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Business News of Thursday, 31 May 2018


GNPC-Rosneft strike natural gas supply deal

The Ghana National Petroleum Corporation (GNPC) has struck a 12-year natural gas supply deal with Rosneft, a Russian integrated energy company, a move likely to open opportunities for increased investment in Ghana’s oil and gas sector.

Under the agreement, Rosneft would deliver 250 million cubic feet of liquefied natural gas (LNG) to a re-gasification terminal at the Tema Port, to be processed and carried to the GNPC’s Tema Metering Station.

This is contained in a press statement issued by the Corporation, a copy, was made available to the Ghana News Agency (GNA).

It said the signing took place on the sidelines of the 26th St. Petersburg International Economic Forum – an annual Russian business event, held in St. Petersburg.

Mr. Frederick Blay, the GNPC Board Chairman, and Igor Ivanovich Sechin, Chief Executive Officer (CEO) and Chairman of the Management Board of Rosneft, initialled the agreement for their respective companies.

This is going to place Ghana at the centre of West Africa’s rapidly growing energy market – provide job openings and build local capacity.

The statement added that the two companies also agreed to deepen their cooperation in the development of the upstream and downstream sectors.

Mr. Blay expressed optimism that through “this strong cooperation, Ghana can also act as a gateway for Russian investment within the wider West African region”.

On his part, Mr Sechin said it was the beginning of a new phase of the development cooperation between Russia and Ghana. “Ghana has placed itself among dynamically developing world economies with the energy demand growing year on year,” he stated.

Dr. Kofi Kodua Sarpong, CEO of GNPC is quoted as saying, “we are happy to be working with Rosneft on this LNG transaction and already the two parties are looking at greater cooperation and partnership in the upstream sector”.

Present were Dr. Mohamed Amin Adam, the Deputy Minister of Energy, Ghana’s Ambassador to Russia, Oheneba Dr. Lesley Akyaa Opoku-Ware, and Ogyeahoho Yaw Gyebi II, Member of the Board, Joseph Dadzie, GNPC’s General Manager (Commercial), Matilda Ohene, General Manager (Administration and Board Secretary), Dr. Patrick Ofori, Manager Sustainability, Adwoa Wiafe, Legal Manager, and Louisa Amoako-Quaicoe, Principal Legal Counsel.

GNPC had entered into gas sale and purchase agreement (GSA) with Gazprom, in September, 2017, and the statement said due to a corporate restructuring, Gazprom’s supply obligations had been assumed by Rosneft - an affiliate.

GNPC is Ghana’s National Oil Company, established in 1983 by PNDC Law 64, to undertake the exploration, development, production and disposal of petroleum.

It has been leading the nation’s search for adequate and reliable supply of petroleum products and an anchor partner in all upstream operations and currently has stakes in 17 Petroleum Blocks and is the Operator of the Voltaian Basin.

It is also the national gas aggregator.

Rosneft on the other hand, is the world’s largest listed energy company by production and reserves.

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