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09.03.2005 Business & Finance

Ghana signs agreement with Arabian Gulf Oil

By GNA

Accra, Mar. 9, GNA - The Chief Executive of Arabian Gulf Oil Limited (AGOL) on Wednesday said Ghana is poised to be the epicentre of oil exploration in the West African Sub-region after signing an agreement on a 25-trillion cedi 200,000 barrel per day refinery to be built in Takoradi.

Peter Buckley signed for AGOL, while Professor Mike Ocquaye, Minister of Energy signed for Ghana.

Mr Buckley noted that the project would be completed after 30 months of signing the agreement indicating that the project would be ready by 2009 with the first phase coming up by 2008.

He said the sod would be cut for the beginning of the project by the end of 2005, adding that a detailed study has already been conducted on the project.

He was optimistic that the refinery, which would be four and half times the capacity of the Tema Oil Refinery at its peak, will work to meet the fuel shortages in the country and its immediate neighbours. "We are here to do business and we would work to make the Ghanaian people benefit fully from the project as we will build schools, hospitals and provide scholarships to deserving students."

The refinery is to provide between 2,000 to 3,000 jobs and basically serve the American and European markets.

The complex will consist of import and export terminals and all other facilities and infrastructure required to support the refinery which is the company's second 100 per cent funded refinery covering both debt and equity.

Prof. Ocquaye said the refinery, a purely private sector build operate transfer venture is part of the government's deregulation process.

Arabian Gulf Oil Limited is the holding company for Arabian Gulf oil Refinery, registered in Bahrain and Arabian Gulf Oil Refining Fujairah, registered in the Emirate of Fujairah.

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