In Ghana, construction is underway on a major oil refinery that president Nana Akufo-Addo hopes will bolster country’s position as region’s petroleum hub.
The project will be constructed in phases with phase estimated to cost $12 billion. The peoject 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.
Ghana’s petroleum sector has experienced significant growth, particularly since the discovery of oil in commercial quantities in the Jubilee fields in 2007.
Average crude oil production capacity has been declining slightly over time, with an average 176,000 barrels per day in September 2021.
West Africa consumes around 800,000 barrels of oil per day, with almost 90% being imported. The petroleum hub aims to change this by becoming a major refining and distribution center for the region.
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