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On Thursday, January 26, 2024, in Tema, the Sentuo Oil Refinery Limited was commissioned into service by President of the Republic Nana Addo Dankwa Akufo-Addo, in keeping with the government’s aggressive industrialization agenda.
A crucial step in ensuring Ghana’s shared energy future is the operationalization of the refinery, which has the capacity to produce two million barrels annually. This is also a significant illustration of the collaboration between the public and private sectors, which has made this investment possible.
The project, which is scalable to five million barrels per year upon completion of the second phase, symbolizes more than just brick and mortar; it also symbolizes our determination to shape our destiny, strengthen our economy, lessen our reliance on foreign oil, and encourage investment in our economy, according to President Nana Akufo-Addo, who spoke at the event. It serves as evidence of the creativity’s power.
In recognition of the Chinese promoter’s efforts, he stated that over the previous fifteen years, Mr. Xu Ning Quan’s collective efforts have not only resulted in the establishment of the refinery and the strengthening of the government’s industrialization agenda, but also in the February 2018 commissioning of the Fujian Sentuo Ceramic Company Limited, a ceramic tile production company operating in Kpone, Greater Accra Region, under the 1-District-1-Factory policy.
He said that the 45 million square meters of tiles that the tile company produces annually are “good examples of the excellent relations that the Republic of Ghana enjoys with the People’s Republic of China.”
Aside providing a stable supply of petroleum products, creating jobs to empower local communities and driving investment in related industries as part of the broader industrialization agenda, he said the setting up of the refinery will ensure that with all on stream, the country will no longer be solely reliant on external sources for fuel but will harness all natural resources to fuel the nation’s progress.
“By processing our crude oil domestically, we are creating opportunities to add value, transform raw materials into finished products, and increase the competitiveness of our manufacturing sector. This refinery stands as a good example of our “Ghana made” (Made-In-Ghana) initiative, where we prioritise local production for the benefit of Ghanaians,” he emphasized.
President Akufo-Addo explains further that, the project highlights the significant role of the petroleum industry in the country’s economic development. The petroleum industry is a catalyst for innovation, job creation, and technological advancement. By investing in this sector, we pave the way for the development of a robust industrial revolution that will support various sectors, including agriculture, pharmaceuticals, manufacturing, and construction.
He bemoaned the prevalent situation where ninety-seven percent of our current consumption of petroleum products is imported, resulting in a heavy reliance on external sources.
“This over-reliance not only poses economic challenges such as high cost, and the constant drain on our foreign currency reserves, but also limits our ability to control prices and ensure a stable supply”, he added.
That is why, “the establishment of this refinery signifies our commitment to reducing this dependence, achieving self-sufficiency, and driving the growth of our domestic petroleum industry.”
Touching on the prospects of the Tema Oil Refinery, he assured the people of government’s unflinching commitment to the full operationalization of TOR, saying “we will stop at nothing to bring it back on stream so that, together with Sentuo, more and more of our oil will be refined right here in Ghana.”
Source: Ghanatodayonline.com
