The University of Cape Coast (UCC) and the Ghana National Petroleum Corporation (GNPC) have signed a Memorandum of Understanding (MoU) to establish a research Chair in petroleum commerce.

It is aimed at facilitating the sustainable development of the commerce of Ghana’s hydrocarbon deposits and provide a reference point for developing similar technical capacity in Africa.

The four-year agreement also seeks to support commerce related fields for the optimal exploration, delineation and development of Ghana’s hydrocarbon resources.

As part of the deal, GNPC would commit an equivalent of 250,000 dollars per annum over the four year period to support the research chair in its activities including the establishment of a state-of-the-art laboratories for petroleum commerce teaching and research.

The petroleum research chair would among other things establish technical partnerships with leading universities and industry leaders within and beyond the African continent and establish teaching and learning exchange programmes with partner universities and institutions.

Professor Joseph Ghartey-Ampiah, the Vice Chancellor of UCC, signed on behalf of the university while Dr Kofi Konduah Sarpong, Chief Executive Officer of GNPC, signed on behalf of the company in Cape Coast on Wednesday.

The Vice Chancellor described the MOU as one of the topmost to be signed by the university since 1962 and said it would be a hallmark for the university to make an impact on industry.

He said as part of the agreement, UCC would develop and coordinate graduate level programmes in petroleum commerce and related fields and also facilitate the organisation of conferences and workshops to discuss contemporary research and technological development in petroleum commerce.

Prof Ghartey-Ampiah said the university remained committed to delivering the conditions contained in the MOU and work diligently for it to succeed.

He said beyond petroleum commerce, UCC looked forward to introducing a programme in governance and law to deal with the social and law aspects of petroleum.

In this vain, he appealed to the GNPC to assist the university put up a befitting edifice to help achieve that purpose to be able to train the required manpower for the petroleum sector.

Dr Kofi Konduah Sarpong, CEO of GNPC underscored the importance of the MOU, adding that, the agreement presented mutual benefits for both parties and that of industry.

He said GNPC remained committed to bridging academia and industry and hoped that the initiative would blossom.

He, however cautioned against using the money for other purposes, adding that, “We want to leave an imprint here. We are prepared to make money available but one big thing is that, we do not want to give money only for the project to remain on the shelves. We want to see it bear fruits” he stated