Iran ready to export oil to Ghana- Minister

Oil&Gas Materials 14 February 2016 18:30 (UTC +04:00)

Baku, Azerbaijan, Feb. 14

By Dalga Khatinoglu - Trend:

Iran says it is ready to export crude oil to Ghana.

Iran's Oil Minister Bijan Namdar Zanganeh said after a meeting with his Ghanaian counterpart Emmanuel Armah-Kofi Buah, that the memorandum of understanding on crude oil and oil products would be signed today or tomorrow, Shana reported on Feb.14.

Heading a high-ranking politico-economic delegation, Ghana's President John Dramani Mahama arrived in Tehran on Saturday night at the invitation of his Iranian counterpart Hassan Rouhani.

The visit is the first by a Ghanaian president to Iran in 37 years.

Zanganeh said that Ghana produces a very small amount of crude oil and needs more explorations to increase the volume its proved oil reserves.

"Iran has announced it's readiness to export crude oil and oil products to Ghana, though this country needs insignificant amount of oil imports," he added.

Zanganeh added that Iran is also ready to involve in Ghana's downstream, refinery projects and training their human resources.

Armah-Kofi Buah also said that his country plans to become a power hub in the region and Iran can help Ghana in this sphere.

Ghana joined the league of African oil producers in late 2010 by producing crude from its offshore Jubilee field with an average output currently at 100,000 barrel per day.

President Mahama announced last year that 3.665 GW of power generation capacity (more than two times, comparing to the existing capacity) would be added to the national grid over the next five years.

Iran produced 2.8 mbpd of oil in 2015, but it is preparing to increase this volume by 1 mbpd by the end of 2016 due to elimination of sanctions.

Iran's power generation capacity is also around 75 GW.