Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

HFC Bank Ready To Support Oil And Gas Industry

maxresdefault (1)The HFC Bank is ready to support players in Ghana’s oil and gas industry to speed up and sustain economic growth, HFC Bank Managing Director, Robert Le Hunte, has said.


Speaking to journalists after the Bank’s local content seminar on Oil and Gas industry, Mr Hunte said the Bank would leverage on the experience of its parent company, the Republic bank, to support stakeholders in the industry.

“We are ready and have the financial capacity to support players in upstream, midstream and downstream sectors,” he said.

The maiden seminar was to create a platform for the bank and the private sector to discuss the prospects and challenges of the oil and gas industry.

It also sought to introduce the stakeholders to the product portfolios of HFC Bank for the oil and gas industry, and also discuss measures to support local players in the sector.

Mr Hunte lauded the government for developing local content policies to ensure that indigenous companies play active roles in the oil and gas industry.

He, however, said building the financial capacity of the local companies was also necessary for them to meet the huge financial demands and urged the financial institutions to help support the capacity of the locals in the oil and gas industry.

Mr Theophilus N. Ahwireng, the Acting Chief Executive Officer, Petroleum Commission Ghana, said the prospects for the oil and gas industry were bright and urged banks and other financial institutions to exploit the opportunities to expand their business portfolios.

He said there were huge business opportunities from licensing, exploration, appraisal and development (extraction) and decommissioning.

For instance, he said, the value of investment for oil development (extraction) alone was more than $7 billion.

For his part, Mr Anthony Jordan, the General Manager of HFC Bank in charge of Risk Management, said the Republic Bank in 2014 supported the oil and gas industry to the tune of $444 million.

He said the bank had lots of products for the oil and gas industry and urged players to take advantage of such products to finance their operations.

Source: http://business.peacefmonline.com/

Profile photo of Editor
Follow Us

Editor

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
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar