A joint business venture between the Kwame Nkrumah University of Science and Technology (KNUST) and the on-campus filling station of the Union Oil Company Limited, has been inaugurated in Kumasi.

Professor William Otoo Ellis, the Vice-Chancellor of the University, said the objective was to bolster its financial base to put the University in a position to cater for its own development needs and pledged to invest more in viable projects.

“We have for some time now executed many projects that have not only facilitated academic work, but have also soared our economic activities to acceptable levels,” he stated.

They include the construction of an ultra-modern shopping mall, a fire station and the upgrading of the KNUST Police Station to a District status.

Professor Ellis stated that the Filling Station would provide services to the University and its environs because plans have been put in place to ensure that the facility was always stocked with enough fuel.

The facility would be operated on a Build, Operate and Transfer (BOT) basis.

He gave the assurance that the authorities would not relent in their efforts in partnering the private sector to undertake projects for their mutual benefits.

Mr. Charles Obeng-Mensah, the Managing Director of Union Oil, said the company had within its short period of operations made significant achievements through sound management and business practices.

It was last year adjudged the Fifth Best Oil Marketing Company in Ghana and currently, it has about 80 stations operating across the country.

Work on the project commenced two years ago, following the signing of a pact between the two organizations.