The President of the Republic, Nana Addo Dankwa Akufo-Addo, in line with the government’s robust industrialization agenda, commissioned the Sentuo Oil Refinery Limited on Thursday, January 26, 2024 in Tema.
The commissioning of the two million barrels per year refinery is a crucial step towards securing Ghana’s collective energy future, and represents another important demonstration of cooperation between the public and private sectors, one of which enabled this investment to materialize.
Speaking at the event, President Nana Akufo-Addo said the project, which is scalable to five million barrels per year, once the second phase is completed, is not just bricks and mortar. mortar, but a symbol of our determination to shape our destiny. , strengthen our economy, reduce our dependence on foreign oil and encourage investment in our economy. This is a testament to the power of innovation.
Acknowledging the efforts of the Chinese promoter, he said, the collective effort of Mr. Xu Ning Quan, over the past fifteen years, has not only resulted in the strengthening of the government’s industrialization program with the establishment of the refinery, but also with the Commissioning in February 2018 of Fujian Sentuo Ceramic Company Limited, a ceramic tile production company operating under the 1-District-1-Factory policy, located in Kpone, in the Greater Accra region.
With the tile company currently producing forty-five million square meters of tiles per year, he added, these are “good examples of the excellent relations that the Republic of Ghana enjoys with the People’s Republic of China”.
In addition to providing a stable supply of petroleum products, creating jobs to empower local communities and boosting investment in related industries as part of a broader industrialization agenda, he said the creation of the refinery will ensure that with all of this in operation, the country will no longer be in trouble. will depend solely on external sources for fuel, but will harness all natural resources to fuel the nation’s progress.
“By processing our crude oil domestically, we create opportunities to add value, transform raw materials into finished products and increase the competitiveness of our manufacturing sector. This refinery is a good example of our “Ghana made” (Made-In-Ghana) initiative, where we prioritize local production for the benefit of Ghanaians,” he stressed.
President Akufo-Addo further explains that the project highlights the important role of the oil industry in the economic development of the country. The oil industry is a catalyst for innovation, job creation and technological progress. By investing in this sector, we are paving the way for the development of a robust industrial revolution that will support diverse sectors, including agriculture, pharmaceuticals, manufacturing and construction.
He lamented the current situation in which ninety-seven percent of our current consumption of petroleum products is imported, resulting in heavy dependence on external sources.
“This over-reliance not only poses economic challenges such as high costs and a constant drain on our foreign exchange reserves, but also limits our ability to control prices and ensure stable supplies,” he added.
This is why “the creation of this refinery demonstrates our commitment to reduce this dependence, achieve self-sufficiency and stimulate the growth of our national oil industry”.
Addressing the prospects of the Tema Oil Refinery, he assured the people of government of government’s unwavering commitment to the full operationalization of the TOR, saying “we will stop at nothing to bring it back into service so that , with Sentuo, more and more of our oil will be refined right here in Ghana.
Distributed by APO Group for the Presidency of the Republic of Ghana.