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Feb 22, 2011

$38 million for oil, gas project

Dr. Joe Oteng-Adjei, the Minister of Energy, has announced that the World Bank has approved a $38 million credit facility to Ghana for the implementation of an oil and gas capacity building project.

According to him, the project will help in improving the public management and regulatory capacity of the oil sector, as well as strengthening, managing and monitoring institutions to enhance the sector’s transparency.

 Dr. Oteng-Adjei said this in Accra, at the first Jubilee Oil round table discussion on the theme: ‘Celebrating With Caution, Ghana’s Oil and Gas Prospects’, which was organised by the Energy Centre, in collaboration with the Department of Chemical Engineering of KNUST, to provide a platform for dialogue between the university community and stakeholders that will lead to prudent utilization of the oil and gas endowment for the overall benefit of Ghanaians.

 According to him, the component, which is targeting human capital development, will provide support to the Kwame Nkrumah University of Science and Technology (KNUST), to improve petroleum and petro-chemical engineering teaching and research capabilities.

 Dr. Oteng-Adjei added that, the capacity building project will also support the development of indigenous technical and professional skills, needed by the petroleum sector through support to selected educational institutions.

 Mr. Sunil Mathrani, the World Bank Country Director, on his part, said the oil and gas resources has increased the need for infrastructure, especially, for harnessing the gas resources for development, adding that the bank will rather increase  its support to meet those needs.

Source: ISD