Petroleum Hub Development Project is a dream come true - CEO

The Chief Executive Officer of the Petroleum Hub Development Corporation, Charles Owusu, has stated that the realization of the dream of having a petroleum hub development project commence in Ghana is the result of hard work, dedication, zeal for success, and commitment.

He mentioned that although it has been a long journey, seeing it materialize was gratifying.

During a welcome address at the official sod-cutting ceremony on Monday, August 19, 2024, Mr. Owusu praised all the stakeholders for their support in achieving such a milestone.

"The journey to this day has not been easy, but with hard work, patience, zeal for success, and effective collaborations, we are all gathered here to be part of this momentous event," he said.

The sod-cutting ceremony on Monday followed the signing of a $12 billion agreement on June 18 between the Petroleum Hub Development Corporation and the TCP-UIC consortium, which comprises Touchstone Capital Group Holdings Limited, UIC Energy Ghana Limited, China Wuhuan Engineering Company Limited, and China Construction Third Engineering Bureau Company Limited for the development of Phase 1.

The project has been structured into three phases, with the first phase starting in September 2024, which will involve clearing the land, constructing drains, and other civil works.

The project will then pause in December as Ghana prepares for a major election and resume in March 2025 due to the Chinese holiday in February.

Mr. Owusu further noted that the groundbreaking ceremony was not just the start of a construction project but marked the beginning of a new chapter for the country, demonstrating the president's vision and a collective shared aspiration of the corporation.

"Today, we have taken the first step in turning a dream into reality. This project symbolizes progress, innovation, collaborations, and a bright future. It is a project that will not only serve our current generation but also the future, leaving a lasting legacy," he said.

Once completed, the project will cover a total land area of 20,000 acres, including 3 oil refineries with a capacity of 300,000 barrels each, 5 petrochemical plants supporting various industries, and storage tanks with a capacity of 10 million cubic meters, a jetty, and other ancillary structures.

The project is expected to create over 780,000 jobs and increase Ghana’s GDP by about 70 percent.