US$5m boost for local suppliers in Oil industry
Jubilee Partners, led by their operator, Tullow, have announced the successful signing of a Memorandum of Understanding (MoU) between the Ministries of Energy and Trade and Industry for the establishment of an Enterprise Development Centre in Takoradi in the Western Region of Ghana to promote and enhance local suppliers to be able to participation in the oil and gas supply chain.
The project aims to develop suppliers to meet the standards required by the supply chain within the oil and gas industry, thereby, increasing sustainable opportunities to participate in the Ghana value chain.
The Jubilee Partners are funding the project over a period of five years with a US$5 Million investment. Support for potential suppliers consists of increasing exposure to international business practices, gaining deeper understanding of procurement plans, tendering processes, tender writing along with business planning and development skills.
The Minister for Energy, Dr. Joe Oteng-Adjei said that the government was conscious of the very high expectations of organizations and individuals in Ghana for employment in the emerging oil and gas sector.
“These expectations may not be realised because they [local businesses] do not possess the relevant skills and capabilities to enable them take advantage of the business opportunities that arise in the sector”.
He praised the Jubilee Partners for agreeing to fund the initiative saying, “I am confident that the establishment of this centre will help build the capacity of Ghanaian businesses in the oil and gas industry, by becoming key suppliers of quality products and services”.
Speaking on behalf of the Jubilee partners, Mr Dai Jones, General Manager of Tullow Ghana Ltd, said:
“This centre will assist significantly in the development of Ghanaian suppliers, helping them respond positively to tenders, understand what opportunities are available in the forward procurement plan, improve their responses to bids, improve their business processes which will enable them to compete effectively with international suppliers”.
Instructively, Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges. The Group has interests in over 90 exploration and production licences across 22 countries and focuses on four core areas: Africa, Europe, South Asia and South America.
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