Business News of Thursday, 19 August 2021
Source: 3news.com
2021-08-19
Chief Executive of the NPA, Dr. Mustapha Abdul-Hamid
The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, has asserted that Ghana is best placed to attract investments into its petroleum hub because of political stability, geographical location, robust downstream sector, and its high-quality crude oil.
He was speaking during the official ribbon-cutting ceremony at the Ghana delegation pavilion at this year’s Offshore Technology Conference (OTC) in Houston, Texas on Monday.
The OTC is an annual event that provides energy professionals from various countries with the opportunity to meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters.
Dr. Abdul-Hamid said the NPA will 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 will ensure it plays its regulatory role by providing licenses 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.
The proposed petroleum hub, which is estimated to be $60 billion, has four key infrastructures: refineries, petrol chemical plants, storage facilities, and jetties.