PHDC Signs $28bn Deal for Second Phase Of Ghana’s Petroleum Hub
The Petroleum Hub Development Corporation (PHDC) has announced a $28 billion Build-Operate partnership agreement with an international consortium of investors and technical partners led by Global Sphere for the development of Lot Two of Ghana’s Petroleum Hub project.
The consortium comprises investors and technical partners from South Korea, the United Arab Emirates and Mali, with the investment expected to support the development of major petroleum refining, petrochemical and storage infrastructure.
Chief Executive Officer of the PHDC, Dr Tony Aubynn, described the agreement as a major milestone in efforts to move the project from planning to implementation.
“This commitment ranks among the largest industrial investment ever mobilized in Ghana and stands as a powerful vote of confidence in our country’s stability, leadership and long-term economic prospect,” he said.
Under the agreement, Lot Two will comprise a refinery with a capacity of 300,000 barrels per stream day, two petrochemical plants, storage infrastructure with a stated capacity of four million cubic metres, and a multi-berth jetty.
Dr Aubynn said the facilities are expected to be developed within five years, with initial construction activities at the project site in Jomoro scheduled to begin in the first quarter of 2027, subject to the completion of agreed preparatory requirements.
He said the project goes beyond the construction of petroleum infrastructure, with the potential to strengthen Ghana’s position in the regional energy industry and create opportunities across the economy.
“Beyond every refinery, storage facility, petrochemical plant and jetty are opportunities for Ghanaian engineers, technicians, artisans, entrepreneurs, contractors and small businesses,” he said.
He added that the project would provide opportunities for skills development, technology transfer, job creation and industrial growth.
The PHDC CEO said the Petroleum Hub is intended to position Ghana as a strategic centre for energy, manufacturing, logistics and industrial development in West Africa and beyond.
He also linked the project to the government’s energy security and industrialisation agenda, arguing that a fully operational Petroleum Hub could support President John Dramani Mahama’s 24-hour economy initiative.
“Experiences in Singapore, Malaysia and elsewhere suggest that there can be no better candidate for the 24-hour economy strategy than a fully functional Petroleum Hub,” Dr Aubynn said.
He noted that the project aligns with the broader objective of strengthening Ghana’s resilience to disruptions in global energy markets and external economic shocks.
Dr Aubynn said the signing of the agreement marks the beginning of a new phase of responsibility for the corporation, adding that the success of the project would ultimately depend on translating the investment commitment into completed infrastructure, jobs and sustainable economic benefits for Ghanaians.
“The true measure of our success will not be the agreement we sign, but the infrastructure we build, the investment we realise, the jobs we create, the industries we establish, and the lasting value we deliver to the people of Ghana,” he said.
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