Ghana’s Minister of Petroleum, Emmanuel Armah-Kofi Buah has lauded Puma Energy for investing in the country through partnership with Blue Ocean Investments and UBI Petroleum.
According to him, Puma Energy’s berthed in the country is a testimony that the economy is growing as results of sound economic management and policies and programmes being embarked upon by the government.
Mr Buah expressed these sentiments when he joined the board and management of the Puma Energy, a leading global mid and downstream energy company operating in 47 countries across five continents to officially launch the company’s operations in Ghana on behalf of President John Dramani Mahama in Accra on Monday.
The cocktail launch was attended by CEOs, captains of industry, among others. Mr Buah was emphatic that Puma Energy’s involvement in the mid and downstream energy sector would make it stronger.
Statistics have shown that the consumption of fuel products in the country is surging. So, there are ample opportunities for investors in the downstream, according to the minister.
The Chief Operating Officer for Puma Energy Africa said: “Puma Energy seeks to build infrastructure and make affordable fuel available to consumers through its growing retail network of over 40 stations.
Not only does this stimulate economic growth by connecting urban and rural areas; it gets people, goods, trade and industry moving”.
“In Ghana, we have built partnerships with local players – Blue Ocean Investments and UBI Petroleum – in order to increase the fuel storage capacity of Ghana and to bring efficiencies and enhance economic growth”, Mr Zyde added.
He assured that local talent is fundamental to Puma Energy’s strategy, as the combination of knowledge and Puma Energy’s entrepreneurial business model will grow into dynamic, accountable businesses with broad benefits.
To date, Puma Energy directly employs 162 people in Ghana with 94% of these employees being local, Mr Zyde indicated.
“Puma Energy links local demand with international supply, through investment in infrastructure,” Mr Zyde, explained.
.With a focus on integrated midstream and downstream activities, Puma Energy has a reputation for achieving significant economies of scale and operating efficiencies, which translates into competitive costing, managed risk, secured supply and seamless delivery, he added.
The General Manager for Puma Energy Ghana, Myles Bouvier-Baird who was described by the MC of the evening event as the “Face of Puma Energy in Ghana” noted that Puma Energy had been supporting Ghana’s fuel industry for close to 10 years.
The company did that through the construction and operation of the CBM import system. This system has been consistently available and is used to import all crude and most fuel products into Ghana, he explained.
Already the company has built three new storage terminals at Kotoka International Airport (KIA), Tema Ridge and Takoradi.
“The increased capacity and security of supply provided by our investments into aviation storage at KIA and Tema Ridge means that Ghana can optimise its positioning as a hub for aviation in West Africa,” Mr Bouvier-Baird.
The KIA aviation fuel depot which was commissioned on Monday, added storage capacity of 10,000m³ to the existing 750m³ depot. This increased security of supply at the airport has positioned Accra’s KIA as a contender for major airlines using it as a hub for the West Africa sub-region, he noted.
“The same goes for our investments into clean fuel storage at our Takoradi Terminal, which will be the first depot to store gasoline in Ghana’s Western Region.”
Mr. Bouvier-Baird was emphatic that the increased air traffic adds a significant boost to the country’s potential for trade and economic growth.
“And with the Tema Ridge depot, the further 15,000m³ of storage of aviation fuel improves efficiency, reinforces security of supply and aids improved planning for the entire market”, he said.
While the new Takoradi Terminal supports the Ghanaian government’s policy to improve regional fuel supply with the new gasoline / gas oil terminal’s added 32,000m³ capacity servicing the west of the country. This reduces the need for thousands of trucks to deliver to the region from Tema, Mr Bouvier-Baird noted.
In his welcome address, the Board Chairman of Puma Energy in Ghana, Salma Okonkwo said their good works at UBI Petroleum attracted Puma Energy to come and partner with them.
He assured that “things will only get better with the partnership of Puma Energy. We will continue to increase our supply chains in the country”.
African Eye Report
