PHDC and TCP Reaffirm Commitment to $12 Billion Petroleum Hub Project in Ghana

Accra: The Petroleum Hub Development Corporation (PHDC) and Touchstone Capital Partners (TCP) have reaffirmed their commitment to developing the US$12 billion Lot One of Ghana's Petroleum Hub Project. The partners said the project was on course to establish Ghana as a major energy and industrial hub in Africa through an integrated ecosystem of energy, manufacturing, logistics, finance, and technology. According to Ghana News Agency, Mr. Niccolò Ravano, Vice President of Touchstone Capital Partners, stated that the consortium remained focused on delivering the Lot One development and was implementing measures to ensure the successful execution of the project. He emphasized that the vision extended beyond the construction of energy infrastructure to creating an industrial ecosystem that combined energy, finance, logistics, manufacturing, technology, and human capital development. Mr. Ravano highlighted that the proposed Ghana Integrated Energy and Industrial Hub had the potential to serve as a model for susta inable industrial development on the continent. The reaffirmation follows a joint statement issued by PHDC and TCP to assure stakeholders of continued investor confidence in the project amid concerns about its progress. Dr. Toni Aubynn, Chief Executive Officer of PHDC, described the Petroleum Hub as one of Africa's largest industrial development initiatives, with the potential to transform Ghana's energy and industrial sectors. He mentioned that the project was expected to improve energy security, increase domestic refining capacity, expand exports, attract foreign direct investment, promote industrialization, and deepen regional economic integration. Dr. Aubynn also stated that the development would create employment opportunities during construction and operations while supporting technology transfer, local content participation, skills development, and the growth of Ghanaian businesses. He added that the project could deliver broader socio-economic benefits, including support for education, healthcare, t echnical training, and community development, subject to phased implementation and investment commitments. The partners explained that the integrated industrial complex would bring together petroleum, petrochemicals, logistics, manufacturing, digital infrastructure, finance, and social services to support sustainable economic growth. Independent projections indicated that the fully completed programme could generate about 780,000 direct and indirect jobs by 2036, while creating additional opportunities across local supply chains, businesses, and regional trade. The Petroleum Hub Project, to be located at Jomoro in the Western Region, is expected to 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 for petroleum imports and exports. The project is anticipated to strengthen Ghana's ref ining capacity, enhance regional energy security, and consolidate the country's position as a petroleum and petrochemical hub in Africa.