{"id":2219,"date":"2024-08-22T15:35:44","date_gmt":"2024-08-22T15:35:44","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=2219"},"modified":"2024-08-22T16:15:09","modified_gmt":"2024-08-22T16:15:09","slug":"ghana-commence-construction-of-12bn-oil-refinery-to-establish-regional-supremacy","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/08\/22\/ghana-commence-construction-of-12bn-oil-refinery-to-establish-regional-supremacy\/","title":{"rendered":"Ghana Commence Construction of $12bn Oil Refinery to Establish Regional Supremacy"},"content":{"rendered":"<section id=\"single_article\">\n<div class=\"article-content\">\n<div class=\"row\">\n<div class=\"col-xs-12 col-sm-12 col-md-11\">\n<p>Ghana&#8217;s President Nana Akufo-Addo has inaugurated the development of a new oil refinery with a capacity of 300,000 barrels per day, aiming to establish Ghana as a significant petroleum centre in West Africa.<\/p>\n<p>However, it is perceived that the move is to rival Nigeria which is expected to become a petroleum products supply hub when all its refineries, with a capacity of over 1 million barrels per day come online.<\/p>\n<p>Ghana, the world\u2019s second-biggest cocoa producer, became an oil producer in 2010. Output is currently around 132,000 bpd of crude oil and about 325 million standard cubic feet per day of natural gas, Reuters reported.<\/p>\n<p>\u201cThe project promises to be a cornerstone of our nation\u2019s development,\u201d Akufo-Addo said at the site of the project in the southwestern city of Jomoro, which will also include petrochemical plants.<\/p>\n<p>Phase one of the project, estimated to cost $12 billion, will be funded and constructed by a consortium of Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co, he said on state-owned Ghana Television (GTV).<\/p>\n<p>West Africa consumes about 800,000 bpd, according to the African Refiners and Distributors Association, of which almost 90 per cent is imported.<\/p>\n<p>The petroleum hub aims to supply enough refined and by-products to supply the region by 2036, according to an agreement signed in June 2018. However, not everyone is convinced by the plan, however.<\/p>\n<p>Bright Simons, a vice president at Accra-based think tank, IMANI Africa, said the consortium behind the project \u201cis not primed for investment (and) the project has no bankable business plan.\u201d<\/p>\n<p>\u201cOur position is that this is a speculative attempt to grab a landbank for cheap,\u201d he said.<\/p>\n<p>Some residents of the hub\u2019s proposed 20,000-acre site have protested the plans, demanding the project\u2019s footprint be reduced to 5,000 acres.<\/p>\n<p>Oliver Barker-Vormawor, a senior partner of the law firm representing some affected farmer cooperatives, said his clients would not stand down.<\/p>\n<p>\u201cThe abrasive manner that the government is proceeding discounts valid concerns around the social and environmental impact of the project, the livelihoods at risk by the displacement of farmers and the unsettled questions of ownership and community land rights.\u201d<\/p>\n<p>The government has so far rejected these concerns, citing petitions from other residents in support of the project.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"disqus_thread\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana&#8217;s President Nana Akufo-Addo has inaugurated the development of a new oil refinery with a capacity of 300,000 barrels per day, aiming to establish Ghana as a significant petroleum centre in West Africa. However,&#46;&#46;&#46;<\/p>\n","protected":false},"author":2,"featured_media":2220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=2219"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2219\/revisions"}],"predecessor-version":[{"id":2221,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2219\/revisions\/2221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/2220"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}