$28bn Lot 2 MoU ‘resurrects’ hope and confidence in Ghana’s Petroleum Hub project
A US$28-billion agreement signed between the Petroleum Hub Development Corporation (PHDC) and an investment consortium led by Global Sphere of the United Arab Emirates has rekindled optimism across the Ghanaian and broader African energy sectors that the continent’s pursuit of energy security is firmly on course. At a signing ceremony held in Accra on Monday, […]
In October 2026, a US$28-billion Memorandum of Understanding (MoU) was signed between the Petroleum Hub Development Corporation (PHDC) and an investment consortium led by Global Sphere from the United Arab Emirates. The agreement, which rekindled optimism in Ghana's Petroleum Hub project, was executed at a signing ceremony in Accra by PHDC CEO Dr Toni Aubynn and Boubacar Belco Bah, representing investors from the UAE, Mali, and Korea.
The consortium plans to build a world-class 300,000 barrels per stream day refinery, petrochemical plants, storage facilities, and a multi-berth jetty within five years, beginning in early 2027. Ghana's Minister of Energy and Green Transition, Hon. Dr John Abdulai Jinapor, emphasized the project's importance to President John Dramani Mahama's vision for the nation's energy sector, stating that it bridges the gap between upstream and downstream oil and gas sectors.
Dr. Jinapor reiterated that his ministry will provide full support to the PHDC and investors in developing Lot 2. Boubacar Belco Bah affirmed the consortium's commitment to fulfilling the agreement's terms and working closely with the PHDC to ensure successful implementation. The PHDC's CEO highlighted the project's significance in Ghana's economic and energy transformation, promising stakeholders that the PHDC would ensure effective implementation.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
