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Ghana Signs US$12 Billion Deal to Launch Petroleum Hub Project

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Ghana Signs US$12 Billion Deal
Ghana Signs US$12 Billion Deal

In a monumental stride towards positioning Ghana as a hub for petroleum and petrochemicals in Africa, the Petroleum Hub Development Corporation (PHDC) has sealed a historic US$12 billion agreement with the TCP-UIC Consortium.

This consortium, comprising Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd., marks the beginning of the US$60 billion Petroleum Hub Project.

The agreement, inked today, heralds the commencement of Phase One of the ambitious project, set to transform Ghana’s energy landscape and bolster its economic standing.

Spanning over 20,000 acres in the Jomoro Municipal Area of Ghana’s Western Region, the privately-led Petroleum Hub will catalyze investments and develop critical infrastructure. Key components include three refineries, five petrochemical plants, 10 million cubic meters of storage facilities, and comprehensive port infrastructure.

Phase One will focus on foundational infrastructure, featuring a state-of-the-art refinery capable of processing 300,000 barrels per day (bpd) of crude oil. Additionally, a petrochemical plant will convert petroleum byproducts into essential chemicals, complemented by expansive storage tanks and upgraded port facilities for efficient import and export operations.

Economic forecasts anticipate significant job creation and a substantial boost to Ghana’s GDP, with projections indicating a 70% increase by 2036. The project aligns with Ghana’s development agenda, aiming to achieve industrial self-sufficiency and economic resilience.

Dr. Matthew Opoku Prempeh, Ghana’s Minister of Energy, underscored the project’s strategic importance in advancing the nation’s “Beyond Aid” vision. “This project exemplifies our commitment to industrialization and sustainable job creation,” he affirmed during the signing ceremony.

Looking ahead, the Petroleum Hub Project is slated for completion in three phases over the next 12 years. Future expansions will include additional refineries, petrochemical facilities, storage capacities, and LNG terminals, reinforcing Ghana’s pivotal role in the West African petroleum market.

The collaboration between PHDC and the TCP-UIC Consortium is poised to leverage Ghana’s stable political climate and strategic geographical position, attracting further investments and driving economic growth across the region.

As Ghana charts its course towards energy independence and economic prosperity, the signing of Phase One marks a pivotal milestone in realizing the full potential of the nation’s petroleum sector under the stewardship of the PHDC.

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