President Akufo-Addo has officially inaugurated the Sentuo Oil Refinery Limited, a $2 billion project located in the Tema industrial hub.
The refinery, spanning 100 acres and operating under the One District, One Factory (1D1F) policy, is designed to process five million barrels of oil annually.
As part of its offerings, the refinery will produce high-quality petroleum products such as finished gasoline (petrol), aviation kerosene, diesel, asphalt, lubricating base oil, solvent oil, polypropylene, liquefied petroleum gas, ammonium sulfide, sulfuric acid, sulphur, and other by-products.
This flagship project, initiated in 2022, aligns with Ghana’s industrialization goals and is expected to create approximately 1,000 job opportunities.
The first phase, currently underway, aims to produce 40,000 barrels of refined products daily. The second phase, set for completion next year, will further elevate production to 100,000 barrels daily.
The inauguration ceremony attracted notable figures, including the President of Guyana, Mohamed Irfaan Ali, Speaker of Parliament Alban Sumana Kingsford Bagbin, ministers of state, Members of Parliament, chiefs, captains of industry, and chief executives of regulatory bodies.
President Akufo-Addo emphasized the project’s significance, citing it as a pivotal move to reduce the country’s dependence on foreign oil and drive economic growth. He applauded the collaboration between the public and private sectors, highlighting its role in advancing Ghana’s progress, job creation, and industrialization.
Recognizing the contributions of Chinese promoter Xu Ning Quan and partners, President Akufo-Addo underscored the positive relations between Ghana and China. He acknowledged the 15-year collaboration that resulted in the establishment of both the Sentuo Oil Refinery and the Fujian Sentuo Ceramic Company Limited.
In addressing the national petroleum sector, President Akufo-Addo reaffirmed the government’s commitment to fully operationalize the Tema Oil Refinery (TOR) to enhance local oil refining capabilities.
Minister of Energy, Dr. Matthew Opoku Prempeh, praised the management of Sentuo for their investments in the country, expressing optimism about the refinery’s positive impact on the local economy.
Xu Ning Quan, Executive Chairman of the Sentuo Group of Companies, expressed gratitude to the government for creating a favorable business environment. He reiterated the group’s commitment to contributing to Ghana’s industrial growth.