President Nana Addo Dankwa Akufo-Addo has commissioned a $2billion oil refinery, Sentuo Oil Refinery Limited, at the Tema industrial hub.
Situated on a 100-acre land, the project, which is under the One District, One Factory (1D1F) policy, can refine five million barrels of oil per annum.
It will produce high-quality finished gasoline (petrol), aviation kerosene, diesel, asphalt and lubricating base oil, and also create about 1,000 job opportunities.
Other products are solvent oil, polypropylene, liquefied petroleum gas, ammonium sulfide, sulfuric acid, sulphur and other by-products.
The first phase of the project, which commenced in 2022, will pump out 40,000 barriers of refined products per day and ramp up to 100,000 barrels daily upon completion of the second phase next year.
The commissioning of the biggest oil refinery in the country attracted people from far and near, including the President of Guyana, Mohamed Irfaan Ali; the Speaker of Parliament, Alban Sumana Kingsford Bagbin, ministers of state, Members of Parliament (MPs), chiefs, captains of industry and chief executives of regulatory bodies.
President Akufo-Addo said the project was a symbol of the determination of the country to shape its destiny, strengthen the economy, reduce its dependence on foreign oil and inspire investment in its economy.
He said it was also a step towards securing the country’s future and a demonstration of cooperation between the private and public sectors that had enabled investment to flourish.
“No longer will we be solely reliant on external sources for fuel. Instead, we will harness our natural resources to fuel our progress.
Aerial view of the Sentuo Oil Plant in Tema
It will not only provide a stable supply of petroleum products, but will also create jobs and empower local communities to contribute to our industrialisation drive,” the President said.
Currently, Ghana imports 97 per cent of its petroleum products requirement, resulting in heavy reliance on external resources, thus posing economic challenges and a drain on the country’s foreign currency reserve.
President Akufo-Addo acknowledged the efforts of the Chinese promoter, Xu Ning Quan, whose collective efforts with other partners for the past 15 years had culminated in strengthening the industrialisation agenda of the government.
He said that had led to the setting up of the refinery, including the Fujian Sentuo Ceramic Company Limited, a ceramic tile production company located in Kpone in the Greater Accra Region.
“These are good examples of the excellent relations that Ghana enjoys with China,” the President said.
On Team Oil Refinery (TOR) and its challenges, he said, the government remained committed to ensuring the full operationalisation of the refinery to make sure more oil was refined locally.
The Minister of Energy, Dr Matthew Opoku Prempeh, said Sentuo was performing well and that its positive impact would soon be seen in the country.
“Today, we are witnessing the transition from the construction phase to an operational 40,000 barrels per day refinery to support the local economy.
“I believe for this, the management team at Sentuo deserves commendation for the investments made in this country,” he added.
Dr Prempeh commended the National Petroleum Authority (NPA) for its supervisory role in the establishment of the refinery.
The Executive Chairman of the Sentuo Group of Companies, Xu Ning Quan, expressed appreciation to the government for establishing a sound business environment that had allowed their investment to take off and flourish.
He described China as his mother and Ghana as his wife, and said in the last few years the Sentuo Group had established four factories that included tile manufacturing, and chain stores.