NDC sells GNPC
4/30/2012 2:05:33 PM -
It has emerged that President John Evans Atta-Mills and his ruling National Democratic Congress administration has agreed to sell a huge stake in the Ghana National Petroleum Authority to PetroSA, South Africa's National Oil Company.
According to South Africa's deputy president Kgalema Motlanthe and also reports from the South Africa Broadcasting Company, South Africa and Ghana are currently locked in talks for PetroSA to buy a stake in GNPC.
The agreement, finalising the sale of the stake of one of Ghana's prized assets, is expected in a month, the Johannesburg-based public broadcaster said in a report on its website.
'The agreement will provide security of supply for South Africa,' Deputy President Motlanthe said on the SABC website.
As part of the deal, South Africa has agreed to assist Ghana to develop the Akosombo Hydro Power Station, according to the report.
This development comes on the heels of the recent visit to Ghana by South Africa's deputy President Kgalema Motlanthe, who last week led a South African delegation to Ghana to elevate the level of cooperation in energy security and energy-related technology.
Their visit was to play a vital role in solidifying relations with Ghana - whose petroleum industry is still in its infancy stages, with production having started in 2010.
According to sources within, Pretoria is looking at supplies from new oil markets to maintain its growing economy and energy demands.