Expert demands accessible funds for Ghanaian Companies in petroleum downstream industry

npaA call has been made for increased local participation in the petroleum downstream industry.

Although there is an increase in the number of indigenous and wholly-owned Ghanaian Companies in the sector, Oil and Gas Expert and Director of GASOP oil limited, Kojo Poku says there is a need for the government to ensure that funds are accessible to the Ghanaian Companies.

He believes this would help the indigenous companies become self reliant and not run to the international companies for financial aid due to the capital intensive nature of the industry.

His comments come as latest figures by the National Petroleum Authority show a significant increase in the percentage of Ghanaian companies involved in the downstream petroleum industry from 28% in 2001 to 70% in 2014.

Speaking on Live fm’s news programme; Newswatch, Kojo Poku said he believes there is a need for the country to also see a significant increase in the number of Ghanaians involved in the upstream petroleum industry.

He has therefore called on the government to relax the laws on exploration.

A report by the National Petroleum Authority attributed the increase in local participation by indigenous companies in the petroleum downstream sector to the local content initiatives that have been championed since the establishment of the National Petroleum Authority (NPA) by an Act of Parliament, Act 2005, (Act 691).

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