Nana Cuts Sod For $60bn Petroleum Hub
President Akufo-Addo cutting the sod for the project to commence
President Nana Addo Dankwa Akufo-Addo has cut sod for the commencement of the construction of state-of-the-art Petroleum Hub Development Project in the Jomoro Municipality of the Western Region.
The ground-breaking development project is estimated to cost about US$60 billion.
It is intended to be the leading integrated petroleum and petrochemical complex created to add value to the upstream and downstream oil and gas value chain in Africa.
The integrated petroleum hub is estimated to sit on a 20,000-acre land and will house a complex web of onshore, offshore and ancillary assets.
The project, when completed, will change the face of the petrochemical industry on the continent.
The first phase of the project will focus on developing a 300,000 barrel per day (bpd) refinery, 90,000 bpd petrochemical plant, 3 million m3 storage facility, Jetty and Port Infrastructure.
The ancillary infrastructure and services will include a power plant, rail and road network, Liquefied Natural Gas (LNG) terminals, pipelines, water treatment facilities, repairs and maintenance services,
It will also include nautical services, waste treatment facilities, logistics, security and emergency response centre, residential and commercial facilities, light to medium industrial area and recreational centres.
Addressing the chiefs and people of the area, President Akufo-Addo said, “My vision is to develop a modern, diversified, efficient and financially sustainable energy economy.”
“That will ensure that all Ghanaian homes and industries have access to adequate, reliable, affordable and environmentally-sustainable supply of energy to meet their needs,” he added.
He indicated that the initiative was part of the government’s commitment in forging strategic partnership that will drive the country’s energy sector.
President Akufo-Addo said a total of 780,000 direct and indirect jobs are expected to be created during the development phase and beyond, with significant positive outlook on the economy.
He added that the project aims at positioning Ghana as the destination for energy trading in the West African sub-region.
“The Petroleum Hub project is expected to accelerate the growth of Ghana’s petroleum downstream sub-sector and make it a major player in the economy, creating jobs, attracting foreign direct investment, and enhancing energy security,” he emphasised.
He said the new project would not compete with existing refineries in Ghana and in the West African sub-region such the Tema Oil Refinery (TOR), Sentuo and Dangote.
In recognition of the roles the chiefs played in ensuring that the project come into fruition in the Nzema enclave, President Akufo-Addo suggested that the project should be named after the town of Jomoro.
The Minister of State in charge of Energy, Herbert Krapa, was optimistic that the hub would stimulate the local economic development and position Ghana as Africa’s premium petroleum and petrochemical hub.
The Chief Executive Officer of the Hub, Charles Owusu, revealed that the Government of Ghana signed a US$12 billion agreement with Touchstone Capital Group Holdings Limited, UIC Energy Ghana Limited, China Wuhan Engineering Company Limited, and China Construction Third Engineering Bureau Company Limited for the phase one of the project.
From Emmanuel Opoku, Nawole
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