President John Dramani Mahama has welcomed the US$28 billion investment agreement secured by the Petroleum Hub Development Corporation (PHDC) for Lot 2 of Ghana’s ambitious Petroleum Hub Project, describing the deal as a significant milestone in the country’s efforts to integrate its upstream and downstream petroleum sectors.
The investment agreement, involving a consortium led by Global Sphere, is expected to advance the development of the Petroleum Hub and strengthen Ghana’s position as a major player in the regional and international oil and gas industry.
Speaking about the agreement, President Mahama highlighted the importance of the project in connecting the upstream and downstream segments of Ghana’s petroleum industry, stressing that the initiative reflects the government’s commitment to developing an integrated petroleum value chain.
He, however, underscored the need to address the availability and sustainability of feedstock to ensure the successful implementation and long-term operation of the project.
Consequently, the President urged the Petroleum Commission, together with other relevant upstream industry stakeholders, to work closely with the Petroleum Hub Development Corporation to develop practical arrangements for securing adequate feedstock supplies.
He emphasised that reliable feedstock availability would be critical to the project’s success, particularly in supporting the operations of the facilities expected to be established under the Petroleum Hub initiative.
The President’s directive places renewed emphasis on the need for strong coordination between upstream petroleum producers and the downstream infrastructure being developed under the project.
The US$28 billion investment agreement represents a major development in Ghana’s ambition to establish an integrated petroleum and industrial hub capable of supporting refining, petrochemical production, storage and other related activities.
If successfully implemented, the project is expected to contribute to industrial development, attract additional investments, create employment opportunities and strengthen Ghana’s capacity to participate more competitively in the regional petroleum market.
President Mahama’s remarks therefore highlight two critical priorities for the project: securing the necessary investment and ensuring a reliable supply of crude oil and other required feedstock to sustain its operations.
