The ideal comprises Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd., which will commence the first phase of the highly anticipated Petroleum Hub Project.
This landmark event, held today, marks the beginning of a US$60 billion investment aimed at revolutionising Ghana’s energy sector and boosting its economy.
Covering over 20,000 acres of land in the Jomoro Municipal Area in the Western Region, the Petroleum Hub, which is private sector-led, will secure investments and the development of key ancillary and other infrastructure.
The key infrastructure includes three (3) refineries, five (5) petrochemical plants, 10 million cubic meter storage facilities, jetties, and port infrastructure.
The first phase of the project, a cornerstone of Ghana’s industrialisation strategy, will focus on establishing critical infrastructure, including:
A State-of-the-Art Refinery: With a capacity of 300,000 barrels per day (bpd), this refinery will significantly enhance Ghana’s ability to process crude oil domestically.
Petrochemical Plant: The plant will convert petroleum byproducts into valuable chemicals used in various industries, ranging from plastics to fertilizers.
Storage Facilities: construction of storage tanks with a capacity of 3 million cubic meters to ensure a steady supply and efficient distribution of petroleum products.
Port and Jetty: Development of oil jetty and port infrastructure to facilitate seamless import and export activities.
Ancillary Infrastructure: including pipelines, power plants, and a cutting-edge laboratory for product testing.
Strategic location and market potential: The hub’s strategic location is poised to make Ghana a pivotal player in the West African petroleum market. The hub will leverage Ghana’s stable political climate, strategic geographic position, and attractive investment incentives to draw further investments and foster economic growth.
The future phases of the Petroleum Hub Project will be developed in three phases over the next 12 years.
After the completion of the first phase, subsequent phases will see the addition of refineries, petrochemical plants, storage tanks, jetties, and port infrastructure, as well as the development of additional support facilities, including liquefied natural gas (LNG) terminals.
The signing of the first phase is a significant step towards realizing the full potential of Ghana’s petroleum sector.
The PHDC is dedicated to driving sustainable economic growth and ensuring long-term prosperity for the people of Ghana through this project.
