THE BEST SERVICE TO AFRICA
CKG, an Ivorian company, has expressed interest in investing about USS500million into the operations of the Ghana National Gas Company through a partnership deal.
The Chairman of CKG Holdings Group, Charles Kader Goore, said his firm —which has over the past three years been seeking a financing facility toward the Ghana Gas project – is closing in on a deal that will give it a chance to participate in the country's energy sector.
"We want to give the best service to African people. We want to give the best service to our area. The project is about US$500million. the pipeline project. We are working now with a partner. We started three years ago, and now we have a partner and we are ready to go ahead," he said.
Ghana Gas Company, a wholly-owned state institution, has been established to oversee the commercial production of gas from the Jubilee oil-field. Its current principal project is the development of the Atuabo gas plant, which is being funded with a loan From the Chinese government.
The inability of the Ghana Gas Company to make ready the gas processing plant is seriously impeding work at the Jubilee Field, with operators having to re-inject the gas into reservoirs.
The construction of the gas facility at Atuabo has suffered many setbacks; and though the Ghana Gas Company says the facility will be ready by third quarter, there are strong indications that the project will not be completed this year. When contacted, the Communication Manager of' Ghana National Cac C;orupany, Alfred Ogbamcy, said that the state-owned gas company is aware of CKG Group but has not had a formal approach from an Ivorian firm whose interest in the upeiatiorts of Ghana Gas signals viability and confidence in the projects of the company.
"Ghana Gas is aware of CKG Group, but has not had a formal offer of partnership from them. We are excited and welcome their interest. Their interest is proof of confidence, viability and investor interest in the company," he said.
Mr. Ogbamey said any interest front the Ivorian Group will he tabled for consideration bv.• the board and cliarcholdcis, saying: "If we are approached, management will' put forward the offer to the board, which will in turn take it to the shareholders to make a decision on it."
Mr. Goore said CKG Group's principal interest in Ghana lies in the energy sector, where it sees opportunity for critical investment. Last week, CKG Croup invited some Polish investors into the country to assess investment opportunities.
He said Ghana's political and economic stability snakes the country ideal for investment, attracting the interest of foreign investors.
"I have confidence in the Ghanaian economy. I have told illy foreign partners that Ghana is a good destination. Investment is not about money; chat is no problem. The problem is the political and economic stability, and Ghana has it. "Ghana is a good destination for West-Africans, .tnd its location — which can easily be reached from around the region — positions the country well for foreign investment," he said.
CKG Group, which has been in existence for the past 21 years, has subsidiaries in .hipping, logistics, manufacturing, agriculture, travel and tourism. It also has interest in several blue-chip firms including Yara InternationaI and Barry Callehaut.
He said the company's successful operations have been achieved through partnership deals, a model lie hopes will help the company to expand its footprint in Africa.
"African companies have a capacity to build and assist our countries to grow. We must create more industries in our countries, Mr. Goore added.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.