Ghana is now a step closer in positioning itself strategically as the hub of oil refinery in the West African sub-region after getting the buy-in of the chiefs and people of Bonyere, a community in the Jomoro Municipality of the Western region to construct an integrated Petroleum Complex in the area.
At a community/stakeholder engagement at Bonyere on Saturday, representatives from the Energy Ministry and the Chiefs and people of the community fine-tuned processes for the land acquisition paving the way for a firm decision to be made.
The private investor-driven integrated Petroleum Complex; is expected to cover a land area of 20,000 acres, and is estimated to cost some fifty billion dollars ( $50.000.000.000), and construction is projected to span 12 years.
But even before the AG makes a final determination on whether or not the favourite company gets the nod, Joy News understands the front runner, an undisclosed firm, has already reportedly pumped some fifteen billion dollars ($15,000,000.000) into the project.
That notwithstanding, there is already excitement in the Bonyere community as industry watchers and the Technical Advisor of Petroleum Hub Development, Dr. Eric Yeboah in responding to questions, estimated that construction of the hub will create not less than seven hundred and eighty thousand (780,000) jobs with local content featuring prominently.
Government had earlier showed interest in partnering the undisclosed private investor but the huge financial commitment it had to satisfy, caused it to withdraw; leaving the private entity as the sole driver and financier of what would be Ghana’s biggest ever investment since independence.
Once it becomes operational, the Petroleum hub will not only cut back on the cost of shipping crude oil to be refined, but also have the capacity of storing up to 4 million barrels of refined crude daily and create a source of foreign income earnings for the country, when as projected, becomes the go-to refinery on the continent.
Addressing the chiefs and people of the Bonyere community Saturday, Dr. Yeboah said the project upon completion will be “the biggest infrastructure investment Ghana has ever undertaken since independence”.
With the huddle of legislation somewhat cleared following the passage of the Petroleum Hub bill by Parliament this year, the only grey area left is to secure legitimate land for the commencement of construction; the crux of Saturday’s engagement.
When will the Hub become operational?
Construction of the Petroleum Hub is expected to be done in 3 phases with phase one projected to see not less than ten billion dollars ($10,000,000,000) heavily invested in the Bonyere community in the heart of the Jomoro Municipality.
Based on projections, 4 years has been set as a timeline for the completion of the construction of phase one.
The entire project is however expected to be completed in twelve years.
Described as a game changer for the entire country, it is expected to create about seven hundred and eighty thousand jobs ranging from plumbing, carpentry, and other skilled and construction works.
What happens with TOR?
Unlike the Tema Oil Refinery, Ghana’s premier refinery, the primary objective of the Petroleum Hub is to refine crude oil for countries in the sub region, with the long term objective of refining same for countries on the African continent.
This, the West African nation is pursuing, to position itself as a global player in the oil and gas industry. However, it will also complement the work of Tema Oil Refinery as and when the need arises.
Components of Ghana Petroleum Hub
The hub is expected to have a refinery, Petrochemical plants, Power plants, residential area, business centers, water treatment center, waste treatment center, light industries, and a storage facility.