Minister courts investors to downstream petroleum sector
Mr Emmanuel Armah-Kofi Buah, Minister of Petroleum, has persuaded investors to direct their capital to the country’s downstream oil side, as it beams with huge opportunities after government price liberalisation policy spurred competition.
Ghana’s downstream sector, he said, covering refining crude oil, processing and purifying natural gas as well as marketing and distribution of oil products, is flourishing with investment opportunities that guarantee good returns.
The segment reaches consumers through products such as gasoline or petrol, kerosene, aviation fuel, diesel oil, heating oil, fuel oils, lubricants, waxes, asphalt, natural gas, and liquefied petroleum gas as well as a number of petrochemicals.
Speaking at a cocktail event to celebrate the launch of Puma Energy Distribution Ghana, Mr Buah told investors and stakeholders that available statistics show oil consumption in the country has surged.
The midstream and downstream oil giant announced its entry into the local oil storage and retail market early this year and partnered with Blue Ocean Investments to add storage capacity of 10,000m³ to the existing 750m³ at the Kotoka International Airport depot.
The international conglomerate with local partners provided the Tema Ridge depot, further 15,000m³ of storage of aviation fuel to improve efficiency and reinforced security of supply.
It also established a new gasoline and gas oil terminal in Takoradi and added 32,000m³ capacity.
“With Puma Energy’s track record in operations in 19 African countries, Ghana is convinced that is a credible partner to invest in and strengthen the downstream sector,” Mr Buah said.
He said government would continue to adhere to the oil price liberalisation policy and ensure fair deal in the downstream side to boost quality service, adding that legislators’ approval of the National Petroleum Authority Amendment Act concretises the agenda.
“This certainly provides golden opportunities for industry players and we are happy that Puma Energy has joined the competition,” he said.
“We think there has been real success in the upstream sector and we want to replicate that in the downstream sector.”
He encouraged Puma Energy to remain committed to its robust standards on health, safety and environmental records.
Mr Myles Bouvier-Baird, General Manager of Puma Energy Distribution Ghana, lauded government’s deregulation policy in the oil sector as a positive move to allow market forces decide prices.
He said the company would offer petroleum products at competitive prices for the consuming public as well as carry out its corporate social responsibilities to ensure safety, support education and health.