Officially opened by President Nana Akufo-Addo, the Chinese-owned Sentuo Oil Refinery is expected to be a major player in the country’s oil and gas industry.
Held on Friday, January 26, the commissioning ceremony represented a significant turning point in Ghana’s progress towards greater oil refining capacity and energy self-sufficiency.
Sentuo Oil Refinery is intended to strengthen Ghana’s position as a major participant in the regional energy market and greatly contribute to the country’s energy security and economic prosperity by reducing dependency on imported refined petroleum products.
In his speech during the refinery’s commissioning, President Akufo-Addo emphasised the refinery’s critical role in achieving energy independence and promoting economic growth.
He also pointed out that the new refinery seeks to drastically reduce the heavy reliance on imports, of which currently accounts for 97% of petroleum products.
“We currently use around 97% of our petroleum products from imports, which means that we heavily rely on outside sources. This is an important realisation to make. This overdependence hinders our ability to maintain stable supply and control pricing in addition to posing economic difficulties including high expenses and a steady depletion of our foreign exchange reserves.
With the construction of this refinery, we are demonstrating our dedication to lowering our reliance, gaining independence, and fostering the expansion of our home petroleum sector.
In an effort to demonstrate its commitment, the government promises to fully restore the Tema Oil Refinery’s operations, making no compromises.
The Tema Oil Refinery, a different domestic oil refinery, has well-documented difficulties. However, I want to reassure the people of Ghana that the Government is still dedicated to the full operationalization of TOR and that we would do everything in our power to get it back online so that, in conjunction with Sentuo, an increasing amount of our oil will be refined in Ghana.