Tema: President John Dramani Mahama announced that the Tema Oil Refinery (TOR) has successfully completed its first significant maintenance exercise in four years and resumed crude oil processing. Plans are in motion to improve operational efficiency and enhance refining capacity. By July, TOR is expected to receive a parcel of Ghana's own crude oil once it has fully ramped up capacity.
According to Ghana News Agency, President Mahama made these remarks during the groundbreaking ceremony for Phase 2 of the Sentuo Oil Refinery project at Tema's industrial enclave. He highlighted Ghana's stable supply of petroleum products despite global geopolitical tensions and energy market volatility. The Ministry of Energy and Green Transition, in collaboration with the National Petroleum Authority, the Bulk Oil Storage and Transportation Company Limited (BOST), industrial operators, and other stakeholders, has ensured the maintenance of strategic fuel stocks and an uninterrupted supply across the country.
President Mahama praised Dr. John Jinapor, Minister of Energy and Green Transition, and Mr. Xu Ningquan, Executive Chairman of Sentuo Group, for their efforts in maintaining the crude oil stock during the crisis. He mentioned that the allocation of one million barrels of crude oil from the Jubilee Field for refining at Sentuo was a strategic move to support local industries and create value within the economy.
The President emphasized Ghana's ambition to transform from a crude oil producer to a nation known for refining and exporting petroleum products. He assured investors and industry players of the government's commitment to this vision, aiming to achieve self-sufficiency in refined petroleum products. The collaboration between Tema Oil Refinery and private sector refineries like Sentuo is expected to meet domestic demand and serve regional markets.
President Mahama highlighted the potential economic benefits of fully operational refineries, including currency strengthening, improved balance of payments, enhanced industrial capacity, and job creation for young Ghanaians. He called for continued efforts to build a competitive energy sector that drives growth and prosperity.
Mr. Xu Ningquan, in his remarks, expressed pride in being part of Ghana's journey towards economic renewal and industrialization, reinforcing the country's position as a promising investment destination in Africa. He underscored Sentuo Group's commitment to investing in technology, jobs, and local value addition as part of Ghana's future.