The Chief Executive of the National Petroleum Authority (NPA), Dr. Mustapha Abdul-Hamid, has invited oil investors in the United Arab Emirate (UAE) to take advantage of Ghana’s favourable petroleum market environment and invest in the country’s infrastructure.
He mentioned oil jetties, pipeline and distribution infrastructure, refineries and gas processing plants, storage and loading gantries as areas up for grabs by investors.
Dr. Abdul-Hamid was speaking at an Energy Investment Forum organised by the Ministry of Energy on the sidelines of EXPO 2020 in Dubai, UAE, and said the establishment of NPA removed restrictions on the establishment and operations of facilities, and importation of crude oil and petroleum products.
He mentioned that it has also created a reliable legislative and regulatory regime that has delivered for the country a downstream industry, whose contribution to the economy has grown more than four-fold – with private players, both local and international, forming a major part of the industry.
Touching on why the need to invest in Ghana’s downstream petroleum industry, the NPA boss said: “Our unique geographical position along the coast of West Africa, democratic stability and security require that we provide leadership in building an integrated infrastructure to serve the sub-regional petroleum industry”.
Mr. Charles Owusu, Chief Executive of the Petroleum Hub Development Corporation, on his part said government will provide both economic and regulatory incentives to investors, such as corporate tax exemptions and waivers.
“These waivers will cover import duties and taxes, and levies on machinery and equipment,” he added.
He also stated Ghana is ready to reduce the corporate tax rate from 35% to 15% after a 10-year tax holiday for petroleum sector investors.