President Nana Akufo-Addo has cut-sod for the commencement of work on the first phase of the Petroleum Hub Development project at Nawule in the Jomoro District of the Western Region.
The project is expected to build a 3,000-per-day barrel capacity refinery among others leading to the employment of 780,000 people.
This comes after the signing of a $12 billion agreement in 2024 on the project between Petroleum Hub Development Corporation and the TCP-UIC consortium, despite concerns raised by local communities over lack of consultation and the need to reduce the 20,000-acre plot acquired for the project.
President Akufo-Addo, speaking at the sod-cutting event said it marks a bold step to ensuring the citizenry and the industry 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 metres of storage tanks, jetty and port infrastructure, offer 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, forming collectively a petrochemical industrial park sprawling across some 20,000 acres. This project will complement not compete with existing refineries in Ghana and in the West African region,” President Akufo-Addo said.
Also touching on other benefits of the project, President Nana Akufo-Addo said that phase one of the Petroleum Hub project goes beyond Ghana.
“It is designed to capture and sell to the African continental free trade area market, which is valued currently at some 3.4 trillion United States dollars. We envisage a facility equipped with cutting-edge technology prioritizing 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 stabilize 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 standards.”, he explained.
Amidst the lurking concerns by locals about the project, and the need for the project to have acceptance from locals, the President directed a name change for the project, where to cite the headquarters as well as skills development for locals.
“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 President also justified the choice of the consortium and their capacity, saying, “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, 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.
The Chief Executive Officer of the Petroleum Hub, Charles Owusu on his part called for all to support the project as it is a game-changer.
“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 reality.“, he said.
The TCP-UIC consortium which is 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.
Meanwhile, some affected residents of the Nawowle enclave where 20,000-acre plots of their land have been acquired for the project raised concerns with the plot size, compensation and Corporate Social Responsibility issues, hence opposed to the President’s sod-cutting.
Source: Citi newsroom
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