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New oil refinery proposed for Ghana
Tema, July 11, Ghanadot/GNA -- The
management of Oil and Gas Development Corporation Limited (OGDC),
an international oil managing company operating in Ghana has
applied for an operational licence to design, fabricate and
construct a new 180,000 barrels per day (180kbpd) export
refinery in Ghana.
The project is to augment the country’s oil and gas support
infrastructure to refine oil discovered in Ghana.
Mr John Holland, President of OGDC briefing the press in
Tema on the project said the company had signed a 100 per
cent funding package of two billion dollars with a leading
United States Investment and Merchant Banking Organization.
He said discussions were on-going between the management and
Government to identify the most strategic locations for the
project which included an offshore deepwater rig repair and
offshore support facility.
Mr Holland said the project to construct a mini refinery
sought to maximize its economic and social effects while
minimizing the environmental effects associated with the
operations of a refinery.
He explained that the refinery which had been designed to be
customized to suit particular applications was ideally
suited to provide fuel supply in any climatically harsh
region in the world.
Mr Holland said a mini refinery did not have the economy of
scale of a traditional large scale refinery where the
marginal cost of processing a barrel of crude oil was very
low.
He explained that such refineries were suitable in remote
regions where local crude oils were available and the prices
of refined fuels were high due to transportation costs.
Mr Holland said the project would generate over 2,400 jobs
for the construction of the refinery in Ghana and about 380
for the fabricating and constructing of four new drilling
swamp barges for use on a charter basis in the West African
and South Asian oil and gas market.
He said in addition to the oil find, the management selected
Ghana as its hub for operations in West Africa due to the
country’s excellent reputation with the World Bank, the
improvement of the banking system and provision of a safe
environment.
GNA
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