The Ghana National Petroleum Corporation (GNPC) is to construct a building facility to house the Institute of Law and Governance at the University of Cape Coast (UCC) at a cost of $5 million.
A sod-cutting ceremony was performed here on Monday to mark the commencement of the project which is expected to be completed within 24 months.
The facility when completed would host the Faculty of Law, Institute for Oil and Gas Studies and the Chair of the Petro Commerce Unit, all of UCC.
It is being funded by GNPC as part of it corporate social responsibility.
The Vice Chancellor of UCC, Prof. Johnson Nyarko Boampong in his remarks explained that the construction of the facility would help in training the nation’s human resource.
He expressed the commitment of the university to support the project in order to ensure its completion on schedule.
The Chief Executive of GNPC, Dr K. K. Sarpong, in a statement, explained that discussion between the GNPC and UCC for the construction of the facility commenced three years ago.
The corporation, he said, wanted to be convinced about the project and said, they were happy that the discussion yielded results.
The GNPC, he said, had established a Chair of Petroleum Commerce within the university which the company committed $1 million to over four-year period.
The facility, he said, would open the door, particularly for research into petrol commerce, which he noted, was very critical.
“You may have the oil but if you do not know how to market and make good use of it, you won’t get enough revenues,” he stated.
Dr Sarpong further said that, the project would help strengthen the legal aspect of the oil industry.
He said, the facility would enable UCC to take advantage of developing professional law studies in Cape Coast.
The corporation, he said, would give the university a first class edifice within budget.
The GNPC, he said, was committed to ensuring value for money.
The Central Regional Minister, Mrs Justina Marigold Assan, in her remarks, commended GNPC for the support in putting up the structure.
She stated the commitment of the Regional Coordinating Council in the development of the region.
FROM DAVID O. YARBOI-TETTEH, CAPE COAST