In June 2011, EARTHCORE Investments Limited (ECIL) signed a Heads of Agreement with the Government of Ghana (GoG) to develop, arrange financing (equity & debt), build and operate a 200 thousand barrels per day Export Refinery, including an early refined products storage export terminal. Under the Heads of Agreement, GoG agreed to award and issue ECIL a secure 99-year leased site, a license to own, build and operate the refinery, as well as to trade in the import and export of crude oil, petroleum products and their derivatives, including retailing of same products within Ghana and to grant a Free Trade Zone status to the project; all provisions being valid for a period of twenty five (25) years.
Our thorough study of the market potential, optimum crude oil blend and supply source, optimal process configuration, economic and financial results, concludes that the project would be a viable undertaking, with acceptable returns on investment achievable.
The Refinery, for export, with swing characteristics, is to be located west of Mumford Port on the coast of Ghana. A great deal of desk-level technical and economic analyses were carried out by us to support the selection of Ghana, and in particular, Mumford, as an ideal location for an export-oriented oil refinery.