Saturday, 03 June

Amin Adam woos investors to Ghana’s energy sector

Dr Mohammed Amin Adam

In an attempt by the Ministry of Energy to continue to position Ghana’s energy sector favourably in the minds of investors for strategic partnerships and economic growth, Deputy Energy Minister, Dr. Mohammed Amin Adam on Friday told investors in Philadelphia to flock to the sector and invest.

He made this call when he addressed on behalf of sector minister, Dr. Matthew Opoku Prempeh, a US-Ghana EXPO RoundTable B2B matching organized under the auspices of the US-Ghana Chamber of Commerce with support from Ghana’s Ministry of Trade and Industry.

Dr. Amin said Ghana has a lot of untapped hydrocarbon resources, both offshore and onshore, which the sector is seeking to explore and exploit through partnerships with private companies.

“In Ghana, Exploration and Production (E&P) licenses are awarded through open, transparent and competitive public tender processes. However, E&P licenses may be awarded through direct negotiations without public tender if direct negotiations represent the most efficient manner to achieve optimal exploration, development and production of petroleum resources in a defined area. Either way, prospective contractors must have the requisite technical and financial abilities to undertake petroleum activities” he said.

The Karaga Member of Parliament also said Ghana aspires to become a hub for refined petroleum products in the West African sub-region and beyond, culminating in the establishment of the Petroleum Hub Development Corporation (PHDC).

He said the hub will host infrastructure such as refineries, port terminal facilities, storage facilities, petrochemical plants as well as Liquefied Natural Gas (LNG) terminals with a network of pipelines. He asked investors to capitalize on the opportunity this presents.

In the power sector, the Deputy Minister highlighted the plethora of opportunities in the renewable and nuclear spaces.

“The most important thing we want to do as a Ministry is to ensure the lights are for economic growth and, therefore, we ask that you partner us strategically in the power value chain to ensure this,” he added.