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General News Mon, 31 May 2004

Ghana negotiates with Equatorial Guinea for crude oil supply

Malabo, May 31, GNA - Ghana is negotiating for the supply of crude oil from Equatorial Guinea on concessionary terms, Dr. Paa Kwesi Nduom, Minister of Energy announced in Malabo, Equatorial Guinea on Sunday. He said the negotiation would include the ability and capacity of crude oil supply that could be refined in Ghana for Equatorial Guinea.

Dr. Nduom was briefing journalists after a ministerial level meeting between both countries as part of President John Agyekum Kufuor's three-day official visit to Equatorial Guinea.

He said discussions at the meeting to be forwarded to the governments for their endorsement would be finalised during a Ghana-Equatorial Guinea Permanent Joint Commission for Co-operation meeting scheduled for Malabo or July 20-22, this year.

On Technical Co-operation, the Minister said it was agreed that there should be a yearly meeting between officials on the Ghana National Petroleum Company (GNPC) and the Tema Oil Refinery and their counterparts in Malabo to determine the resources and experiences that could be shared.

Dr. Nduom said the main focus of the meeting was to ensure stability and fostering of relations between both countries. " Equatorial Guinea has oil and gas and the main focus is how they can learn from Ghana's experience and expertise in that sector, " he added.

He pointed out that Central and West Africa could produce one-third of the oil and gas needs of Africa in the next 3-5 years, adding, "This trip will help us achieve a lot in oil and gas, a good beginning of positive things to come".

Briefing the meeting earlier, Dr. Nduom said the visit was not only a reciprocal one but also an opportunity to begin implementing issues both sides had discussed.

Mr Pasteur Micha Ondo, Minister of Foreign Affairs of Equatorial Guinea, who led his country's delegation, said efforts should be made to implement whatever had taken place in the past.

He was optimistic that the Joint Commission meeting in July would be fruitful and help strengthen relations between both countries.

Source: GNA