Petroleum Africa
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Thursday, August 29, 2024
President Nana Akufo-Addo has broken ground on the construction of a 300,000 barrel per day (bpd) crude oil refinery in the southwest of the country. The project, overseen by the state firm Petroleum Hub Development Corp., is envisioned to become a regional petroleum hub and house a petrochemical complex in the future.
The first phase of the project is estimated at $12 billion. The first refinery is expected to process 300,000 bpd and the chemical works 90,000 barrels. Two more refineries are planned to be built in later phases, with a total processing capacity of 900,000 bpd when complete.
On the occasion, President Nana Akufo-Addo stated, “My vision for Ghana is clear: we will harness our resources, innovation, and strategic partnerships to establish our nation as a leading energy hub in Africa. By investing in sustainable energy solutions, modern infrastructure, and local expertise, we will ensure energy security for our people and drive economic growth across the region. Together, we will unlock new opportunities, attract global investments, and position Ghana as a powerhouse in the energy sector. The future is bright, and Ghana will lead the way!”
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