Tema: President John Dramani Mahama has inaugurated the commencement of construction for Phase 2 of the Sentuo Oil Refinery located in Tema's industrial zone. The expansion is set to increase the refinery's processing capacity from 40,000 to 100,000 barrels per day, marking a significant step towards enhancing Ghana's industrial and energy security.
According to Ghana News Agency, President Mahama highlighted the expansion as a pivotal moment in Ghana's industrial transformation and economic renewal. He emphasized the strategic importance of the Sentuo Oil Refinery investment amidst global energy challenges such as geopolitical tensions and fluctuating oil prices. The expansion is seen as a crucial move to secure energy stability and bolster Ghana's economic resilience.
President Mahama noted that increasing domestic refining capacity would reduce reliance on imported petroleum products, enhance fuel supply reliability, and create economic opportunities for local businesses and workers. He stressed that the expansion aligns with Ghana's aim to meet rising domestic and regional energy demands, thereby improving its competitive edge in the West African region.
The President remarked on Ghana's recent economic improvements, citing restored macroeconomic stability and renewed investor confidence. He indicated that investments in the upstream petroleum sector reflect a burgeoning optimism, with commitments exceeding $3.5 billion for new wells and field developments. These developments are expected to reverse the decline in crude oil production, as evidenced by increased output from the Jubilee field and other key sites.
Mr. Xu Ningquan, Executive Chairman of Sentuo Group, praised President Mahama's vision for economic renewal and industrialization, which has reinforced investor confidence in Ghana. He expressed pride in contributing to Ghana's journey towards becoming a prime destination for long-term investment, emphasizing the group's commitment to job creation, technology investment, and local value addition.