The Petroleum Hub Development Corporation (PHDC) and Touchstone Capital Partners (TCP) have reaffirmed their commitment to the development of Lot One of Ghana’s US$12 billion Petroleum Hub Project, describing it as a strategic initiative to position the country as a leading energy and industrial hub in Africa.
The partners said the project remained on track and would establish an integrated ecosystem encompassing energy, manufacturing, logistics, finance and technology to drive industrial transformation and economic growth.
The reaffirmation was contained in a joint statement issued by PHDC and TCP to assure stakeholders of sustained investor confidence amid concerns over the project’s progress.
Mr Niccolò Ravano, Vice President of Touchstone Capital Partners, said the consortium was fully committed to delivering the Lot One development and had put in place measures to ensure the successful execution of the project.
He said the vision extended beyond the construction of energy infrastructure to creating a comprehensive industrial ecosystem that integrated energy, finance, logistics, manufacturing, technology and human capital development.
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Mr Ravano said the proposed Ghana Integrated Energy and Industrial Hub had the potential to become a model for sustainable industrial development across Africa.
Dr Toni Aubynn, Chief Executive Officer of PHDC, described the Petroleum Hub Project as one of the continent’s largest industrial development initiatives, with the capacity to transform Ghana’s energy and industrial landscape.
He said the project was expected to strengthen the country’s energy security, increase domestic refining capacity, expand exports, attract foreign direct investment, promote industrialisation and deepen regional economic integration.
Dr Aubynn said the development would generate significant employment opportunities during both the construction and operational phases while promoting technology transfer, local content participation, skills development and the growth of Ghanaian businesses.
He added that, subject to phased implementation and investment commitments, the project could also deliver wider socio-economic benefits, including support for education, healthcare, technical training and community development.
The partners said the integrated industrial complex would combine petroleum, petrochemicals, logistics, manufacturing, digital infrastructure, finance and social services to support sustainable economic development.
According to independent projections, the fully completed programme could create about 780,000 direct and indirect jobs by 2036, while generating additional opportunities across local supply chains, businesses and regional trade.
The Petroleum Hub Project, to be developed at Jomoro in the Western Region, will comprise three refineries with a combined capacity of 900,000 barrels per stream day, five petrochemical plants with a minimum combined capacity of 90,000 barrels per stream day, storage facilities with a cumulative capacity of 10 million cubic metres, and at least two jetties to facilitate petroleum imports and exports.
The project is expected to enhance Ghana’s refining capacity, strengthen regional energy security and reinforce the country’s position as a leading petroleum and petrochemical hub in Africa.
