Insurance Firms Provide U.S. $12m Cover for FPSO Nkrumah

The country's insurance companies have joined hands to partly insure the Floating, Storage, Processing and Offloading vessel or FPSO to be used in the production of the country's crude oil in commercial quantities.

The companies through an oil and gas consortium have put up a 12 million dollar coverage to be doubled to 24 million dollars through a re-insurance package.

The deal is said to be a local content initiative of the Ghana National Petroleum Corporation.

President of the Ghana Insurers Association, Ben Acolatse tells Joy Business the contract means a lot to the industry.