Ghana inks US $12bn deal for phase one of Petroleum Hub project

0
1253
Ghana inks US $12bn deal for phase one of Petroleum Hub project

The Government of Ghana has entered a significant agreement with the TCP-UIC Consortium, committing US $12bn to the first phase of the Petroleum Hub project in the Jomoro Municipal Area, Western Region.

This consortium includes Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd. The Petroleum Hub aims to position Ghana as a pivotal energy trading center in West Africa. It will be developed in three phases at an overall estimated cost of US $60bn.

Spanning over 20,000 acres, the project will feature; three refineries, five petrochemical plants, 10 million cubic meters of storage facilities, jetties and port infrastructure. Ancillary services will include: power plant, rail and road networks, LNG terminals, pipelines, water treatment facilities, waste treatment facilities, logistics and security services, residential and commercial facilities.

READ:Sound Energy, Managem ink SPA deal on energy sector in Morocco

Economy Boost 

Other services and infrastructure such as a state-of-the-art laboratory for petroleum products, fabrication workshop, metering and calibration services, equipment supplies, logistics services, remote monitoring & diagnostics, lubricant storage & supply, and inspection & certification services will also be available. The first phase will involve construction of a 300,000 barrel per day (bpd) refinery, a 90,000 bpd petrochemical plant, a 3 million cubic meter storage facility, Jetty and port infrastructure.

Upon completion in 2036 the hub is expected to significantly boost Ghana’s economy by attracting international oil trading and storage companies. The project is estimated to create over 780,000 direct and indirect jobs.

The TCP-UIC Consortium brings substantial expertise, ensuring high standards of operational excellence and safety. The PHDC, established by an Act of Parliament in 2020, facilitates an environment conducive to private sector investment, job creation, and growth of indigenous businesses.