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Atuabo Free Port, China Harbour Engineering sign pact

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Atuabo Free Port (AFP) and China Harbour Engineering Company (CHEC) have signed a construction agreement establishing the latter as the main contractor of the free port project.

Construction work is expected to commence by the end of 2015 and more than 1,000 jobs will be created directly by the project.

The Director of AFP, Mr Steven Gray, signed for his company while Mr Tang Qiaoliang, Vice President of CHEC, also signed for his company.

A release issued in Accra yesterday by the AFP said the signing of the agreement marked the completion of an exhaustive bidding process and was another milestone in the realisation of a dedicated deep-water hydrocarbon logistics and service centre.

The release said the project would serve the oil and gas industry in Ghana and also be a competitive infrastructure platform for companies to support their offshore activities in the West African sub region.

Speaking at the ceremony in Beijing, the Minister of Finance, Mr Seth Terkper, commended both parties and applauded AFP for its unique joint venture model with the government.

He said the joint venture agreement included a 10 per cent free carry shareholding for the Government of Ghana and 35 per cent shares to be owned by State Owned Enterprises (SOEs) without the government having to guarantee the financing of the $600 million free port project.

Parliament approved the Atuabo Free Port project in July 2014

Source: http://graphic.com.gh/business/business-news/41323-atuabo-free-port-china-harbour-engineering-sign-pact.html#sthash.rpr8azz7.dpuf

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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