The newly appointed Chief Executive Officer of the National Petroleum Authority (NPA), Ghana’s petroleum downstream regulator, Dr Mustapha Abdul-Hamid, has called on investors in United States of America (USA) to consider investing in Ghana’s petroleum hub project.
According to him, his outfit is ready to provide the licences and permits to guarantee their investments in the project.
The Akufo-Addo-administration has planned to establish a petroleum hub in the Western part of the West African nation.
The $60 billion project, which is private sector-led, will have, among other facilities, four new oil refineries each with a capacity of 150,000bpd, storage tanks for crude and finished products, two oil jetties, two petrochemical plants with processing capacity of 45,000bpsd each, as well as waste and water treatment plants.
It is estimated that 780,000 jobs would be created when the project commences and completed.
The government, through the country’s national oil company (GNPC), has already earmarked $10 million to secure 20,000 acre land for the project.
Speaking during the official ribbon cutting ceremony at the Ghana Delegation pavilion at the just ended Offshore Technology Conference (OTC) in Houston, Texas, USA, Dr Mustapha Abdul-Hamid asserted that Ghana is the best place for the petroleum hub project because of political stability, geographical location, robust downstream sector and its high quality crude oil.
Dr Abdul-Hamid said the NPA would assist in the establishment of the petroleum hub by undertaking vigorous engagements with investor communities to be able to attract investments into the country, adding that the Authority would ensure it played its regulatory role by providing licences and permits for the establishment of the refineries, distribution and transportation infrastructure, and storage facilities, among others.
“It will also monitor the quality of petroleum products to ensure they meet specified standards,” he noted.
