President Nana Akufo-Addo has officially commissioned the Sentuo Oil Refinery, a Chinese-owned facility poised to play a crucial role in the nation’s oil and gas sector.
The commissioning ceremony, held on Friday, January 26, marked a milestone in Ghana’s journey towards energy self-sufficiency and increased capacity in oil refining.
The Sentuo Oil Refinery is set to contribute significantly to the country’s energy security and economic growth to reduce reliance on imported refined petroleum products, the Sentuo Oil Refinery is expected to bolster Ghana’s position as a key player in the regional energy market.
President Akufo-Addo, in his address during the commissioning, underscored the refinery’s significance in attaining energy independence and driving economic growth and highlighted that approximately 97 percent of petroleum products are currently imported, and the new refinery aims to significantly reduce this heavy reliance on imports.
“It is essential to recognize that some ninety-seven percent (97%) of our current consumption of petroleum products is imported, resulting in a heavy reliance on external sources. This overreliance not only poses economic challenges such as high costs, and the constant drain on our foreign currency reserves, but also limits our ability to control prices and ensure a stable supply.
“The establishment of this refinery signifies our commitment to reducing this dependence, achieving self-sufficiency, and driving the growth of our domestic petroleum industry,”
Stressing the government’s dedication, it vows to rejuvenate the Tema Oil Refinery, leaving no stone unturned to guarantee its full operational revival.
“The challenges of another domestic oil refinery, the Tema Oil Refinery, are well documented. Nonetheless, I want to assure the Ghanaian people that the Government remains committed to the full operationalization of TOR, and we will stop at nothing to bring it back on stream so that, together with Sentuo, more and more of our oil will be refined right here in Ghana.”
Pulse
