The Memorandum of Understanding between Indian Oil Corporation (IOC
) and Ghana’s National Petroleum Authority (NPA
) was signed in the presence of Oil Minister Dharmendra Pradhan and Michael Aoron, High Commissioner of Ghana for aiding in the implementation of Ghana’s National LPG Promotion Policy.
The said MoU was signed on January 22, 2020 in New Delhi. IOC will assist Ghana’s oil regulator to develop the whole LPG value chain including licensing, legal framework, development of economics for LPG bottling plant, pricing structure, and communication strategy.
“The purpose of this Memorandum of Understanding (MoU) is to strengthen cooperation between the Parties in the field of Petroleum in particular LPG by which Indian Oil would support the NPA on the successful implementation of the Re-circulation Model (CRM) of LPG
,”, said the official of IOC.
The MoU also provides for administrative help to Indian Oil Corporation in case it decides to participate as a commercial participant in Ghana’s downstream petroleum sector. According to information available on Ghana’s National Petroleum Authority’s official website the country’s national LPG policy aims at providing 50 per cent LPG access to Ghanaians by 2030.