PHDC signs $28bn agreement with UAE-led consortium for Petroleum Hub Phase Two
The Petroleum Hub Development Corporation (PHDC) has signed a US$28 billion investment agreement with an international consortium led by Global Sphere of the United Arab Emirates for the second phase of Ghana’s Petroleum Hub project in Jomoro, Western Region.
The agreement was signed in Accra on Monday, October 19, 2026, by PHDC Chief Executive Officer Dr Tony Aubynn and Boubacar Belco Bah, representing a consortium of investors and technical partners from the UAE, South Korea and Mali. The project is expected to commence in the first quarter of 2027, with completion targeted for 2031.
Under the agreement, the consortium is expected to develop a refinery with a capacity of 300,000 barrels per stream day, two petrochemical plants, storage facilities with a combined capacity of four million cubic metres and a multi-berth jetty. The facilities are intended to strengthen Ghana’s petroleum refining and storage capacity and position the country as a regional energy hub.
Dr Aubynn described the agreement as a significant milestone in efforts to attract international investment into the project. He said the development would create opportunities for Ghanaian professionals, contractors and businesses while supporting job creation, technology transfer and industrial growth.
Energy and Green Transition Minister Dr John Abdulai Jinapor welcomed the agreement but acknowledged that outstanding issues involving land acquisition, compensation and financing needed to be addressed. He said he would lead engagements with the relevant ministries and the Attorney-General’s Office to resolve the issues and facilitate implementation.
The Petroleum Hub project is being developed as an integrated petroleum and petrochemical complex at Jomoro, intended to support domestic processing, reduce reliance on imported petroleum products and strengthen Ghana’s role in regional energy trade. The latest agreement marks a further step towards those ambitions, although its success will depend on financing, resolution of outstanding issues and the timely execution of the planned infrastructure.
