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Local suppliers in oil and gas industry awarded US$453m worth of contracts in 2018

  • SOURCE: Citi FM | qwesa2big
  • Indigenous Ghanaian companies operating in the oil and gas sector received more than US$450 million worth of contracts for the supply of goods and services in 2018.

    According to a report prepared by the Finance Committee of Parliament, the Ghanaian participation in the upstream petroleum industry was on the increase in the period under review.

    More than 600 indigenous companies registered with the Petroleum Commission to supply goods and services to oil and gas firms.

    The Parliamentary report dubbed 2018 Reconciliation Report on the Petroleum Holding Fund further revealed that in addition to contracts given to indigenous Ghanaian firms, joint venture companies also got US$346 million in contracts.

    In all, more than US$799 million were awarded to indigenous Ghanaian companies and joint ventures – this represents more than 44 percent increase over the 2017 contract sums.

    The report noted that a number of measures are being pursued by stakeholders to maximise the participation of Ghanaian companies in the oil and gas industry.

    Some of the measures include specification of bid evaluation criteria to give greater weight for local content as well as the application of sanctions and penalties for breaches of provisions in the Local Content LI 2204.

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