The Petroleum Hub Development Corporation (PHDC) has finalized a $12 billion agreement with the TCP-UIC Consortium, marking a pivotal move towards establishing Ghana as a prominent petroleum and petrochemical hub in Africa.
Comprising Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd., the consortium will initiate the first phase of the transformative Petroleum Hub Project.
This significant development, announced today, signifies the commencement of a $60 billion investment initiative aimed at revolutionizing Ghana’s energy sector and bolstering its economy.
Spanning more than 20,000 acres in the Jomoro Municipal Area of the Western Region, the privately-led Petroleum Hub will attract investments for crucial infrastructure development.
Key components of the project include three refineries, five petrochemical plants, 10 million cubic meters of storage facilities, jetties, and port infrastructure.
The initial phase focuses on establishing essential infrastructure:
- State-of-the-Art Refinery: Designed with a capacity of 300,000 barrels per day (bpd), enhancing Ghana’s domestic crude oil processing capabilities.
- Petrochemical Plant: Converting petroleum byproducts into valuable chemicals for various industries.
- Storage Facilities: Constructing storage tanks with a capacity of 3 million cubic meters to ensure efficient petroleum product distribution.
- Port and Jetty: Developing oil jetty and port infrastructure to facilitate import and export operations.
- Ancillary Infrastructure: Including pipelines, power plants, and a state-of-the-art laboratory for product testing.
Strategically located, the hub aims to position Ghana as a key player in the West African petroleum market, leveraging stable governance, geographic advantage, and attractive investment incentives to stimulate further economic growth.
Future phases of the project, spanning the next 12 years, will expand infrastructure, including additional refineries, petrochemical plants, storage tanks, jetties, port facilities, and LNG terminals.
The signing of the first phase marks a significant milestone in unlocking Ghana’s petroleum sector’s full potential, underscoring PHDC’s commitment to sustainable economic growth and long-term prosperity for Ghana.
