The Petroleum Hub Development Corporation (PHDC) has signed a Memorandum of Understanding with an investment consortium from South Korea, Mali, and the United Arab Emirates, led by Global Sphere, for Lot 2 of the Petroleum Hub Project.
The US$28-billion agreement will see the consortium construct a 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.
The agreement is structured as a Build-Own-Operate arrangement, with the consortium expected to commence construction within six months of the signing, which took place on Monday, 20 October 2026.
The Chief Executive Officer of PHDC, Dr Toni Aubynn, said: “This is more than the signing of an agreement. It is a vote of confidence in Ghana, a commitment to our industrial future, and an opportunity to create jobs, deepen our industrial capacity, and secure the long-term future of our energy sector.
“The signing of this agreement is not the end of our work. It is the beginning of a new chapter of responsibility. The real measure of our success will be the infrastructure we build, the investments we deliver, the jobs we create, and the lasting value we leave for the people of Ghana.”
Boubacar Belco Bah, a representative of the investors, said: “We are committed to working closely with 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 emphasise 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.
“Our ambition is not simply to build industrial facilities, but to establish an enduring industrial ecosystem that creates sustainable value for Ghana.”
About the Petroleum Hub Project
The Petroleum Hub Project will be located in Jomoro, in Ghana’s Western Region. The hub will comprise three refineries with a total capacity of 900,000 barrels per stream day (BPSD) and five petrochemical plants with a minimum capacity of 90,000 BPSD. It will also feature storage tanks with a cumulative capacity of 10 million cubic metres and at least two jetties to support import and export activities.
The project is poised to position Ghana as a leading petroleum and petrochemical hub in Africa, enhancing regional energy security and economic integration.
