The Sentuo Group has announced a substantial investment of $980 million to expand its oil refinery capacity in Tema, Ghana.
This investment marks a pivotal moment for Sentuo Oil Refinery Ltd., which plans to enhance its operations in Africa’s petroleum industry.
The company has secured a full operational license for its refinery, paving the way for significant expansion. Initially targeting a production capacity of two million metric tons per annum, Sentuo Oil Refinery Ltd. plans to embark on a second phase to increase this capacity by an additional three million metric tons per annum.
This expansion underscores Sentuo Group’s commitment to bolstering value creation within Africa’s oil sector.
Executive Chairman Xu Ningquan highlighted these developments during a visit by representatives from the African Refiners and Distributors Association (ARDA) and CITAC, a specialized consulting group in Africa’s downstream energy sector.
The meeting in Tema on July 19, 2024, focused on strategies to enhance Africa’s capacity to add value to its crude resources.
Mr. Xu Ningquan emphasized the importance of achieving energy self-reliance in Africa, advocating for reduced crude oil exports and increased domestic production of finished petroleum products. Mr. Anibor Kragha, Executive Secretary of ARDA, echoed his remarks and commended Sentuo Group for its proactive approach to developing local refining capabilities.
ARDA aims to foster an enabling environment for African oil refiners, promoting investment and growth in the industry. CITAC, providing critical data and analytics, supports this goal by offering insights into Africa’s downstream energy market dynamics.
Sentuo Group’s ambitious investment in its oil refinery signifies a significant step towards enhancing Africa’s energy security and economic autonomy. The expansion project is expected to stimulate local employment and contribute substantially to Ghana’s and Africa’s economic development in the coming years.
