Accra:The Petroleum Hub Development Corporation (PHDC) has formalized a US$28 billion Build-Operate partnership agreement with an international consortium led by Global Sphere. This agreement pertains to the development of Lot 2 of Ghana's Petroleum Hub project.
According to Ghana Web, the signing ceremony took place in Accra on Monday, October 19, 2026. PHDC's Chief Executive Officer, Dr. Toni Aubynn, and Boubacar Belco Bah, representing a consortium of investors from the United Arab Emirates, Mali, and South Korea, executed a Memorandum of Understanding (MoU) to secure the project.
The agreement outlines the development of a world-class refinery with a capacity of 300,000 barrels per stream day, two petrochemical plants, four million cubic metres of storage infrastructure, and a multi-berth jetty, all within five years. The implementation will begin immediately, with on-site activities at the Jomoro site expected to start in the first quarter of 2027. The project is anticipated to deliver significant long-term economic and industrial benefits.
Dr. John Abdulai Jinapor, Minister of Energy and Green Transition, emphasized the project's importance to President John Dramani Mahama's vision for transforming Ghana's energy sector. He highlighted the need for infrastructure linking upstream production with downstream processing, positioning the Petroleum Hub as essential to the country's energy value chain.
Boubacar Belco Bah, speaking on behalf of the consortium, expressed confidence in the partnership and pledged to deliver the project According to agreed timelines. He emphasized the importance of collaboration with PHDC and other stakeholders to advance a project that is both technically credible and financially sustainable.
Dr. Aubynn acknowledged the MoU signing as a significant milestone for the corporation, attributing the success to the support of President Mahama and the sector minister. He assured investors of PHDC's commitment to the project's successful implementation.
The ceremony was attended by several notable figures, including Deputy Minister of Energy Richard Gyan-Mensah, Deputy Minister of Transport Dorcas Afo Toffey, President of the Western Regional House of Chiefs Nana Kobina Nketsia, Paramount Chief of the Western Nzema Traditional Area Awulae Kwasi Armahchi III, and Member of Parliament for Evalue-Ajomoro-Gwira Kofi Arko Nokoe, among other high-level dignitaries.