PHDC signs $28bn agreement for Petroleum Hub project in Jomoro

The Petroleum Hub Development Corporation (PHDC) has formalized a $28 billion investment agreement with an international consortium led by Global Sphere to develop Lot Two of the Petroleum Hub project in Jomoro, Western Region. This major Build-Operate partnership focuses on establishing critical energy infrastructure, including refineries, petrochemical plants, and extensive storage facilities. The deal represents a significant milestone in Ghana's efforts to position itself as a regional energy leader and enhance national energy security.

Dr. Tony Aubynn, the Chief Executive Officer of the PHDC, characterized the signing as a pivotal transition from the project's planning phase to active implementation. He attributed the successful attraction of the consortium—which includes significant investment interests from South Korea, the United Arab Emirates, and Mali—to Ghana's enduring political stability. Dr. Aubynn emphasized that the project’s ultimate success would be measured by its ability to deliver tangible results, particularly in fostering technological advancement and industrial growth for the benefit of Ghanaians.

The project is expected to have a transformative impact on the national economy, with projections suggesting the creation of over 700,000 jobs upon its completion. By developing local refining capacity, the initiative aims to significantly reduce Ghana's dependence on imported fuel and conserve vital foreign exchange reserves. Furthermore, the development is designed to support President John Mahama’s 24-hour economy initiative, providing the necessary industrial base to sustain extended economic activity across the energy sector.

Construction for the Phase 2 developments is scheduled to commence in 2027, with the consortium aiming for full operational status by 2031. The participating international partners have pledged to adhere strictly to Ghanaian laws and local content standards throughout the construction and operational phases. As the project moves forward, the PHDC maintains that the hub will serve as a cornerstone for sustainable economic development and a catalyst for broader regional energy integration.