Sahara Oil Invests $250m

By Daily Guide
By Daily Guide

11/24/2007 4:48:30 AM -

The recent oil discovery is expected to accelerate economic growth in Ghana as Sahara Group of Companies, one of the largest energy sector players in Africa, says it will in the next five years open filling or fuel stations in all the 166 districts of the country.

The company therefore says it is ready to commit about $260 million in investments not only in construction of filling stations but also in oil production in the country.

Managing Director of So Energy Ghana Limited, one of the subsidiaries of Sahara Group, Addai Opoku-Boamah disclosed this last Wednesday at a press briefing.

He said the company intends giving direct employment to about 1,000 Ghanaians through the new filling stations and about 10,000 indirect employments.

Sahara also operates Petroleum Warehousing and Storage Limited in Tema, which stores petroleum products and chemicals such as refined petroleum products and ethanol. It currently has a combined storage capacity in excess of 22 million liters.

Mr. Opoku-Boamah commended the regulatory agencies such as the National Petroleum Authority (NPA) for ensuring a level playing field in the industry.

He said the recent oil discovery in Ghana offers a significant investment opportunity for the Group and an opportunity to assist the country with its diverse experience in a vast range of oil and gas related activities.

Over the last two years, the Group has invested upward of $50 million in construction of state-of-the-art storage facilities for bulk storage of refined petroleum products among others.

Meanwhile, So Energy Ghana Limited yesterday opened its first ultra modern filing station in the country, which will be located at the Ring Road Central in Accra.

Sahara Group is headquartered in Lagos, Nigeria and operates in Africa, Europe, North America and South America with a presence in 9 countries.

By Charles Nixon Yeboah