The Ghana National Petroleum Corporation (GNPC) has spent an amount of $8.5million to buy a-two-hundred-thousand acre of land located at Takoradi in the Western region.

The plot will be used to establish a petroleum hub, according to the company’s work plan sent to the Mines and Energy Committee upon request by the Parliamentary caucus.

The company has also budgeted $50million for co-investment with a selected partner to establish a company in a selected area (oil refinery fertiliser plant, petrochemical industry, petroleum tank farm etc) in the Western region to attract investors to the petroleum hub.

Below is the breakdown of GNPC's budgeted $50million investment in petroleum hub