Business News of 2014-08-03

MEDEA - Cola Natural Resources Office unveiled

Cola Natural Resources Ghana Limited and MEDEA Development Limited on Friday unveiled their new office in Accra as part of efforts to consolidate their operations in the country.

This follows Parliamentary approval of the agreement for oil exploration in the Cape Three Points Block offshore Ghana between the government and the Ghana National Petroleum Corporation (GNPC) on one hand and the Cola Natural Resources Ghana Ltd and MEDEA Development Ltd in July 2013.

The area of operation covers approximately 1,560 square kilometres, with the water depth ranging from 30 metres to 200 metres.

Speaking at the unveiling ceremony, Dr Giuseppe Ciccarelli, Chief Executive Officer (CEO) of MEDEA Development Limited, hailed Ghana for its good governance and fare business climate.

He praised the GNPC and government for being effective partners in their operations, adding that “we strongly believe in the fact that this public-private partnership will be a success.”

He said the commissioning of the new office in Accra marks the beginning of actual work in the country, and further appealed to government to continue to give them the needed support.

Mr Azad Cola, Director of Cola Natural Resources, said: “It has taken four years for us to come this far, we are committed to work hard and hope to be here for a longer time”.

He expressed his gratitude to the government and GNPC for their collaboration.

Dr Alhaji Asoma Abu Banda, CEO of Antrack Group of Companies and local partner of Cola Natural Resources Ghana Ltd and MEDEA Development Ltd, said risk-taking was very critical in business, and urged businesses not run away from it.

He said the oil exploration works in the Cape Three Points Block offshore Ghana would begin by the middle of the month, which would create employment opportunities for Ghanaians.

Nana Boakye Asafu-Adjaye, former GNPC CEO, advised investors in the oil and gas industry to abide by the rules and regulations of the country.

Dr Kwabena Donkor, Chairman of the Parliamentary Select Committee on Mines and Energy, said the natural resources law of Ghana requires that the resources are used for the benefit of the people.

He said government is in the process of passing new legislations to regulate the oil and gas sector, and urged the companies to have faith in Ghana and to see themselves us Ghanaian companies.

Mr Antoine Ghonda, Ambassador of the Democratic Republic of Congo, lauded Ghana’s laws on oil and gas, declaring that with this system in place, there would be no conflict of the resources.

Source: GNA
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