The Chief Executive of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid, has assured oil investors in the United Arab Emirate (UAE) of a robust regulatory system in the country that will protect their investment, urging them to take advantage of the favourable petroleum market environment.
Dr Abdul-Hamid gave the assurance while speaking at an Energy Investment Forum organised by the Ministry of Energy on the sidelines of EXPO 2020 in Dubai, UAE.
He said the setting up of NPA removed restrictions on the establishment and operations of facilities, and importation of crude oil and petroleum products.
He mentioned oil jetties, pipeline and distribution infrastructures, refineries and gas processing plants, storage and loading gantries as areas for grab by investors.
“It has also created a reliable legislative and regulatory regime that has delivered for the country a downstream industry whose contribution to the economy has grown more than four-fold, with private players – both local and international – forming a major part of the industry,” he stated.
Touching on the need to invest in Ghana’s petroleum downstream industry, the NPA boss said: “Our unique geographical position along the coast of West Africa, democratic stability and security require that we provide leadership in building an integrated infrastructure to serve the sub-regional petroleum industry.”
Mr Charles Owusu, the Chief Executive of Petroleum Hub Development Corporation, also assured that government would provide both economic and regulatory incentives to investors such as corporate tax exemptions and waivers.
“These waivers will cover import duties and taxes and levies on machinery and equipment. Ghana is ready to reduce corporate tax rate from 35% to 15% after a 10-year tax holiday for petroleum sector investors,” Mr Owusu assured.