Business News of Thursday, 18 October 2018
Saint Louis Petroleum, Ghana’s dedicated petroleum products storage company, is to construct a large capacity fuel tank farm at Ahuntumano, near Dixcove, in the Ahanta West Municipality of the Western Region.
The $300 million fuel tank farm in the Western Region will have the capacity to store up to 62,000 cubic metres (62,000,000 litres) of petroleum products at a time, making it one of the biggest fuel tank farms in Ghana.
Saint Louis Petroleum has been established as a bulk-oil-distributor company to supply and distribute fuel to the various supply chains in the oil and gas industry in Ghana and beyond.
Its traditional business model is to build tank farms where refined fuel could be stored for onward distribution to the oil marketing companies (OMCs).
The tank farm to be constructed would have six loading bays and 13,500 cubic metres of water for firefighting.
When completed, the tank farm would help to supply fuel to large commercial users like mining, bauxite and manganese companies and would offer job opportunities to over 2,500 indigenes.
The company has engaged qualified evaluators to evaluate property on the land acquired for the project for the payment of compensation to begin and to pave way for the first phase of the project to start in the latter part of January next year.
Besides, it has inaugurated a 12-member compensation committee to ensure a smooth compensation exercise.
Nana Kwame Nkansah II, Group Chief Executive of the Saint Louis Petroleum company, explained that the first phase or the operational phase of the project would consist of the construction of pipelines from the Takoradi Harbour to the project site and the building of the tank farm.
Member of Parliament (MP) for the area, Kojo Kum, urged the community to live in peace with the investors and give them the needed support to complete the project on time to benefit the people of the area.
He entreated the chiefs and the community members to do the right things during the compensation process so that the project would not delay.
Mr. Kum said: “I believe that these investors have enough monies to pay all compensation. If they can prepare for such a project, then I trust they have compensation plan; all we need to do is to do the right things and engage effectively for prompt payment”.
Mr. Innocent Haligah, the Ahanta West Coordinating Director, urged the investors to operate within the confines of the law to have the peaceful atmosphere to do their work.
He pledged the assembly’s commitment in ensuring the successful execution of the project.
In a related development, St Louis petroleum has launched variety of lubricant products for car engines and the general operations of any automobile.
During the launch at Kokompe in Takoradi, Nana Nkansah mentioned that the company’s products had come about after a comprehensive research to meet the needs of clients in the lubricant industry and to suit the country’s weather conditions.