President Nana Akufo-Addo has cut-sod for the first phase of the Petroleum Hub Development project at Nawule in the Jomoro District of the Western Region to commence.
President Akufo-Addo, speaking at the sod-cutting ceremony, said the project will ensure that Ghanaians and industry players have access to sustainable energy.
“We take a bold step towards ensuring that all Ghanaian homes and industries have access to reliable, affordable, and environmentally sustainable energy… It is expected to result in the construction of a 3,000-per-day refinery, three hundred thousand cubic meters of storage tanks, jetty and port infrastructure, base and auxiliary infrastructure, and six social amenities.”
“In our strategic approach, we have divided this project into three independent phases. Each phase, upon completion, will serve as a standalone hub, collectively forming a petrochemical industrial park sprawling across some 20,000 acres. This project will complement and not compete with existing refineries in Ghana and in the West African region,” he said.
It is expected that the project, after completion, will help build a 3,000-barrel-per-day refinery.
It is also projected to create jobs for 780,000 people.
The project is a $12 billion agreement signed in 2024 between the Petroleum Hub Development Corporation and the TCP-UIC consortium.
Residents in the area have raised concerns over the project due to the lack of consultation and the need to reduce the 20,000-acre plot acquired for the project.
But President Akufo-Addo highlighted the benefits of the project, saying, “It is designed to capture and sell to the African continental free trade area market, which is currently valued at some 3.4 trillion United States dollars. We envisage a facility equipped with cutting-edge technology, prioritising environmental sustainability, with green buffers supporting local fauna and flora. It will be a benchmark for crude and petroleum product pricing in Africa.”
“This project promises to create some 780,000 direct and indirect jobs, help stabilise our currency, stimulate local economic development, and position Ghana as Africa’s premier petroleum and petrochemical partner. I am confident this hub will be a secure, innovative workplace adhering to the highest industry standardss,” he explained.
He continued: “I propose that the headquarters of the Petroleum Hub Development Corporation be located in Jomoro and that it should be renamed the Jomoro Petroleum Hub Development Corporation. To support the project, it is crucial to have a skilled workforce ready.”
“I directed the Ministry of Energy and the Board to ensure the training of some 200,000 skilled, semi-skilled, and unskilled Ghanaians in preparation for the project take-off, most of whom shall come from the Jomoro enclave,” he directed.
“The TCP-UIC consortium, chosen for the first phase, possesses the technical expertise and financial strength to meet our regulated timelines and standards. I urge everyone involved to leave no stone unturned in making this hub a model not only for Ghana but also for the entire world.”
“To our esteemed investors, the TCP-UIC consortium, China Huadian Engineering Company Limited, China Construction Tech Engineering Bureau Company Limited, Touchstone Capital Group Holdings Limited, UIC Energy Ghana Limited, and Touchstone UIC Ghana Investments Limited, I assure you of government support in this exercise,” he noted.
On his part, the Chief Executive Officer of the Petroleum Hub, Charles Owusu, said, “It is a game-changer in providing jobs, promoting technological transfer, and positioning Ghana as a centre for refining and trading of petroleum and petrochemical products and services. Equally balancing objectives for economic growth, environmental management, and human capital development… It is my firm belief that placing an egg on a pea is a possibility worth exploring at all times if one aims to translate a dream into a realityy,” he said.
The TCP-UIC consortium, which is responsible for the development of the phase, comprises Touchstone Capital Group Holdings Ltd., UIC Engineering Ltd., China Haudian Engineering Company Ltd., and China Construction Tech Engineering Bureau Company Ltd.
By: Rainbowradioonline.com/Ghana
