Business News of 2013-08-24

Ghana, Equatorial Guinea sign co-operation pact

The government has signed a co-operation agreement with Equatorial Guinea on the exploration of hydrocarbon and the maintenance of petroleum equipment.

The agreement, an amended version of what has existed between the two countries since 2010, will also see the two countries co-operate in the area of the production, storage, transportation and commercialisation of hydrocarbons.

It will also take into consideration the country’s gas development infrastructure component, whereby the Equatorial Guinea Gas Company will provide technical expertise for the Ghana Gas Company to ensure that Ghana achieves its target in the development of its gas resource.

Hydrocarbons naturally occur in crude oil, where decomposed organic matter provides an abundance of carbon and hydrogen.

The Minister of Energy, Mr Kofi Armah Buah, signed on behalf of the government, while the Minister of Mines, Industry and Energy for Equatorial Guinea, Mr Gabriel Mbaga Obiang Lima, signed for his country.

Mr Buah indicated that the agreement sought to offer mutual technical, financial and legal support, with the aim of developing and promoting bilateral cooperation in the hydrocarbon sector.

“We are optimistic that this amended agreement will offer immense assistance to the country’s petroleum sector, particularly in the areas of local content, maintenance of petroleum equipment and downstream operations where jobs could be created for our people,” Mr Buah said.

Mr Obiang Lima, for his part, noted that following the development of Equatorial Guinea’s oil industry, there was the need to cooperate and share knowledge with its development partners for common gains.

“Since energy has become the cornerstone of human development and a vital cross-cutting component towards poverty reduction and addressing developmental goals, we see this cooperation as a long-standing friendship that will inure to the advantage of our two countries,” he said.

Source: Graphic Business
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