President breaks ground for the development of Ghana’s Integrated Petrochemical Complex

President Akufo-Addo has cut sod for the development of the first phase of Ghana’s Petroleum Hub project in the Jomoro Municipal Area of the Western Region.

The project is aimed at the President’s vision of Ghana becoming a regional hub for petroleum refining, storage and distribution.

The first phase, when completed, will consist of a refinery with a capacity of 300,000 barrels per day (bpd), a 90,000bpd capacity petrochemical plant, 3 million cubic metres (m³) storage tanks, a jetty with port infrastructure valued at US$12 billion.

The development of the Hub, which is private sector led is being undertaken by TCP-UIC Consortium which comprises of Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd.,

China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd. with the government of Ghana providing basic infrastructure such as rail, roads, utilities, as well as economic and regulatory incentives that are required for the operationalization of the Hub.

Using best practices and cutting-edge technology, the Petroleum Hub Development Corporation’s approach to sustainability is underpinned by the adherence to the highest environmental standards, aiming to minimize ecological impact while maximizing economic benefits.

This commitment aligns with the Corporation’s broader vision of ‘Powering Progress’ through responsible energy practices that prioritize safety, integrity, and respect for humanity.

Speaking at the sod cutting ceremony, President Nana Addo Dankwa Akufo-Addo enumerated some economic benefits of the Hub saying “This project is not only offering at least 780,000 direct and indirect jobs to our people but also to help stabilize our cedi, help partially answer the question of after Free SHS and TVET, what next for our graduates; stimulate our local economic development, and position Ghana as the first Petroleum and Petrochemical Hub in Africa upon completion”.

 

“The development of the project being private sector led, hinges on an export driven strategy to seize and serve the AfCFTA market whose current size is at about $3.4 trillion” he said.

To ensure a ready workforce of Ghanaians for the Hub, the President directed the Board and the Ministry of Energy to train at least 200,000 skilled, semi-skilled and unskilled Ghanaians from now till December and beyond. He also directed the Ministry of Finance to release an amount of GH¢ 200 million to commence payment of land compensation with immediate effect to affected communities whose lands were affected during the compulsory acquisition of land by government for the project.

 

He proposed a consideration on the amendment of the PHDC Act, 2020 (Act 1053) to rename PHDC as Jomoro Petroleum Hub Development Corporation (JPHDC)with its headquarters in Jomoro.

 

The Minister of State at the Ministry of Energy, Herbert Krapa eulogised former Energy Ministers and stakeholders whose contributions towards the development of the Hub is being realised today. He went on to buttress the use of sustainable practices in the development of the Hub saying the goal is not just to meet the energy demands of today but to do so in a way that preserves our environment for future generations.

 

Delivering his remarks, the CEO of Petroleum Hub Development Corporation, Charles Owusu highlighted the symbolic attributes of the Petroleum Hub saying it symbolizes progress, innovation, and a brighter future.

 

“It is a project that will serve not only our current generation but also future ones, leaving a lasting legacy” he said.

 

He called for hard work and collaboration towards the project saying, “I see connecting unlikely dots in life as a calling for building legacies with hard work, patience, and collaboration without compromising on precision and speed.”

 

The Paramount Chief of the Western Nzema Traditional Council, Awulae Annor Adjaye III welcomed the project and thanked the President for his vision to develop the Petroleum Hub and called on all to give their unwavering support for its completion.

 

Being the first of its kind in Africa, the Petroleum Hub project is expected to be completed within five years setting the foundation for an unprecedented journey ahead in the energy sector.

 

The post President breaks ground for the development of Ghana’s Integrated Petrochemical Complex first appeared on 3News.

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