Sekondi (Western Region) 25 May '99
The Chief Executive of the Ghana National Petroleum Corporation (GNPC), Mr Tsatsu Tsikata has projected that the multi-million dollar Western Power Project will earn 50 million dollars a year when it begins operation.
The focus of the corporation now is to achieve "the first investment that can generate value in multiples." he said
Mr Tsikata was speaking to members of the Institute of Financial and Economic Journalists (IFEJ) on board an oil-drilling vessel in Sekondi on Friday.
IFEJ members were on a three-day tour of GNPC's operations in the Western Region.
Western Power Company, a subsidiary of GNPC, has been set up to manage the project, which aims at supplying about 125 megawatts of power to areas not connected to the national electricity grid, he said.
The Project will be sited at Effasu/Mangyea in the Nzema West District would produce electricity using oil and gas.
The Ghana and Japanese Government and Exim Bank of United States of America are providing funds for the project.
The Japanese Government has provided 100 million dollars but Exim Bank is yet to disburse 300 million dollars for the project.
A barge for the project has been constructed in Italy and is awaiting instructions from GNPC before sailing within 30 days to the shores of Effasu/Mangyea.
Work on the pond that the barge will be located is also yet to start although land has been cleared for the purpose.
Mr Tsikata announced plans to run the project to attract private and public participation to meet its objectives.
He said Western Power Company would be listed on the Ghana Stock Exchange (GSE) at the initial stages and later on the New York and South African Stock Exchange.
Work on the administration block, guesthouse, warehouse and workshops are almost completed.
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