Energy Minister Dr Mathew Opoku Prempeh has expressed optimism that the establishment of a petroleum hub in Ghana will transform Ghana’s economy.
The Minister believes that the hub will boost the petrochemical industry of the local economy.
Addressing the newly inaugurated board of the Petroleum Hub Development Corporation in Accra on Tuesday, September 7, Dr Opoku Prempeh said “The petroleum hub is one of Ghana’s strategic interest and initiatives to serve as a major pillar of growth for the Ghanaian economy.
“I dare say that since the advent of the 4th Republic every president has done his bid to promote value addition for our raw materials, but we believe that the petroleum hub is the game changer in that direction.
“We believe that this hub will accelerate the growth of the petroleum downstream sector and be a major player in our economy and consequently ensure the development of sustainable wealth creation and progress and prosperity of this country.
“We hope that we are going to build refineries, petrochemical industry, fertilizer plants, gas to liquid industry, plastic industry and everything conceivable, we add value to it. This will transform the economy of this country.”
On his part, the Board Chairman of the Corporation, Awulae Annor Adjaye III said “Today is a very important day in the history of Ghana. Why because, the upstream and downstream petroleum agenda, some of us are with them in the Eastern and Western region.
“I think that the petroleum hub is a key factor to ensure that government gets enough from the money they have been investing in the area and in the oil and gas.
“I am only pleading with members of the board, I have read your background and I know that you are all men of intelligence and competence and you have [the] knowledge to share at any meeting to enable us to achieve the object for which the president has assigned us.”
The government needed about 20,000 acres of land along the coast of Western Nzema to construct the Hub.
The Paramount Chief of Western Nzema Traditional Area, Awulae Annor Adjei III recently made lands available for the project.
About the Project
Per the master plan, when fully realised, the overall value of the petroleum hub is estimated to be in the range of US$60 billion. The entire multi-billion project, though facilitated by Government, is designed to be purely private sector funding, attracting investors across the petroleum value chain.
West Africa’s first integrated oil and gas infrastructure will be set on a 20,000-acre land, Domunli enclave, in the Jomoro Municipality, Western Region.
At its peak, it can house 3 refineries with 300,000 bpsd capacity minimum each, 5 petrochemical plants, jetties and port infrastructure, 10million cubic meters storage tanks, gas infrastructure and ancillary infrastructure.
The role of the government, besides setting up the institution to drive the project, is to provide offsite infrastructure, tax incentives and other amenities towards the project.
The project will be implemented in three phases over the next decade.
By: Rainbowradioonline.com/Ghana
