The ongoing Takoradi Port Expansion Project has already started attracting investments into the Port?s Oil & Gas enclave as the Ghana Ports & Harbours Authority (GPHA) works to position the Takoradi Port as a major maritime services support hub along the west coast of Africa.
COX OIL, an experienced Texas-based oil & gas-focused company has chosen the Takoradi Port as the location to build its $600 million state-of-the-art oil refinery and associated infrastructure to serve the West African Sub regional market.
Chris Wilmot, CEO of Takoradi Oil Refinery Company Limited, the project sponsors, and Brad Cox and Craig Sanders, Chairman and CEO respectively of COX OIL, the investors, paid a working visit to the port on Tuesday July 29, 2014 and met with the Director General of the Ghana Ports & Harbours Authority and other stakeholders at the proposed project site.
According to the investors, Takoradi port was chosen as the site of their new refinery for obvious strategic reasons, chief among them being the existing infrastructure at the port and ongoing expansion program that GPHA has embarked upon to improve the facility.
?All the necessary ingredients for a win ?win situation are here at the Takoradi port. You have an active operating port with ready and easy access to receive your feedstock and ship your products, the rail line and road networks terminates right at the port, the safety of our operations in a special designated zone is assured, the security of tenure of the land on which the refinery would be built is assured by our long term lease with GPHA, you are located in a modern and growing city that could support relatively good quality of life for families and businesses, you have abundant human capital that would provide experienced labor force. We couldn?t have asked for a more suitable location?? said Craig Sanders, CEO of COX OIL.
??Texas is the World capital of the oil & gas and the energy sector and we want to replicate the efficiencies and best corporate practices of Texas right here in Ghana for the benefit of the Ghanaian economy and people of Ghana. This project seeks to enhance energy security for Ghana and the sub region. ?? Chris Wilmot added.
In an exclusive interview with Joy News the Director General for the Ghana Port & Harbours Authority, Mr. Richard Anamoo said the refinery will be built on approximately, 100 acres of reclaimed land at the harbour in an area designated specifically as a Maritime Industrial Enclave.
As part of the ongoing Takoradi Port Expansion Project, the GPHA will reclaim more than 1, 200 hectares of land and deepen the harbour basin to minus 20 meters to enable post PANAMAX ships to call at the port. Other ports infrastructure and access roads to and from the port would also be improved to ease traffic congestion. The sea ports of Takoradi and Tema in Ghana are seen as growth poles and drivers of economic activities and national development.
According to the project sponsors and investors, the construction of the refinery is slated to kick off in the first quarter of 2015.
COX OIL is projecting that the Takoradi Oil Refinery Company Limited will start operations within 2 years after the project commencement date.
Takoradi Oil Refinery Company Limited is expected to deliver about 65,000 barrels of oil per day, both for export and the domestic market.
Socio ? economic impact
Mr. Richard Anamoo, is excited that the project would create massive employment opportunities for the people of the Western Region and Ghanain general, adding that the local content participation element of the construction and operational phase will be very significant.
He says the refinery will also attract other business to move to the Sekondi /Takoradi Maritime Industrial Enclave
Port expansion background
Construction works to extend the existing 1.087km of breakwater at the Takoradi Port, a crucial part of an ongoing expansion project, has been completed.
On completion, the project will pave the way for the commencement of work on dredging the access channel to a water depth of about 16 meters as well as the construction of a bulk terminal to serve the manganese, bauxite, cement, clinker and gypsum ships that call at the port.