Business News of 2014-06-11

Kosmos invests $3billion in oil sector

Kosmos Energy, an oil company, has so far invested $3 billion in Ghana’s oil sector. It has also decided to invest additional $2 billion in the sector which will go a long way to offer more employment opportunities to the people.

The Chairman and Chief Executive Officer of the company, Mr Andy Inghis, made this known when he called on the Vice-President, Mr Kwesi Bekoe Amissah-Arthur at the Flagstaff House in Accra yesterday.

He expressed the commitment of Kosmos Energy to support the government in finding lasting solutions to challenges confronting the energy sector.

For his part, a Deputy Minister of Energy, Mr Ben Dagadu, said the ministry had met and discussed with officials of Kosmos Energy the way forward for the Ghana Gas Project at Atuabo.

According to him, Kosmos Energy informed the ministry that there were large reserves of gas which could be exploited to help address the country's energy needs,

Responding, the Vice-President said the government would not under any circumstance compromise on laws regulating the country's oil and gas industry.

Private sector involvement

He explained that the government was more concerned about the ability of oil concerns operating in the country to involve the private sector and also provide employment for skilled artisans in their activities.

Mr Amissah Arthur said "we are very particular about the local content issue in the oil industry, which is not negotiable,"

The Vice-President assured the delegation of the government's commitment to ensure that both local and foreign enterprises operated in a conducive investment environment.

"Government will not shirk its responsibility to ensure that Ghana will in the foreseeable future remain the most preferred destination for investment in the West African sub-region." he said.

Source: graphic.com
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