ACCRA– Vice-President Dr Mahamudu Bawumia has underlined Ghana’s vision of developing key petroleum infrastructure to make it the hub of refined petroleum products within West Africa and the continent as a whole.

The Petroleum Hub project would accelerate the growth of the country’s petroleum downstream sub-sector and make it a major player in the economy, and consequently ensure the development of sustainable value addition, wealth creation and progress of the industry, he added in a keynote address to the 2nd Ghana International Petroleum Conference here Thursday. The conference is being held under the theme, ”Realising the vision of a petroleum hub”.

”The Petroleum Hub project will increase the presence of major international oil trading and storage companies, create regional trading champions and encourage joint ventures between local and international companies for knowledge transfer and wealth creation,” Dr Bawumia said.

The four-day event, organized by the Energy Ministry and Ghana Chamber of Bulk Oil Distributors, in collaboration with the National Petroleum Authority and Association of Oil Marketing Companies, has brought together key stakeholders in the petroleum downstream sector, including policy-makers, regulators and oil service providers, to deliberate on policies and trends in the sector, as well as discuss pertinent issues affecting the industry in the bid to guide decision-making.

The participants are expected to come out with some recommendations to help resolve challenges in the petroleum downstream and chart the way forward.

Bawumia said the government planned to develop the country’s petroleum downstream with the goal of ensuring that crude oil produced locally was refined to add value as well as enhancing the petrochemical industry for accelerated national development.

He added that the concept of a Petroleum Hub was one of the government’s strategic anchor initiatives that would serve as the next pillar of growth for the Ghanaian economy.