The Effutu Municipal Assembly is facilitating the process of setting up an oil refinery with a capacity of 200,000 Barrels Per Stream Day (BPSD) and expected to rise to 400,000 BPSD in 10 years.

The project is being carried out by Kalahari Investment Company Limited and is likely to be sited between Nsuekyir and Gyangyanadze.

The Central Regional Minister, Samuel Sarpong, announced this at a durbar of chiefs of Effutu to mark the annual Aboakyer festival in Winneba on Saturday.

He said 80 per cent of the refined oil would be exported whilst 20 per cent would be utilised locally.

Mr Sarpong said the company has completed discussions with chiefs in the area on the acquisition of 2,600 acres of land under the auspices of the Municipal Assembly for the project.

He urged the technocrats at the Assembly to engage the company effectively for the mutual benefit of the people.

He said one of the core strategies for achieving the ‘Better Ghana Agenda’ is the adoption of the Public Private Partnership initiatives by the government.

This, he explained, is in view of the limited resources at the government’s disposal against the backdrop of the enormous development needs of the country.

Touching on the festival, he said: “Government is willing to link up with other development stakeholders and the investor community to develop the Aboakyer festival into a large scale event that is unequalled in this country.”

The regional minister said the investors need to be certain on the political environment since they only put their money in a peaceful and conducive environment.