Dangote Refinery Gets New Rival as Another African Country Begins Construction of Refinery
- Ghanaian president Nana Akufo-Addo has officially launched the construction of a $12 billion oil refiner
- The refinery will have a capacity of 300,000 barrels per day and will seek to dominate the African refinery
- Just like the Dangote refinery, the refinery will help reduce West Africa's dependency on imported petroleum
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Ghana has commenced the construction of a new $12 billion refinery that will be located in the southwestern city of Jomoro.
The refinery will have a capacity of 300,000 barrels per day and will be one of the largest in Africa.
Source: Getty Images
Ghana begins construction of new refinery
At the launch event, Ghana's President Nana Akufo-Addo will position Ghana as a key petroleum hub in the region.
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Ghana started producing oil in 2010 and currently outputs about 132,000 barrels of crude oil daily, along with 325 million standard cubic feet of natural gas.
Akufo-Addo said:
"The project promises to be a cornerstone of our nation's development."
Petrochemical plants will complement the refinery, making it a comprehensive petroleum hub to meet West Africa's growing demand for refined oil products.
Currently, West Africa consumes approximately 800,000 barrels of oil daily, nearly 90% of that being imported.
Ghana's petroleum hub project aims to meet the region's demand for refined products and by-products by 2036, as outlined in an agreement signed in June 2018.
Details about the project
According to the African Refiners and Distributors Association, the project was financed and constructed by a consortium that includes Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co.
Dangote gets govt approval to refine 300,000 barrels of crude daily
Legit.ng earlier reported that the federal government had permitted Dangote refinery to begin processing 300,000 crude.
This was confirmed by Aliko Dangote while speaking in an interview in the Kingdom of Saudi Arabia.
The refinery, which took nearly seven years to build, was said to be the world's largest single-train refinery.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
