The agreement, signed by the Petroleum Hub Development Corporation (PHDC) on October 19, covers the construction of a refinery with a capacity of 300,000 barrels per stream day, two petrochemical plants, storage facilities with a capacity of four million cubic metres, and a multi-berth jetty.

The consortium includes investors and technical partners from the United Arab Emirates, Mali and South Korea. Construction activities are expected to begin in the first quarter of 2027, subject to the completion of preparatory requirements, with the development targeted for completion within five years.

Energy and Green Transition Minister John Abdulai Jinapor said the project would strengthen Ghana’s petroleum value chain and support domestic processing and industrial development.

However, the consortium has indicated that financing arrangements are still being structured. Outstanding land acquisition and compensation issues also remain important considerations as the project moves towards implementation.

The agreement marks a major step in Ghana’s ambition to establish a petroleum refining and petrochemical hub serving domestic and regional markets, although its success will depend on securing funding and translating the agreement into completed infrastructure.