President John Kufuor on Friday expressed optimism that the West African Gas project is an initiative that could facilitate the economic and political co-operation in the sub-region and address the challenges of globalisation.
It also offers an opportunity for Ghana and Nigeria to deepen bilateral ties, he said at a meeting with Mr Chris Miller, Project Manager of Chevron Global echnology Services Company at the State House.
He asked the company, undertaking the gas project, to work on schedule to enable the beneficiary countries of Ghana, Togo, and Benin to reap the benefits.
The project, expected to be completed in three years, would enable the beneficiary countries to tap gas from Nigeria to generate energy through thermal plants instead of the over reliance on hydro-generated electricity, which is very expensive for industrial use.
Mr Albert Kan-Dapaah, Minister of Energy said the government would meet with officials of Chevron to finalise the legal and financial aspects of the project for which Ghana has already sank 15 million dollars.
He said the agreement would focus on the charges to be made by the Volta River Authority on behalf of the government and Chevron and how the revenue to be accrued in foreign exchange would be repatriated.
Mr Kan- Dapaah said the project is enjoying a lot of goodwill and would soon be a reliable source of energy for the industrial sector.
There is however no immediate plan for domestic use.
Mr Miller presented a map of the project to the President, which outlines the advantages to be derived by the beneficiary countries.
These include regional economic growth, breaking of artificial barriers, stimulation of the private sector and energy security in the sub-region.
Mr Miller said many countries are shifting from hydro-electricity and other expensive sources of energy to gas, which is cost-effective for industrial use.
He said the project is expected to end on schedule “since speed is needed for such a venture to provide opportunities for economic growth”.
Source: GhanaWeb
