President John Dramani Mahama has commended the Petroleum Hub Development Corporation (PHDC) for securing a US$28 billion agreement with a consortium led by Global Sphere for the development of Phase Two of the Petroleum Hub project.
Speaking at the opening of the 15th Local Content Conference and Exhibition (LCCE) in Takoradi on 10 November 2026, President Mahama expressed strong support for the agreement, describing it as a clear demonstration of the Government’s commitment to establishing effective linkages between the upstream and downstream segments of the oil and gas industry in order to maximise national value.
“Our petroleum resources can support a much wider industrial economy. That is the purpose of linking upstream production with domestic refining, gas processing and petrochemical manufacturing.
“The US$28 billion agreement between the PHDC and a consortium led by Global Sphere for Phase Two forms part of our efforts to position Ghana as a regional hub for refined petroleum and petrochemical products,” the President stated.
President Mahama noted the significant revival of Ghana’s upstream oil and gas sector, with production currently exceeding 120,000 barrels per day. He observed that the full benefits of Ghana’s oil and gas resources cannot be realised without the requisite infrastructure for crude oil refining and its integration with petrochemical manufacturing.
Ghana’s Minister for Energy and Green Transition, Dr John Abdulai Jinapor, also hailed the revival of the upstream sector as a critical step in positioning the country as a regional oil and gas hub.
Dr Jinapor noted that the gains being recorded in the upstream sector will contribute significantly to national economic transformation, and underscored the importance of local content in ensuring these benefits are broadly realised.
In October 2026, the Petroleum Hub Development Corporation announced a US$28 billion partnership agreement with an international consortium of investors and technical partners led by Global Sphere for the development of Phase Two of Ghana’s Petroleum Hub project.
The consortium, comprising partners from South Korea, the United Arab Emirates and Mali, is expected to lead the development of major petroleum refining, petrochemical and storage infrastructure.
Under the terms of 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 capacity of four million cubic metres, and a multi-berth jetty.
The Chief Executive Officer of the PHDC, Dr Toni Aubynn, indicated that the facilities are expected to be developed within five years. Initial construction-related activities at the project site in Jomoro are scheduled to commence in the first quarter of 2027, subject to the satisfaction of conditions precedent in the agreement and the completion of preparatory requirements for project commencement.