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Business & Finance | Nov 25, 2004

Shell delegation calls on Energy Minister

GNA

Accra, Nov. 25, GNA - Dr Paa Kwesi Nduom, Minister of Energy, on Thursday said the country was at the final stages of de-regulation of the petroleum sector, which would bring in private sector participation in the delivery, marketing and pricing of petroleum products. He said the Government would, however, exercise oversight functions over the industry to ensure that the right thing was done and no Ghanaian suffered as a result of private sector involvement. Dr Nduom was interacting with a four-member delegation from the Shell Oil Company in Accra.

The Minister said the Government was committed to making the petroleum sector viable by ensuring that there was no shortage of supplies.

He said private oil companies were being encouraged to build bigger oil storage facilities as part of efforts to make Ghana a significant oil trading country within and in the West Africa Sub-Region. Dr Nduom said Tema Oil Refinery (TOR) was being strengthened financially and technically to make it more effective in its operations and a study had been commissioned into the activities of the Refinery. He said significant work in oil and gas exploration had also started and investors were being encouraged to take serious look at the Energy Sector.

He said the Government was committed to creating the right environment for investors, which could be seen by the various structures being put in place to further strengthen democratic governance. Mr Rob Routs, Chief Executive Officer in Charge of Global Oil Product, Shell Company, said Shell was very much interested in sustainable investment, which took into account the environment and communities within which oil companies operated.

He expressed the Company's pleasure at Ghana's impressive performance in consolidating peace and democracy.

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