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COX OIL to build $ 600 million oil refinery

  • SOURCE: | qwesa2big
  • oilCOX OIL, Texas and Louisiana based oil and gas focused company, is to build a $600 million state of the art oil refinery plant and associated infrastructure in Takoradi Port.

    The port will serve the West African Sub-regional market.

    Chris Wilmot, Chairman and Chief Executive Officer (CEO) of Takoradi Oil Refinery Company Limited, project sponsors, and Brad Cox, Chairman COX OIL and Craig Sanders, CEO – the investors paid a working visit to the  port, where they met with Mr Richard Anamoo, Director General of Ghana Ports and Harbours Authority (GPHA) and other stakeholders at the proposed project site.

    The investors said the port was chosen as the site of the new refinery because of the existing infrastructure and ongoing expansion works being undertaken by GPHA.

    “All the necessary ingredients for a win –win situation are here at the Takoradi Port,” said Sanders, giving thumps up to the easy access to receive feedstock and ship products as well as the rail line and road network, which terminates right at the port provided needed incentives for the safety of operations within the special designated zone.

    “Besides, the security of tenor of the land on which the refinery would be built is assured by our long term lease with GPHA coupled with the location in a modern and growing city that could support relatively good quality of life for families and businesses.

    “You have abundant human capital that would provide experienced labour force. We couldn’t have asked for a more suitable location,” he added.

    Mr Wilmot, also Chairman of World Trade Board Greater Houston Partnership 2012-2013 said Houston is the Energy Capital of the World and would help Ghana to achieve its energy and business goals.

    “The Greater Houston Partnership recognises the strategic business relationship that Ghana and Houston have, especially in the energy industry. We want to replicate the efficiencies and best corporate practices of Houston right here in Ghana for the benefit of the Ghanaian economy and people of Ghana. This project seeks to enhance energy security for Ghana and the sub region, ’’ Mr Wilmot said.

    Mr Anamoo said the refinery would be built on about 100 acres of reclaimed land at the harbour in an area designated specifically as a Maritime Industrial Enclave.

    As part of the project, the GPHA will reclaim more than 1,200 hectares of land and deepen the harbour basin to minus 20 meters to enable post PANAMAX ships to call at the port.

    Mr Anamoo said the project would create employment opportunities, while the local content participation element of the construction and operational phase would be very significant.

    He said the refinery would also attract other businesses to move to the Sekondi /Takoradi Maritime Industrial Enclave.

    Other ports infrastructure and access roads to and from the port would also be improved to ease traffic congestion. The sea ports of Takoradi and Tema in Ghana are seen as growth poles and drivers of economic activities and national development.

    According to the project sponsors and investors, the construction of the refinery is slated to kick off in the first quarter of 2015.

    COX OIL is projecting that the Takoradi Oil Refinery Company Limited will start operations within two years after project commencement date.

    Takoradi Oil Refinery Company Limited is expected to deliver about 65,000 barrels of oil per day, both for export and the domestic market.

    Source: GNA

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