- President Nana Akufo-Addo commissioned a private oil refinery, Sentuo Oil Refinery Limited, in Tema
- The refinery is part of the Chinese government’s Belt and Road development strategy for the oil and gas industry in China and Africa
- The new refinery is expected to process five million barrels of oil per year and pump 100,000 barrels of refined products at full capacity
President Nana Akufo-Addo commissioned a $2 billion oil refinery, Sentuo Oil Refinery Limited, in Tema.
The refinery is spread over 100 acres and falls under the One District, One Factory (1D1F) policy.
Source: Facebook
The has the support of the Chinese government and designed by the Chinese government’s Belt and Road development strategy for the oil and gas industry in China and Africa.
The new refinery it could refine five million barrels of oil a year.
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It will produce gasoline, jet kerosene, diesel, asphalt and lubricating base oil.
The first phase of the project will pump 40,000 barrels of refined products per day.
It is expected to reach 100,000 barrels per day when the second phase is completed in 2025.
President of Guyana Mohamed Irfaan Ali, Speaker of Parliament Alban Bagbin, captains of industry and CEOs of regulatory bodies were present at the commissioning.
President Akufo-Addo said the new refinery was a pivotal step towards securing Ghana’s collective energy future.
The commissioning of this refinery comes amid the struggles of the state-owned Tema Oil Refinery and the government’s plans to lease it to a private company.
President Akufo-Addo acknowledged this, saying the government is committed to the full operation of TOR.
TOR Lease Plan
The government plans to lease the refinery to Torentco Asset Management Group for $22 million over six years.
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![](https://images.yen.com.gh/images/a5d5cff81eda7195.png?impolicy=cropped-image&imwidth=256)
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YEN.com.gh reported that civil society groups and downstream oil experts have also called on the government to stop leasing the refinery.
For example, the Chamber of Petroleum and Petroleum Consumers said Torentco Asset Management has no experience in managing a refinery.
However, some refinery workers support the deal and have supported the government’s moves. Torentco planned to refine up to 8 million barrels of oil a year and pay $1 million a year to the state in rent under the deal.
Source: YEN.com.gh