Ghana’s President Nana Akufo-Addo has announced the start of construction of a 300,000 barrel-per-day (bpd) refinery.
The refinery is part of a project will be developed in three phases – with the first phase estimated to cost approximately $12 billion – featuring the 300,000-bpd refinery, a petrochemical plant and storage and port facilities.
According to President Akufo-Addo, the petroleum hub is expected to create roughly 780,000 direct and indirect jobs, stimulate local economic development and elevate Ghana’s standing as a key player in Africa’s energy sector.
With Ghana’s output currently standing at approximately 132,000 bpd of crude oil and 325 million standard cubic feet per day of natural gas, the petroleum hub aims to increase the country’s output of refined products to supply the entire West African region by 2036.
According to pan-African downstream organization the African Refiners and Distributors Association, West Africa consumes approximately 800,000 bpd, of which roughly 90% is imported.
The first phase of the project will be funded and constructed by the TCP-UIC Consortium. The consortium comprises investment management company Touchstone Capital Group Holdings, Ghanian energy company UIC Energy Ghana, engineering firm China Wuhan Engineering Co. and real estate company China Construction Third Engineering Bureau Co.
