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VENTURES AFRICA- London-based Lonrho Plc is set to construct a $600 million port in Ghana, which will serve as a oil rig servicing hub for West African oil producing companies.
The port which will be built in 25 months, will reduce the cost of repairs to rigs which takes up to 20 days to travel from West Africa to ports in South Africa, as well as make Ghana an attractive investment destination.
In 2012, the company had announced that it planned to invest US$1 billion in constructing a series of ports on Ghana’s Western Region to aid in the service of the company’s oil rigs.
The company under the name Lonrho Ghana Ports Limited acquired 514 hectares of land at Atuabo in the Ellembelle District for the construction and operation of an oil and gas port terminal.
While Ghanaian companies will own about 35 percent, Lonrho and other foreign companies will have a 55 percent stake.
It has already hired Africa Finance Corp. to secure financing before the end of the first half of the year.
Lonrho plc, a company engaged in multiple business sectors in Africa was formed in 1998 as a demerger from Lonmin and it was called Lonrho Africa plc from 1998 until May 2007.