Ghana kicks off construction of $12bn petroleum hub
TLDR
- Ghanaian President Nana Akufo-Addo launches construction of 300,000 barrel-per-day oil refinery in Jomoro, aiming to elevate Ghana into a regional petroleum hub.
- $12 billion project funded and built by Touchstone, UIC Energy, China Wuhan Engineering, and China Construction Third Engineering Bureau set to boost country's development.
- Critics raise doubts about viability and lasting advantages of the refinery project despite Akufo-Addo emphasizing its significance for national progress.
Ghanaian President Nana Akufo-Addo officially commenced the construction of a 300,000 barrel-per-day oil refinery in Jomoro, a southwestern city, aiming to transform Ghana into a regional petroleum hub.
The $12 billion project, which is being funded and constructed by a consortium that includes Touchstone, UIC Energy, China Wuhan Engineering, and China Construction Third Engineering Bureau, is expected to play a significant role in the country’s development.
Akufo-Addo highlighted the project's importance during the groundbreaking ceremony, stating that it will serve as a cornerstone of national development. However, critics have voiced concerns, questioning the project's viability and long-term benefits.
Key Takeaways
Ghana, the world’s second-largest cocoa producer, entered the oil industry in 2010 and currently produces approximately 132,000 barrels per day (bpd) of crude oil and about 325 million standard cubic feet of natural gas per day. West Africa's oil consumption stands at around 800,000 bpd, with nearly 90% of that being imported, according to the African Refiners and Distributors Association. The Ghanaian government’s petroleum hub project aims to meet this regional demand by 2036, as outlined in an agreement signed in June 2018. The refinery is expected to significantly reduce the region's dependence on imported petroleum products, positioning Ghana as a key supplier in West Africa.
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