The Petroleum Hub Development Corporation (PHDC) has signed a US$28 billion Build-Operate partnership agreement with an international consortium of investors and technical partners led by Global Sphere for the development of Lot 2 of Ghana’s Petroleum Hub project.

The agreement was formalised at a signing ceremony held in Accra on Monday, October 19, 2026, where the Chief Executive Officer of PHDC, 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.

Under the agreement, the consortium is expected to develop, within five years, 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.

Implementation is expected to commence immediately, with on-site activities at the project site in Jomoro scheduled to begin in the first quarter of 2027. Stakeholders anticipate the project will deliver significant long-term economic and industrial benefits.

Speaking at the event, Minister of Energy and Green Transition, Dr John Abdulai Jinapor, described the Petroleum Hub project as central to President John Dramani Mahama’s vision for transforming Ghana’s energy sector.

According to him, Ghana’s recent progress in the upstream oil and gas industry has heightened the need for infrastructure that links upstream production with downstream processing, positioning the Petroleum Hub as a critical component of the country’s energy value chain.

The Minister reaffirmed the government’s commitment to supporting both PHDC and investors in the successful development of Lot 2.

“Government has been working tirelessly to develop this sector. The President’s vision is clear: we cannot increase oil production without adding value to our resources. That is why the Petroleum Hub constitutes a pivotal element of the entire petroleum value chain," he said.

“We have collaborated closely with Dr Toni Aubynn and his team to realise this ambition. I am delighted that today we are securing investors and partners through this US$28 billion agreement. Today’s signing ceremony is not the culmination of the process; it is the beginning,” he added.

Speaking on behalf of the consortium, Boubacar Belco Bah, expressed confidence in the partnership and pledged the group’s commitment to delivering the project in accordance with agreed timelines.

“Ultimately, our success will be measured not by the agreement we sign today, but by the commitments we honour and the results we achieve together.

“We are committed to collaborating closely with the PHDC, AMS Technologies, the Project Development Consortium, and qualified technical and financial institutions to advance a project that is technically credible, commercially sustainable, and financially bankable.

“Our approach will prioritise rigorous project preparation, responsible risk allocation, transparent governance, and effective stakeholder coordination. We also intend to combine international expertise with meaningful participation by Ghanaian contractors, professionals, and service providers,” he stated.

Dr Aubynn described the signing of the MoU as a major milestone for the corporation, attributing the achievement to the support of President Mahama and the sector minister.

He underscored the project’s importance to Ghana’s economic and energy transformation agenda and assured investors and stakeholders of PHDC’s commitment to ensuring successful implementation.

“To our investors, welcome. You have made a significant commitment, and we recognise the confidence that commitment represents. The Petroleum Hub Development Corporation will provide the necessary support systems to help translate this partnership into a successful project,” he said.

Among those present at the ceremony were 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, Member of Parliament for Evalue-Ajomoro-Gwira Kofi Arko Nokoe, and other high-level dignitaries.

SA