Tema's $1.98 billion oil refinery facility is expected to start running by the end of August.
The Sentuo Group's newest project, the refinery, is anticipated to produce five million metric tonnes of petroleum products, including fuel oil, liquified petroleum gas (LPG), gasoline, diesel, and jet fuel.
More than 900 Ghanaians will be employed by the company once it is up and running. It is registered under the government's One District One Factory (1D1F) program.
Sentuo Group Executive Chairman Xu Ning Quan said the company was in talks with the Ministry of Energy to buy 500,000 barrels of crude oil from Ghana's oil fields for its initial production during a tour of the facility given by the Minister of Commerce and Industry, K.T. Hammond, on Monday.
According to him, the refinery would produce 4.26 million tonnes of high-quality petroleum products, such as gasoline, kerosene, and diesel, by 2025.
In addition, he said, the refinery would generate 400,000 tonnes of by-products such polypropylene, ammonium sulfate, sulfuric acid, and sulphur as well as 350,000 tonnes of a variety of pitch products, 200,000 tonnes of lubricating base oil, and solvent naphtha.
Mr. Quan pointed out that the refinery's output would be enough to satisfy Ghana's annual need for petroleum products and that it would also help to address the difficulties associated with importing petroleum products.
4.22 million metric tonnes of refined petroleum products were consumed in Ghana in 2022.
"The Sentuo Oil Refinery would meet up to 100% of Ghana's demand for refined petroleum products with an output of 4.26 million metric tonnes of refined petroleum products," he said.
According to Mr. Quan, the company will increase Ghana's foreign exchange reserves while also assisting the government in raising income through tax collection.
He stated that Ghana would save an estimated US$1.5 billion in foreign cash each year by producing its own 4.26 metric tonnes of refined petroleum products rather than importing them.
He urged the Ministry of Finance to give the company's request for a tax remission to boost its operations quick consideration.
Mr. K.T. Hammond, for his part, referred to the refinery as "an major industrialization facility that is a product of the 1D1F policy."
According to him, the government recognizes value addition and a decrease in the nation's import expenditure as essential components in creating a robust economy.
He said that the government was dedicated to giving the refinery the support it required to succeed and that the supportive environment will be strengthened to help the business prosper.
In order to help the government's efforts to industrialize the nation, Mr. K.T. Hammond stated that Ghana was open to welcoming all investors with the appropriate incentives.
0 Comments