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General News
Ghana Secures Firm Crude Oil Supply Commitment From Nigeria 3/13/2008


President Kufuor (left) in tete-a-tete discussion with President Umaru Musah Yar''dua of Nigeria
Ghana and Nigeria yesterday pledged to strengthen and deepen economic co-operation particularly in the energy sector for their mutual benefit.
This followed a day''s consultative meeting held between President John Agyekum Kufuor and Nigerian President Umaru Musah Yar''dua in Abuja at which Ghana secured firm commitment from Nigeria for the supply of 60,000 barrels of crude oil a day on terms described as "liberal".
Forty-Five thousand of this would go to the Tema Oil Refinery (TOR) with the remaining 15,000 barrels taken up by the Volta River Authority (VRA) to fire its thermal power generation plants. The two Leaders and their delegations also discussed the West African Gas Pipeline Project (WAGPP) and trade.
President Kufuor acknowledged the support the West African neighbour had been providing to Ghana over the past seven years and said he was confident that she would continue to stand by the country.
President Yar''dua said Nigeria was prepared to stand shoulder to shoulder with Ghana and give her the necessary assistance into the future.
Throwing more light on the meeting at a press briefing, Mr Andrew Awuni, Press Secretary, said with the continued soaring of the price of crude oil and Ghana''s sole dependence on Nigeria for this natural resource, it became important for the Government to take steps to secure uninterrupted supply.
Again the price hike of crude oil made it necessary for attention to be drawn to the need to expedite action on the Gas Pipeline Project, in which Ghana has equity holding. He said President Kufuor during the discussions urged Nigeria to move quickly to ensure the flow of gas through the pipeline to Ghana and this they accepted to do without further delay.
The gas, he said, would serve as relatively cheaper source of energy to power the country''s thermal plants. The VRA is currently unable to recover part of it cost as a result of the use of crude oil to operate the thermal plants.
Regarding the trade talks, Mr Awuni said the Leaders agreed to deal with this on the platform of the co-Prosperity Project, a mechanism to facilitate development in the two countries, Togo and Benin. He said President Kufuor was satisfied with the outcome of the discussions.
Foreign Minister, Mr Akwasi Osei-Adjei, the Minister for Finance and Economic Planning, Mr Kwadwo Baah-Wiredu and some top public officials accompanied President Kufuor.
Source: GNA


 
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