Swift Petrotrade Group (SPG), a Ghanaian-owned international petroleum and petrochemical trading company, has closed a Joint-Venture deal with Hatch Energy Group (HEG), an international oil and energy services company, to provide specialised upstream services.
The Joint Venture (JV), which resulted in the incorporation of three entities namely; Swift-Hatch E&P, Swift-Hatch Energy Services and Swift-Hatch Petroleum Bulk Distributors, will see both SPG and HEG pull their complementary strengths together for mutual benefits.
A statement from SPG to the Ghana News Agency said they would share long-term visions, consistent business principles and equal commitment to sustainable development to become a consolidated group venturing into Exploration and Production (E&P) in Ghana and provide bulk distribution of refined petroleum products in Ghana.
It said the Joint Venture had also advanced plans to participate massively in Government’s newly announced petroleum hub projects in partnership with the Petroleum Hub Development Corporation (PHDC).
The statement said the hub, a major project by President Nana Addo Dankwa Akufo-Ado, called for four refineries, each with a capacity of 150,000 barrels per day, in addition to two oil jetties, storage and two petrochemical plants and that their plan targeted up to $60 billion of investment on the site at Bonyere in the Western Region.
Mr Steve Hatch, the CEO of Hatch Energy Group and Chairman of the Swift-Hatch entities in Ghana, said they at Hatch Energy Group were very excited to begin the journey with Swift Petrotrade Group in Ghana.
He said collectively they brought a wealth of knowledge and experience from the industry that would subsequently position Swift-Hatch as the market leader in Ghana.
“As a company, we are very committed to safety, quality and local job creation and enhancing skills of our workforce to internationally recognised industry standards,” Mr Steve Hatch said.
Mr Ellis P. Antsroe, CEO of Swift Petrotrade Group, who doubles now as the CEO of the Swift-Hatch JV entities, said the Joint-Venture was a long-conceived plan and a game-changer because it would afford the trading entity trade finance in excess of $100 million that would enable the JV to compete as a local petroleum bulk distribution company in Ghana.
He said the JV arrangement had also put in place the requisite financing for the upstream projects and the petroleum hub activities in Ghana.
Mr Antsroe expressed optimism that Swift-Hatch E&P, which was the exploration and production unit, would be able to secure an oil block in Ghana in due time as an indigenous company.
Mr Kevin Rolens, the Executive Director, Swift-Hatch E&P, said the Group was fully committed to the local content and participation policies of Ghana and, therefore, would put measures in place to prioritise Ghanaians for job openings and enhance skills transfer.
SPG has offices in Mauritius, United Arab Emirates, Greece and Ghana.
HEG specialises in all aspects of inspection, repairs and maintenance and access solutions to the oil and energy sectors.