Ghana Flags Off $12bn Petroleum Hub Scheme As NNPC Deepens Hide Seek With Dangote

Whereas the NNPCL continues to gasp in the euphoria of celebrating the loading of petrol by trucks at a private refinery when it has four useless refineries, 21 petrol depots, and 5,120km network of useless petroleum pipelines, Ghanaian President, Nana Addo Dankwa Akufo-Addo has cut the sod for work to commence on the first phase of the Petroleum Hub project at Nawule, in the Jomoro Municipality of the Western Region......Read The Full Article>>.....Read The Full Article>>

The good news is a fallout of an agreement of $12 billion signed between the Petroleum Hub Development Corporation (PHDC) and TCP-UIC Consortium in Accra earlier this year.

The first of three phases of the Integrated Petroleum Complex would consist of a refinery with a capacity of 300,000 barrels per day (bpd), a cutting-edge petrochemical plant with 90,000 bpd capacity, 3,000,000 cubic metres of storage tanks, and a jetty with port infrastructure.

The project is being undertaken by TCP-UIC Consortium made up of Touchstone Capital Group Holdings Limited, UIC Energy Ghana Ltd, China Wuhan Engineering Co. Ltd, and China Construction Third Engineering Bureau Co. Ltd.

Speaking at a ceremony to cut the sod, President Akufo-Addo said the project demonstrated government’s commitment of forging strategic partnerships that would drive the country’s energy sector forward.

According to him, “Today, as we gather to commence the implementation of this project, we have taken a bold step towards ensuring that all Ghanaian homes and industries have access to reliable, affordable and environmentally sustainable energy.”

The President noted that upon completion, the project would complement and not compete with existing oil refineries in Ghana and the West African region such as the Tema Oil Refinery (TOR), Sentuo and Dangote.

Ghana News Agency quoted President Addo as saying that “We envisage a facility equipped with a cutting-edge technology, prioritising environmental sustainability with green buffers, supporting local flora.” President Akufo-Addo said.

According to him, the project would create some 780,000 direct and indirect jobs, help stabilise the currency, stimulate local economy and position Ghana as Africa’s premium petroleum and petrochemical hub.

To ensure a ready workforce of Ghanaians for the Hub, the President stated that he had directed the PHDC Board and the Ministry of Energy to train about 200,000 skilled, semi-skilled and unskilled Ghanaians in preparation for the project’s take-off most of whom should come from the Jomoro enclave.