Russia Oil Company to sink $100m in Ghana

Accra, June 3, GNA- LukOil Overseas Holding Limited, one of the leading oil companies in Russia on Tuesday announced a 100 million-dollar fund to support the efforts of Ghana to improve on on-shore oil exploration.

Mr. Andrey R. Kuzyaev, Vice President of the company, who led a business delegation to pay a courtesy call on Vice President Alhaji Aliu Mahama, at the Osu Castle also expressed the desire of the company to release additional one billion dollars to facilitate a social development programme in the country.

Vice President Mahama lauded the initiative of the company and appealed to Russia in particular to revive the comprehensive development programme in Ghana, which was curtailed after the 1966 Military coup d 'etat, which overthrew Ghana's first President, Dr. Kwame Nkrumah. He acknowledged the immense support Russia offer to Ghanaian students to pursue various professional studies in that country and welcomed the new investment drive of the former World Super Power. Mr. Kwame Amporfo Twumasi, Deputy Minister of Energy said the Russian company was partnering Vanco, an oil exploration company to carry out exploration at Saltpond in the Central Region. He said Lukoil would start its major operations from July this year, which would comprise assistance to Ghana to tap the by-products of oil exploration including the production of petrol chemical. The Minister noted that, Russia had comprehensive data on oil finds in Ghana, dating back to the 1960's when the country was very active in the country.

Mr Twumasi said there was sufficient information on previous onshore oil exploration in the Brong Ahafo Region, Volta and Northern regions.

He said 40 per cent of the landmass in Ghana holds the potential for oil exploration.