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Negotiations for phase one of Petroleum Hub 95% complete

Dr Henry Kwabena Kokofu - Executive Director of the EPA.

By: Mabel Adorkor Annang

Negotiations for phase one of the Petroleum Hub project is 95% complete.

The first phase which will cost $10 billion will provide the hub with basic infrastructure.

The Chief Executive of the Petroleum Hub Development Corporation, PHDC, Charles Owusu disclosed this at the launch of the Environmental Protection Agency, EPA’s Strategic Environmental Assessment on the development of the Petroleum Hub in Ghana.

The first phase of the Petroleum Hub will comprise a Refinery of 300,000 bpd capacity, one Petrochemical Plant, 3,000,000million capacity storage tanks, oil jetties and port infrastructure, Ancillary Infrastructure and Social Amenities.

The 60-billion-dollar hub will provide LNG terminals, power plants, pipelines, repairs, maintenance and nautical services, rail network, road network, airfield and state-of-the-art laboratory for petroleum. According to PHDC to ensure the sustainability of the hub, economic, environmental and social issues are being considered.

Speaking at the SEA Report Launch the Chief Executive of PHDC Charles Owusu said negotiations for phase one of the Petroleum Hub when successful will help boost the domestic economy in Ghana and the Sub Region.

“The reason why we Phased them in that component is that, if we are successful with even one phase, it answers most of our questions with our domestic economy as well as West Africa. To have 300 thousand barrels per day is enough to feed West Africa and Ghana as a whole. I can tell that we are almost 95-98 percent through with Phase one”

Mr. Owusu said the Corporation is currently engaging stakeholder companies in the power sector. “Now we are dealing with the power sector ECG, VRA, Energy Commision GRIDCo and will gradually move to other sectors”

Speaking at the SEA Report Launch the Chief Executive of EPA Henry Kwabena Kokofu said the establishment of a Petroleum Hub in Ghana is in the right direction.

Mr. Kokofu intimated that the Petroleum Hub will add value to crude oil produced in Ghana which will boost the Petrochemical industry.

” It is about adding value to our crude that we produce. We want to see engine oil being produced here. We want to see brake fluid being produced here. We want to see other petroleum products being put into use.”

The Petroleum Hub which is a private sector-led project will be sited on 20,000 acres of land at Jomoro in the Western Region. The hub is expected to provide cheaper fuel and LPG for the country.

Below is the video;

Read Also: EPA Launches Strategic Environmental Assessment on Devpt of  Petroleum Hub in Ghana

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