Skip to main content

Kufuor hails Equatorial Guinea's gas plant

Oil-rich Equatorial Guinea on Wednesday formally entered the global gas market as a major new player with the inauguration of a 1.5 billion-dollar Liquefied Natural Gas Plant.The plant has the capacity to deliver 3.7 million tonnes of the fuel annually for 17 years.President John Agyekum Kufuor, who was specially invited to join in the celebration of the occasion, alongside the leaders of Nigeria and Sao Tome, hailed the initiative by the country to expand and diversify its oil industry, as an important economic step. African countries, he said, needed to add value to natural resources to sustain their economies and take advantage of the global market system.He, however, cautioned that in so doing, care must be taken to protect and maintain the environment. The environment must never be neglected in the pursuit of social and economic advancement, he stated.President Kufuor therefore encouraged the government of Equatorial Guinea to make sure it involved all stakeholders in the management of the environment.Again, it should strive to use the new-found wealth to benefit and improve the lives of all the population.President Teodoro Obiang Ngueso Mbasogo, said the onshore project was a symbol of what could be achieved through economic partnership. He pledged his government's commitment to utilise the country's oil wealth to raise the living standards of the people.Mr Ken Woodworth, Managing Director of the EN LNG, operators of the plant, said their hope was that the project would serve as a catalyst for the establishment of the Gulf of Guinea as a world force in the industry.Equatorial Guinea, with a population of less than 800,000 has large oil and gas deposits. Their exploitation is driving spectacular economic growth.Now the third largest producer of crude oil in Sub-Sahara Africa, after Nigeria and Angola, it has a real Gross Domestic Product (GDP) growth rate of 18.6 per cent with inflation pegged at 5.2 per cent.
Source:GNA

Comments

Popular posts from this blog

We will Not Shutdown Akosombo Dam---VRA

Contrary to speculations that the Akosombo Dam would soon be shut down due to declining low water, the Volta River Authority (VRA) on Friday said the two generating units were running reliably.A statement signed for Ms. Abla Fiadjoe, Acting Director of Corporate Affairs, said with the technical analysis carried out and the critical monitoring system put in place, VRA had taken measures to operate the Station with two of the units at a level lower than 235 feet in "a technically safe but professionally cautious manner". "The VRA wished to assure all electricity consumers that and the general public that the two generating units currently at Akosmbo are being operated reliably and that we have no plans to shutdown the Akosombo Generating Station," it said.The statement said the VRA would continue to run the two generating units and review the situation at the end of July. "We wish to stress that this is not the first time the Akosombo Generating Station is being…

BoG explains the re-denomination of cedi

The Bank of Ghana (BoG) on Monday said the design and the features of the new notes and coins, which would replace the current cash in circulation, would soon be made known to the public. Briefing the press in Accra, Mr Van Lare Dosoo, First Deputy Governor of the Bank, said there would be practical guidelines and a coherent education programme for the public before the switch to the new denomination. He said the Ghana Cedi to be introduced in July 2007 would receive legislation from Parliament to validate it use. The Governor, Dr Paul Acquah last Saturday announced the re-denomination of the cedis by setting 10,000 cedis to one new Ghana Cedi (GH Cedi) which would also be equivalent to 100 Ghana Pesewas (Gp). This means that 500,000 cedis would be equivalent to 50GH Cedis; 200,000 cedis would be equivalent to 20GH cedis; 100,000 cedis would be equivalent to and 10GH cedis; 5,000 cedis would be equivalent to 50Gp; 2,000 cedis would be equivalent to 20Gp and 1,000 cedis would be equiv…

Godsell Retires as CEO at AngloGold Ashanti

The Chairman of AngloGold Ashanti, Russell Edey, this morning announced that Bobby Godsell would be retiring from the company and the board with effect from 30th September 2007.The board simultaneously announced the appointment of Mark Cutifani as Mr Godsell's successor. Mr Cutifani currently holds the position of Chief Operating Officer at CVRD Inco where he has responsibility for CVRD Inco's global nickel business. He will take up his new position in mid-September.Commenting on the announcement, Russell Edey said, "The board and management of AngloGold Ashanti are very fortunate to have had the benefits of Bobby's inspiration, leadership and innovative flair for the past 12 years. I have no doubt that he will continue to make a contribution to South Africa in whatever course he chooses now to follow. We believe that Mark Cutifani is a person well-suited to meet the challenges which face AngloGold Ashanti and the gold industry at large".Bobby Godsell said today…