New Alpha Refinery (Ghana) Ltd to Build Largest Oil Refinery in West Africa
Executive Chairman Merlyn Julie told Reuters the refinery would initially produce 200,000 barrels per day (bpd), with first production seen by 2015.
“We have signed a memorandum of understanding … We expect the first fuel to be produced in 2014 or 2015,” Julie said on the sidelines of an African energy conference.
He added the capacity of the refinery, to be situated on 1,000 acres in central Accra, could be expanded to 400,000 bpd.
Julie said the costs, initially pegged at $7.6 billion, were now projected at some $6 billion and that was because, globally the economic slowdown and weaker oil prices have eased pressure on the cost of construction materials.
The small nation known for its cocoa production and Gold mines has positioned itself as a potential ‘African Lion’ with the discovery of commercial quantities of oil. It’s government’s commitment to good governance and rule of law has seen it become a favorite for International investors.
Compared with other African countries where oil or other natural resources were found in the past, current conditions in Ghana seem favorable to avoid the typical resource curse we’ve seen take place on the continent.
US-based Kosmos Energy, British owned Tullow Oil, Anadarko with the state-owned oil and gas company, Ghana National Petroleum Corporation, (GNPC) make up the current cast of performing companies that operate the budding Ghanaian Oil industry.