• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Ghana ready for establishment of $60 billion petrochemical hub in Western Region

5 years ago
in Energy, highlights, Home, home-news, latest News
1 min read
0 0
0
A petrochemical hub - norvanreports

A petrochemical hub - norvanreports

152
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The Petroleum Hub Development Bill, 2020, which is to allow for the establishment of a petrochemical hub in the Western Region has been passed by Parliament.

The establishment of the petrochemical hub estimated to cost around $60 billion, will see the creation of major infrastructure for petrochemical refining and processing, as well as the discharge, storage, distribution, transportation, and trading of petroleum products within the West African sub-region and some parts of the world.

The project upon completion and commencement of operations, is expected to earn Ghana $1.56 billion in export taxes in addition to the creation of some 780,000 jobs.

Government out of the estimated total cost of $60 billion, is expected to contribute $6 billion, representing 10 percent of the total investment cost, with the remaining cost covered by private investors.

The $6 billion being contributed by Government comes in the form of the provision of initial basic infrastructure such as land acquisition, payment of compensation, construction of road networks and extension to the area, social amenities such as water and electricity, among others.

According to the Deputy Minister for Energy, Joseph Cudjoe, the project will see to an increase in the presence of major international oil trading and storage companies and subsequently result in public-private partnerships and joint ventures between local and international companies.

“This will invariably result in knowledge transfer and wealth creation,” said the Deputy Minister on the floor of Parliament prior to the passing of the bill.

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

Tags: $60 billion petrochemical hub in Western RegionDeputy Minister for EnergyParliament
No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.