Only Ghanaian OMCs welcome to downstream sector henceforth
Newcomers into the country’s petroleum downstream sector, especially Oil Marketing Companies henceforth, are to be solely Ghanaian-owned companies, the Energy Minister, Boakye Agyarko, has said.
This is in light of government’s consent to the downstream local content policy that is to guarantee significant Ghanaian involvement in the sector.
The Minister said a local company, in this stance, is “one with a minimum equity of 51% held by Ghanaians.”
However, existing downstream operators with “majority foreign participation have up to 10 years to meet this requirement,” he said at the second Ghana International Petroleum Conference held in Accra.
The Conference was on the theme “Realising the Vision of a Petroleum Hub.”
The new policy, a parallel to the upstream petroleum local content policy, would ensure that local participation is strengthened, without sacrificing the country’s commitment to attracting foreign direct investment (FDI).
Mr. Boakye Agyarko gave the assurance that government would review some laws and regulations that apply to the downstream petroleum sector such as the National Petroleum Authority Act, Act (691).