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10.07.2019 Business & Finance

New Gas Law To Regulate Industry—Bawumia

By Staff Writer
New Gas Law To Regulate Industry—Bawumia
JUL 10, 2019 BUSINESS & FINANCE

Vice President Dr. Mahamudu Bawumia says Government recognizes that there are some regulatory challenges that must be addressed using the proposed new Gas Law.

He believes it will provide regulatory certainty and predictability in the downstream natural gas market.

The Vice President noted, “The proposed Gas Act will provide an enabling environment and appropriate incentives for investors that are willing to invest in Ghana.”

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Dr Bawumia said through the Ministry of Energy there is an ongoing process of ensuring institutional and regulatory re-alignment of the midstream gas subsector to bring clarity and a degree of certainty to players within that subsector.

“The Minister for Energy would soon conclude the process of realignment and commence the process of legislative consolidation of the Gas Master Plan into a Gas Act,” he said.

He assured the petroleum downstream industry that government will create an enabling environment for downstream business to thrive competitively, efficiently and with the highest of safety standards.

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The vice president said the Gas Act and others are some initiatives in the sector to invigorate.

The Vice President believes such initiatives are an important requirement for the development of Ghana into a petrochemical hub in the sub-region.

“Government recognizes that there are some regulatory challenges that must be addressed to provide regulatory certainty and predictability in the downstream natural gas market.

“The proposed Gas Act will provide an enabling environment and appropriate incentives for investors that are willing to invest in Ghana.

Dr Bawumia also assured investors that security of natural gas supply as feedstock for petrochemical plants is a priority for government.

Procurement of natural gas from domestic sources has already been secured under regulations governing the Domestic Supply Obligations of Upstream gas producers, he reiterated.

The Vice President Dr. Mahamudu Bawumia was speaking at the ongoing Ghana International Petroleum Conference in Accra.

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