‘Puma Energy committed to Energy Security in Ghana, Africa’
Puma Energy says its commitment to the provision of energy security in Ghana has been reinforced by its investment in upgrading its strategic product storage capacity and distribution infrastructure.
The distribution infrastructure, according to the company, was able to reach all parts of the country via its four storage sites across Accra, Tema Ridge, Takoradi and Kumasi with 169 (m3) (169,000 liters) of capacity.
A statement issued by the company in Accra yesterday said the Takoradi Terminal supported the government’s policy to improve regional fuel supply, with the new gasoline and gas oil terminals adding 32,000m³ capacity.
Puma Energy, according to the statement, has also invested in 14 solar power generation systems at its service stations, depots and terminals in Ghana, an initiative that aims to reduce reliance on imported energy and help the country prepare for the future of energy.
The downstream petroleum industry in Ghana is deregulated, but the current global fuel price volatility is disproportionately impacting energy imports in African countries.
Specifically, it is impacting inflation, reducing foreign exchange reserves, and limiting the ability to secure fuel on the global markets. Alongside a robust storage and distribution system, these are also issues the government and regulators in Ghana are trying to proactively manage.
Puma Energy’s Head of Africa, Fadi Mitri, said, “Puma Energy has been able to invest in Ghana’s energy infrastructure thanks to its historically stable regulatory environment, and the country is seeing the benefits of our investment”.
“In line with our strategy, we have invested in our fuel storages and distribution networks to promote energy security for road and air transport and we have invested in our service stations to improve our customers’ experience. We have also invested in fourteen solar energy projects to help prepare Ghana for the future of energy. This investment, and the benefit it brings, is only possible thanks to Ghana’s stable, predictable regulatory regime, where innovation and investment is encouraged,” he said.
He said, “The energy industry is at the heart of the post-pandemic recovery. However, it faces the conflicting challenges of security, accessibility and environmental sustainability. Being able to meet all three challenges requires a mix of strategies, with all stakeholders involved.”
On contribution to infrastructure for downstream operations, the statement said Puma Energy and its Parent have invested $450m in Ghana over the last decade.
On Puma Energy’s contribution to energy transition, the statement said the company was also diversifying its business by focusing more on transition fuels and clean energy solutions with an immediate focus on its B2B customers.
“After the success of its solar projects at 11 service stations and a further three at depots and terminals in Ghana, the company plans to offer its commercial and industrial customers the chance to instal solar on their sites in 2023. Puma intends to invest USD 33 million in solar solutions to commercial and industrial customers in Ghana and across Africa,” it said.