Vice President Dr. Mahamudu Bawumia has called on petroleum industry players in Africa to consider partnerships, in building petroleum storage facilities and refineries across the continent.
He made the call following protectionists move by some major oil producing countries and the emergence of the global COVID-19 pandemic.
Vice President Bawumia explained that the establishment of such facilities will help the continent to be self-sufficient in such events when national oil companies may not be able to meet the demand of the continent.
He made the call in his opening address at the virtual petroleum conference hosted by the Chamber of Bulk Oil Distributor, Ghana.
Vice President Bawumia noted that “the outbreak of COVID-19 and the further protectionist policies by the major oil producing countries is a wakeup call to all of us in Africa that we should collaborate to build assets- petroleum assets like refineries for the continent.
“Sometimes national oil producing companies could not meet the large volumes, but if we collaborate as sector players, there will be a possibility of supplying to the continent”.
The Ghana International Petroleum Conference (GhIPCON) is Ghana’s foremost Petroleum Downstream Conference where policy makers, industry operatives and experts converge to deliberate on issues of policy and operations as well as share ideas and experiences.
Also speaking at the event, the Secretary General of the African Continental Free Trade Area Secretariat, Wamkele Mene said he was optimistic that the various plans put in place by the African Union to move industrialization to the next level will support major transformation in the petroleum sector of Africa.
The theme for this year’s conference is “Positioning Africa’s petroleum downstream for AfCFTA”.