Charles Owusu
Chief Executive Officer of the Petroleum Hub Development Corporation (PHDC), Charles Owusu, has trumpeted the corporation’s success story since its establishment in 2020.
According to him, the corporation is not only fulfilling its mandate of developing Ghana’s petroleum infrastructure but also expanding its influence in the energy sector.
Taking his turn in a documentary produced by the State Interests and Governance Authority (SIGA) on state-owned enterprises (SOEs), Mr. Owusu said the year 2024 is widely regarded as a period of significant growth, transformation, and strategic impact of the outfit he heads.
The approach of PHDC, he noted, has been characterised by a combination of visionary thinking, a commitment to sustainability, and a focus on international partnerships.
This, he noted, has solidified PHDC’s legacy as one of the key architects of Ghana’s petroleum sector advancement in the 21st century.
PHDC is a state-owned enterprise established under the Petroleum Hub Development Corporation Act, 2020 (Act 1053) to promote and develop a Petroleum and Petrochemicals Hub in Ghana.
It is an agency under the Ministry of Energy which commenced its operations in September 2021 with the inauguration of its Board of Directors and the appointment of its first CEO.
PHDC also aims to support the country to attain accelerated growth and development.
The Petroleum Hub Project is estimated to cost at least US$60 billion.
The Hub Project is to be a private sector-led investment with the government providing basic amenities such as land, regulatory framework, and other economic incentives.
PHDC is currently developing an Integrated Petroleum Complex which will sit on a 20,000-acre land in the Jomoro Municipal Assembly in the Western Region.
It will consist of infrastructure, including three (3) refineries with capacity of 300,000bpsd (minimum) each, five (5) petrochemical plants with capacity of 90,000bpsd each.
There will be ten (10) million cubic metres interconnected storage tanks, jetties and port infrastructure.
The project will be implemented in three phases and expected to be completed in 2036.
Achievements
One of the most critical achievements under PHDC leadership was the successful signing of the Phase 1 investor in June 2024, securing a total investment commitment of US$12 billion.
This major milestone marked a pivotal step towards the realisation of the Petroleum Hub Project and affirmed investor confidence in the long-term viability of the initiative.
Compensation
Following the groundbreaking ceremony, the President instructed the Ministry of Finance to release GH¢200 million for compensation and resettlement efforts related to the Petroleum Hub Project.
PHDC has entered into a 5.5million Euro landmark agreement with three Spanish institutions in the Canary Islands, Spain.
This initiative is aimed at training 780,000 skilled, semi-skilled and unskilled Ghanaians in the Petroleum Hub.
A Daily Guide Report
