Ghana gets $12bn to implement first phase of Petroleum Hub project
TLDR
- $60 billion Petroleum Hub project agreement finalized by Ghanaian government with TCP-UIC consortium for Jomoro district development
- Project includes three refineries processing 900,000 barrels per day, significant LNG production, and five petrochemical plants
- Aimed at refining Africa's crude oil, offering production of fertilizers, lubricants, cosmetics, and petrochemical products
The Ghanaian government has finalized a $12 billion agreement with the TCP-UIC consortium to kick off the initial phase of its Petroleum Hub project, which involves a total investment of $60 billion.
The group comprises Touchstone Capital Partners, UIC Energy, China Construction Third Engineering Bureau, and Wuhan Engineering.
Spanning 20,000 acres in Ghana, the hub will accommodate three refineries capable of processing at least 900,000 barrels per stream day, aimed at refining a substantial portion of Africa’s crude oil. It will also play a significant role in producing liquefied natural gas (LNG) as a transitional fuel.
Key Takeaways
The Petroleum Hub project, scheduled to be developed in three phases between 2024 and 2036, is expected to have a transformative impact on Ghana’s economy. It is anticipated to generate approximately 780,000 jobs and facilitate partnerships between local and global entities. This ambitious initiative aims to bolster Ghana's industrial capacity and economic growth through significant investment in refining, petrochemical production, and LNG processing, positioning the country as a key player in Africa's energy sector. The project also encompasses five multi-purpose petrochemical plants with a combined daily capacity of 90,000 barrels, producing fertilizers, lubricants, cosmetics, and various other petrochemical products.
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