- Sentuo Group plans to invest a substantial $980 million
- The company also intends to expand the refinery’s capacity
- CITAC supports this objective
Sentuo Group has announced plans to invest a substantial $980 million in constructing a two million metric tons per year oil refinery in Tema.
The company also intends to expand the refinery’s capacity by an additional three million metric tons per year in a subsequent phase.
The announcement was made during a visit by representatives from the African Refiners Association (ARDA) and the Cooperation on International Traceability in Analytical Chemistry (CITAC) to the Sentuo Oil Refinery.
Executive Chairman of Sentuo Group, Mr. Xu Ningquan, emphasized the importance of Africa achieving energy independence by reducing its reliance on crude oil exports and subsequent imports of refined petroleum products.
He highlighted that by establishing local refining capacity, African nations can capture a larger share of the value chain, boosting economic growth.
Mr. Ningquan stressed the need for Africa to develop its refining capabilities to maximize the value of its crude resources.
This, he explained, will not only stimulate economic growth but also enhance energy security, promote industrialization, and foster sustainable development across the continent.
In response, Mr. Anibor Kragha, Executive Secretary of ARDA, commended Sentuo Group for its commitment to developing Africa’s refining industry.
He praised the company’s investment as a significant boost to the continent’s energy sector. ARDA’s goal, according to Mr. Kragha, is to create a favorable environment for African oil refiners and attract further investment into the industry. CITAC, he added, supports this objective by providing essential data and analysis on the African downstream energy sector.
Both ARDA and CITAC extended their congratulations to Sentuo Oil Refinery Limited for obtaining a full operational license to function as an oil refinery in Ghana. CITAC, a specialist consulting firm, offers expert analysis and insights to support the development of Africa’s downstream energy industry.
The Sentuo Group’s investment is expected to have a substantial impact on Ghana’s economy and serve as a catalyst for further development in the African refining sector.
