Beyin (W/R), March 7, GNA - The Caribbean Atlantic Financial Holding Limited, a foreign group, would establish an industry in the Western Nzema Traditional, if the Ghana National Petroleum Company (GNPC) builds a gas processing plant in the area.

Ms Ann Marie Charles de Silva, a Director of the company, headquartered in Trindard and Tabago, announced this at Beyin on Friday, when the group presented to the Western Nzema Traditional Council a cheque for 20,000 Ghana Cedis as part of transactions for the acquisition of 2,000 acres of land for the project. Ms. Sallian Marius Gomez, Director of Finance of the Holding, presented the cheque to Awulae Annor Adjaye 111, Omanhene of Western Nzema Traditional Area.

The Director of Finance said the proposed industry, to be known as Nzema Industrial Estate Project, would include the establishment of an oil refinery and gas and metal industries adding that other investors have agreed to participate in the scheme.

Awulae Adjaye commended the company for showing interest in the development of the area and expressed the hope that GNPC would set up the gas processing plant for the project to take off. He said the Traditional Council would release land for the project when the gas processing plant is established. Awulae Adjaye explained that the Traditional Council would not sell land for the project but it would release it as equity or share in the project and the land would unconditionally be returned to the Council if the project is decommissioned or fails to take off by 2015. He said the project should not cause the relocation or resettlement of people and there should be buffer zone for agriculture and expansion of communities.

Awulae Adjaye said he was happy that the company intended to collaborate with the Ghana Energy Consortium which includes Ghanaian investors to develop an energy city as part of the project. Mr Nyanyi Kablan, Jomoro District Chief Executive, and other members of the Traditional Council were present at the function.