Ghana Expresses Joy Over Dangote Refinery

• Ghana Expresses Joy Over Dangote Refinery
• The Ghanaian official
• Ghanaian $60 billion petroleum hub project

The Ghanaian government is optimistic that the addition of the 650,000 barrels per day in the Dangote Refinery in Nigeria will result in good change for the nation’s downstream industry. With the Dangote Refinery just next door, according to Ghana’s National Petroleum Authority’s (NPA) CEO Mustapha Abdul-Hamid, the cost of importing petroleum products into Ghana will be lower.

Abdul-Hamid claimed that the completion of the petroleum refinery project would be a breakthrough for the West African region, which has long been dependent on the importation of petroleum products. Abdul-Hamid was speaking at the recently concluded 16th Oil Trading and Logistics Expo in Lagos with the theme: “Regulating Downstream Energy Transition in Dynamic Times.”

He noted that the pricing of petroleum products is currently a problem for Ghana and added that it would be better for his nation if importers focused on Nigeria rather than traveling all the way to the Netherlands and other countries. His country would be able to stop the tide of a constant rise in fuel prices because of the close proximity the importers will enjoy from nearby Nigeria.

READ MORE: How to Apply for Work at Dangote Petroleum Refinery in 2022

The Ghanaian official

“The downstream sector in Ghana would be significantly impacted by the Dangote Petroleum Refinery. The downstream business in Ghana is entirely unregulated at the moment. In Ghana, there is no petroleum subsidy. Importing from Nigeria will undoubtedly be more cost-effective and less expensive than importing from Rotterdam in the Netherlands, where we acquire the majority of our petroleum in Ghana, in a deregulated market where importers recover all of their expenditures.

“As we all know, the cost of shipping, transportation, insurance, and other expenses goes into the price of a liter of petrol. However, if we import fuel from Nigeria into Ghana, the price of fuel in our nation will decrease. The idea of the Dangote Petroleum Refinery has Ghanaians tremendously excited. Ghana and Nigeria have a good working connection that allows us to purchase petroleum products from them at acceptable and more cheap prices.

The Ghanaian official stated, “I think the Dangote Petroleum Refinery will further improve the current ties between Nigeria and Ghana.”

Abdul-Hamid made a suggestion that the Ghanaian government is also building a $60 billion petroleum hub project for storage and marine facilities on 20,000 acres in the western part of the nation.

By tying the upstream and downstream portions of the oil and gas resources of the continent together, he continued, the projects will hasten the development of the petroleum hub, which consists of refineries and petrochemical facilities.

“It will promote cleaner fossil fuels and biofuels as the pathway to a just energy transition. Gas has been accepted as the transition fuel because gas is the least carbon-emitting fossil fuel”, he added.