Ghana is to enter into a deal with Equatorial Guinea for the supply of one million barrels of high quality-crude oil annually. In furtherance of this, President John Evans Atta Mills is in that country to sign an agreement with President Theodore Nguema Mbasogo. The signing of the accord marks the end of months of negotiations between the two governments for a comprehensive collaboration in the oil sector. President Mills, who is leading a high powered government delegation, is optimistic the crude supply from Equatorial Guinea would go a long way to help in addressing the erratic supply of the commodity to Ghana. The supply will continue until Ghana secures adequate crude oil with the commencement of commercial production of its own oil. Alhaji Inusah Fuseini, Deputy Minister of Energy, who is accompanying the President on the trip, told newsmen at the airport before the delegation left, that the deal was exciting because it provided a "certainty of delivery" of crude oil to the country. In addition, he said "the deal, under the Ghana-Equatorial Guinea Cooperative Agreement, is flexible since the payment structure is very concessionary". As a government-to-government arrangement, he said the agreement was considered by the two countries a platform for them to collaborate towards effective development of both countries. "There are many advantages for Ghana under the agreement," the Deputy Minister said, adding that in return, Ghana was expected to support Equatorial Guinea in the generation, distribution and maintenance of hydro-power projects in that country. Additionally, Ghana was mandated to support the agricultural sector of Equatorial Guinea to boost food production. Responding to a question about the mode of the delivery, he said the government of Equatorial Guinea would decide on how to deliver the crude to Ghana. He explained that the relevant agencies in Equatorial Guinea would collaborate with the Ghana National Petroleum Authority and the Tema Oil Refinery to develop the delivery structure. President Mills and President Nguema Mbasogo initiated the deal through bilateral talks late last year. Source: Ghanaian Times/Ghana