The Ghanaian government has entered into a $12bn agreement with the TCP-UIC consortium to implement the initial phase of the Petroleum Hub project in Western Africa.

The TCP-UIC consortium comprises Touchstone Capital Partners, UIC Energy, China Construction Third Engineering Bureau, and Wuhan Engineering.

Located in the Jomoro district of Ghana’s Western Nzema Area, the Petroleum Hub project represents a total investment of $60bn.

Spanning 20,000 acres, the hub will host three refineries capable of processing at least 900,000 barrels per stream day, aimed at refining a significant portion of Africa’s crude oil.

Additionally, the hub will prominently produce liquified natural gas (LNG) as a transition fuel.

The project also includes five multi-purpose petrochemical plants with a combined capacity of 90,000 barrels per day, producing fertilisers, lubricants, cosmetics, and other petrochemical products.

Storage infrastructure at the hub will encompass tanks with a total capacity of 10 million metric tonnes, complemented by a port capable of accommodating very large crude carriers (VLCCs) and ultra large crude carriers (ULCCs) for the storage and distribution of crude oil and refined products.

Ghana Energy Minister Matthew Opoku Prempeh, has been quoted across various African media outlets, as saying: “This hub has been long time coming, and I am excited that today, we can do the signing for work to begin in earnest.

“We are hopeful that all the hard work we put in, will yield the results that we desire. We are determined to achieve this goal and we will continue working to see this materialise.”

Scheduled to be developed in three phases, between 2024 and 2036, the Petroleum Hub project is anticipated to catalyse a transformative impact on Ghana’s economy, generating an estimated 780,000 jobs and fostering partnerships between local and global entities.