President Akufo-Addo has inaugurated a state-of-the-art oil refinery worth one billion dollars in the Tema Industrial Area, marking a significant milestone towards reducing Ghana’s dependence on imported petroleum products and strengthening the local petroleum industry.
The refinery, constructed by Sentuo Group, is expected to be fully operational by 2025.
The refinery is set to produce high-quality finished gasoline, aviation kerosene, diesel, asphalt, and other petroleum products, thereby decreasing reliance on foreign imports.
The first phase, which is due to refine forty thousand barrels of crude oil daily, will be followed by the second phase, capable of processing one hundred thousand barrels per day.
Speaking at the launch, President Akufo-Addo praised Sentuo Group for their investment in the refinery and emphasized the government’s commitment to revive the Tema Oil Refinery and restore it to its former glory.
He also expressed gratitude to the Chinese government for their cooperation and contribution to Ghana’s energy sector.
Dr. Mathew Opoku Prempeh, Ghana’s Minister of Energy, affirmed the government’s determination to support the energy sector through consistent policies and programs that ensure sufficient fuel supply for the country.
Xu Ning Quan, the CEO of Sentuo Group, vowed to continue investing in Ghana and commended the government for creating a conducive business environment.
The establishment of the Sentuo Oil Refinery is in line with Ghana’s one district one factory policy and the overall planning objectives of the Tema Industrial Park.
The project incorporates advanced technology and energy conservation measures, providing an opportunity for technological innovation within the chemical enterprise sector.
President Akufo-Addo emphasized that the operationalization of the refinery marks a crucial step in securing Ghana’s energy future and reducing the country’s heavy reliance on imported petroleum products.
By producing refined oil locally, the government aims to achieve self-sufficiency and create job opportunities for Ghanaians.
Despite the challenges faced by the Tema Oil Refinery, President Akufo-Addo reassured citizens that the government remains committed to its full operationalization.
He concluded by stating that the collaboration between the public and private sector has played a vital role in making the Sentuo Oil Refinery a reality, symbolizing Ghana’s determination to shape its economic destiny and drive investment.
By Vincent Kubi