President Nana Addo Dankwa Akufo-Addo has cut the sod to begin building of the state-of-the-art Petroleum Hub Development Project in Jomoro Municipality, Western Region
The groundbreaking development project is expected to cost approximately US$60 billion.
It aims to be Africa’s top integrated petroleum and petrochemical complex, adding value to both the upstream and downstream oil and gas value chains.
A complex network of onshore, offshore, and auxiliary infrastructure will be housed on 20,000 acres of land.
When the project is finished, it will significantly change the petrochemical industry across the continent.
Building a 300,000 barrel per day (bpd) refinery, a 90,000 bpd petrochemical plant, a 3 million m3 storage facility, a jetty, and port infrastructure will be the main objectives of the project’s first phase.
The extra facilities and services will include a power plant, a network of roads and trains, LNG terminals, pipelines, water treatment plants, and maintenance and repair services.
Along with residential and commercial buildings, light-to-medium-industrial areas, recreational centers, waste treatment facilities, logistics, security, and emergency response centers, it will also feature marine services.
President Akufo-Addo declared, “My vision is to develop a modern, diversified, efficient and financially sustainable energy economy,” when addressing the chiefs and people of the area.
He said, “That will guarantee that every household and business in Ghana has access to a sufficient, dependable, reasonably priced, and ecologically sustainable supply of energy to meet their needs.”
He explained that the program was a part of the government’s effort to establish strategic alliances that will propel the nation’s energy industry.
According to President Akufo-Addo, there is a strong likelihood that the economy would grow and that 780,000 direct and indirect jobs will be generated throughout the growth phase and beyond.
He continued by saying that the project’s goal is to establish Ghana as the sub-region’s energy trading hub.
“It is anticipated that the Petroleum Hub project will expedite the expansion of Ghana’s petroleum downstream sub-sector and establish it as a significant economic actor, generating employment opportunities, drawing in foreign direct investment, and augmenting energy security,” he underscored.
According to him, the new facility would not compete with the Tema Oil Refinery (TOR), Sentuo, Dangote, and other refineries that are currently operating in Ghana and the West African subregion.
President Akufo-Addo proposed naming the project after the town of Jomoro in honor of the chiefs’ contributions to seeing the project through to completion in the Nzema enclave.
Herbert Krapa, the state minister in charge of energy, expressed optimism that the hub will promote regional economic growth and establish Ghana as Africa’s premier center for petroleum and petrochemicals.
Charles Owusu, the Chief Executive Officer of the Hub, disclosed that Touchstone Capital Group Holdings Limited, UIC Energy Ghana Limited, China Wuhan Engineering Company Limited, and China Construction Third Engineering Bureau Company Limited signed a US$12 billion agreement with the Government of Ghana for the first phase of the project.
BY: APPIANIMAA MERCY
