W/R: Akufo-Addo launches $12 billion petroleum hub project in Jomoro

President Nana Akufo-Addo has officially launched the first phase of the Petroleum Hub Development project at Nawule in the Jomoro District of the Western Region.

The project, which follows the signing of a USD12 billion agreement in 2024 between the Petroleum Hub Development Corporation and the TCP-UIC consortium, is set to construct a refinery with a capacity of 3,000 barrels per day, among other major infrastructure developments.

It is expected to create approximately 780,000 direct and indirect jobs.

Speaking at the sod-cutting ceremony, President Akufo-Addo highlighted the project’s potential to transform Ghana’s energy landscape by ensuring sustainable energy access for both citizens and industries.

“We take a bold step towards ensuring that all Ghanaian homes and industries have access to reliable, affordable, and environmentally sustainable energy,” the President stated.

He continued that: “It is expected to result in the construction of a 3,000-barrel-per-day refinery, 300,000 cubic metres of storage tanks, jetty and port infrastructure, offer base and auxiliary infrastructure, and six social amenities.”

The project, which will be developed in three independent phases, will cover 20,000 acres and is designed to complement, rather than compete with, existing refineries in Ghana and the West African region.

President Akufo-Addo also emphasised the broader economic impact of the Petroleum Hub project, particularly its role in the African Continental Free Trade Area (AfCFTA).

“It is designed to capture and sell to the African continental free trade area market, which is valued currently at some USD3.4 trillion. 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,” he emphasised.

The project has, however, been met with concerns from local communities regarding the lack of consultation and the acquisition of 20,000 acres of land.

In response, President Akufo-Addo announced a series of measures to address these issues, including renaming the project and relocating its headquarters to the Jomoro District.

“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,” the President directed, emphasising that 200,000 skilled, semi-skilled, and unskilled Ghanaians, primarily from the Jomoro enclave, would be trained in preparation for the project.

The President also reassured the public of the chosen consortium’s capability to meet the project’s demands.

“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,” he said.

Charles Owusu, Chief Executive Officer of the Petroleum Hub, described the project as a game-changer for Ghana, urging all stakeholders to support its implementation.

“It is a game-changer in providing jobs, promoting technological transfer, and positioning Ghana as a center for refining and trading of petroleum and petrochemical products and services. Equally balancing objectives for economic growth, environmental management, and human capital development,” Mr. Owusu stated.

Source:classfmonline.com