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23.08.2002 Business & Finance

Libya to supply Ghana oil

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Ghana is to receive an additional 10,000 barrels of crude oil from Libya to supplement the daily requirement of the Tema Oil Refinery (TOR), which is 45,000 barrels a day.

Energy Minister, Albert Kan-Dapaah, (MP) is at the head of a Ghanaian delegation to the Libyan capital Tripoli to sign an agreement to this effect.

A government statement issued in Accra and signed by Information and Presidential Affairs Minister, Jake Obetsebi-Lamptey said the agreement follows " recent successful meetings between His Excellency President John Agyekum Kufuor and his Libyan counterpart President Muamar Ghaddafi."

"Under the agreement, the crude oil will be sold to Ghana on terms, which will ensure that the landed price at the Tema Oil Refinery are competitive with crude supplied from our neighbouring countries."

The statement said together with arrangements made by the government in January 2001 with the Nigerian government to supply 30,000 barrels per day, the country had almost secured the total processing requirement at TOR.

The agreement with Libya marked the latest effort by the Ghanaian government to secure and ensure reliable supply of petroleum products to all sectors of the economy and to every part of the country since it took office in January last year,

The successful agreement with Libya coincided with the completion of the catalytic unit of TOR, which would enable the refinery to receive and process much variety of crude oil than had been the case, adding that steps had been instituted to ensure that kerosene was available at all times to rural communities throughout the country.

The statement said: "Government has taken major steps to secure the country's petroleum supply needs at all, including unforeseen circumstances, which may cause temporary disruptions to our supply arrangements."

It said the conclusion of the agreement with Libya would strengthen government initiatives, which had ensured stable and reliable supply of petroleum products since January 2001.

"Government is convinced that the people of Ghana and investors deserve a break from worries and uncertainties about fuel shortages and long petrol queues. Government will therefore continue to take necessary initiatives to provide a reliable energy base to fuel the Golden Age of Business, the statement added.

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