCs, to respond to the hub plans by taking the necessary steps, including possible mergers and acquisitions, to position themselves to become multinational operators.

 

The 2nd Ghana International Petroleum Conference took place on the theme: Realizing the Vision of a Petroleum Hub.

 

The two-day Conference brought together industry leaders across the world to explore and discuss varied ideas and strategies that would ensure the achievement of Government’s vision.

 

Conference participants undertook a comprehensive review, after more than a decade of implementation, of the deregulation policy to determine whether or not the intended objectives of the policy have been achieved.

 

Source ISD (Rex Mainoo-Yeboah)