Let’s build oil refineries across Africa – Bawumia to oil players

Economic news for Thursday, March 11, 2021

Source: Goldstreet Company

03/11/2021

Vice President Dr Mahamudu Bawumia calls on oil industry players in Africa to consider partnerships for the construction of oil storage facilities and refineries across the continent.

His appeal follows the protectionist decision adopted by some major oil-producing countries and the emergence of the global COVID-19 pandemic.

According to the vice president, setting up such facilities will help the continent to be self-sufficient in such events when national oil companies might not be able to meet the continent’s demand.

During his opening speech at the Virtual Petroleum Conference hosted by the Chamber of Bulk Oil Distributor of Ghana, Dr Bawumia said that “the COVID-19 outbreak and the new protectionist policies of major countries oil producers are a wake-up call. to all of us in Africa that we should work together to build assets – oil assets like refineries for the continent.

“Sometimes the national oil production companies could not respond to the large volumes, but if we collaborate as players in the sector, there will be an opportunity to supply to the continent,” he said.

The Ghana International Petroleum Conference (GhIPCON) is Ghana’s premier downstream oil conference where policymakers, industry officials and experts converge to deliberate on policy and operational issues as well as to share ideas and experiences.

For his part, the Secretary General of the Secretariat of the African Continental Free Trade Area, Wamkele Mene, said he was optimistic that the various plans put in place by the African Union to take industrialization to the next level. support a major transformation in Africa’s oil sector. .

The theme of this year’s conference is “Positioning Africa’s Oil Downstream for AfCFTA.