$12bn Petroleum Hub Project takes off
– It’ll be developed in 3 phases
By Daniel NONOR, Accra
In a major move to transform Ghana’s energy sector, President Nana Addo Dankwa Akufo-Addo has officially launched the first phase of the ambitious Petroleum Hub Project in Nawule, Jomoro, in the Western Region.
The Project, with an estimated total cost of $12 billion, aims to create a modern, diversified, and financially sustainable energy economy for the country.
It will be developed in three independent phases and will include a 300,000 barrels per day (bpsd) refinery, a petrochemical plant, and extensive storage and port facilities.
Leading the first phase of this transformative project is the TCP-UIC Consortium, a group of international and local partners selected for their technical expertise and financial strength.
This phase represents a crucial step toward achieving Ghana’s energy goals, with the consortium expected to adhere to the project’s ambitious timelines.
During the ground-breaking ceremony yesterday, President Akufo-Addo expressed his optimism about the project’s potential to significantly impact the nation’s economy.
“Today is a very good day for our homeland, Ghana.This project promises to be a cornerstone of our nation’s development, ensuring that all Ghanaian homes and industries have access to reliable, affordable, and environmentally sustainable energy.”, he stated
The President noted the strategic importance of the Petroleum Hub, emphasizing that it will complement, rather than compete with, existing refineries in the region. The hub is set to focus on serving the African Continental Free Trade Area (AfCFTA) market, with expectations of creating approximately 780,000 direct and indirect jobs, stabilizing the national currency, and stimulating local economic development.
Environmental sustainability is a key consideration in the project, with the incorporation of cutting-edge technology and green buffers designed to support local fauna and flora.
“We envision a facility that will be a benchmark for crude and petroleum product pricing in Africa,” President Akufo-Addo stated, emphasizing the project’s alignment with global environmental standards.
In addition to its economic and environmental benefits, the Petroleum Hub Project is expected to have a significant social impact, particularly in the Jomoro enclave.
The President announced that the Ministry of Finance has allocated GH¢200 million for land compensation to affected communities, acknowledging the contributions of the Chiefs and people of Jomoro who have provided land for the project.
The establishment of the Jomoro Petroleum Hub Development Corporation (JPHDC) is another expected outcome of the project, with its headquarters to be based in Jomoro.
Furthermore, the President directed the Ministry of Energy to ensure the training of 200,000 skilled, semi-skilled, and unskilled Ghanaians in preparation for the project’s takeoff, with a significant portion of these workers expected to come from the Jomoro area.
President Akufo-Addo commended the dedication and collaboration of all stakeholders which have been instrumental in bringing the project to this pivotal stage. He urged all to unite in making the Petroleum Hub Project a reality, underscoring its significance for future generations.
President Akufo-Addo expressed confidence that with collective effort, Ghana is poised to secure a brighter and more prosperous future for all its citizens.
Charles Owusu, Chief Executive Officer of the Petroleum Hub, on his part called for widespread support for the project, describing it as a game-changer. “It is a game-changer in providing jobs, promoting technological transfer, and positioning Ghana as a center for refining and trading of petroleum and petrochemical products and services. Equally balancing objectives for economic growth, environmental management, and human capital development…It is my firm belief that placing an egg on a pea is a possibility worth exploring at all times if one aims to translate a dream into a reality,” he said.
