Ghana Signs 1st Phase of Petroleum Hub Project Costing $12B
On 18 June 2024, Ghana signed an agreement with an international consortium to develop a Petroleum Hub. The consortium is made up of UIC Energy Ghana, Touchstone Capital UK, China Wuhan Engineering and China Construction 3rd Engineering Group.
The Petroleum Hub is situated in Jomoro city in western Ghana. It covers an area of 20,000 acres and comprises both onshore and offshore assets as well as ancillary facilities. The mega project is expected to support a total of 780,000 direct and indirect jobs.
The mega project consists of:
- Three oil refineries
- Five petrochemical plants
- Petroleum storage up to 10 million cubic meters
- Power plants
- Oil, LNG terminals and supporting port infrastructure
- Oil & Gas pipelines
- Waste and water treatment plants
- Residential and commercial zones
The project is in line with the vision of Ghanaian President Nana Akufo-Addo who ambitions to position Ghana as an #EnergyHub in West Africa. Eventually, the facility will be able store, refine, transform and distribute petrochemical products across the region.
In order to pilot the mega-project, Ghana has set up the Petroleum Hub Development Corporation (PHDC) and released an Investment Guide to lure potential investors.
The Hub will add value locally (#LVA) both to the upstream and downstream oil & gas value chain. By 2030, the Hub is forecasted to generate nearly USD 1.6 billion in export taxes, and add nearly 70% to the national #GDP of Ghana.