Ghana must work towards developing its refinery capabilities to add value to its large crude oil deposits if it desires to take charged of its economy, Executive Chairman of the Sentuo Group, owners of Sentuo Oil Refinery (SOR) Limited, Mr Xu Ningquan has said.
He said reducing the importation of finished petroleum products into the country, while limiting the export of crude oil was a major step toward Africa’s economic self-sufficiency.
Ghana imports more than US$2 billion worth of petroleum products per annum representing about 3.8 percent of the country’s annual Gross Domestic Products (GDP).
Mr Ningquan made the call when executives of the African Refiners and Distributors Association (ARDA) and CITAC, a specialist consulting group in Africa’s downstream energy industry paid a courtesy call on him at his office at Sentuo Oil Refinery in Tema on Monday.
The two groups were in the country to commend Sentuo oil Refinery Limited for successfully attaining their full operational licence to function as an oil refinery in Ghana.
He said in line with the vision of building the country’s refinery capabilities, the Sentuo Group had invested $980 million in a 2 million metric ton per annum capacity oil refinery at Tema.
This, he said constituted the first phase and plans were afoot to initiate a second phase to increase the capacity by an additional 3 million metric tons per annum.
Mr Ningquan said by this gesture, the Sentuo Group had demonstrated its commitment to creating value in Africa.
The Executive Secretary of ARDA, Mr Anibor Kragha, expressed his gratitude to Mr Ningquan and the Sentuo Group for their unwavering commitment to developing local refining capabilities in Africa.
He commended the bold steps taken by the Sentuo Group in investing in the Sentuo Oil Refinery, a move poised to significantly boost Africa’s energy sector.
Mr Kragha further emphasised that the main objective of ARDA was to create an enabling environment for African oil refiners to thrive and attract investment into the industry.
Sentuo Oil Refinery Limited is a leading oil refinery in Ghana, committed to enhancing Africa’s refining capabilities and adding value to the continent’s crude oil resources.
Source: ghanaiantimes.com.gh
