Jomoro Petroleum Hub: How Ghana almost lost $12bn funding for Phase One
Published:
3 months ago
Source:
3News
Minister of Public Enterprises Joseph Cudjoe has recounted how funds for the first phase of Ghana's Petroleum Hub could have been lost if not for an emergency trip he made to Beijing to sign three separate Memoranda of Understanding just hours before the financing guarantee deadline. Joseph Cudjoe, then the Deputy Minister of Energy in charge of Finance and Infrastructure Development, left Ghana on December 19, 2019 and arrived in Beijing at 2:00am, he recounts.
"I had to work from 7:00am to 5 p.m. without break with the project developers for meetings with the Chinese team to secure the funds for the project. In the end, we signed three separate MOUs that unlocked $12 Billion funding for the first phase of the project."
The private sector-led initiative will be developed by the TCP-UIC Consortium, comprising Touchstone Capital Group Holdings Ltd and UIC Energy Ghana Ltd. The $12 billion earmarked for the first phase will fund a refinery with a capacity of 300,000 barrels per day (bpd), a 90,000 bpd capacity petrochemical plant, 3 million cubic meters (m³) of storage tanks, and a jetty with port infrastructure.