PHDC signs $28bn agreement for second phase of Petroleum Hub project

The Petroleum Hub Development Corporation (PHDC) has signed a $28 billion build-operate partnership agreement with an international consortium for the development of Lot Two of the Petroleum Hub project. Led by Global Sphere, the consortium includes significant investment interests from South Korea, the United Arab Emirates, and Mali. This phase of the project, located in Jomoro in the Western Region, will involve the construction of refineries, petrochemical plants, and storage infrastructure, marking a critical transition from the planning phase to active implementation.

Dr. Tony Aubynn, Chief Executive Officer of the PHDC, stated that the agreement is a pivotal step toward enhancing Ghana’s energy security and industrial growth. The project is designed to align with President John Mahama’s 24-hour economy initiative, aiming to position Ghana as a major energy player on the continent. By domesticating the refining and petrochemical processes, the hub is expected to reduce the nation's dependence on imported fuel and save substantial foreign exchange.

Implementation of this phase is projected to create over 700,000 jobs by 2031, with construction activities scheduled to begin in 2027. Dr. Aubynn attributed the successful attraction of the $28 billion investment to Ghana's political stability and favorable investment climate. The international consortium has pledged to maintain high standards and comply with all local laws throughout the project's lifecycle, ensuring that the development translates into sustainable economic benefits for the people of Jomoro and the wider Ghanaian population.