Grapevine

By Ghana News Agency
Jul 26, 2024

Sentuo Group invests US$ 980 million into its Tema refinery

Accra, July 23, GNA – The Sentuo Group is investing US$ 980 million in a two million metric ton per annum capacity oil refinery in Tema, with plans for a second phase to increase the capacity by an additional three million metric tons per annum.

Mr. Xu Ningquan, Executive Chairman of the Sentuo Group, announced the investment when representatives from the African Refiners Association (ARDA) and CITAC paid a working visit to the Sentuo Oil Refinery, in Tema.

Currently, many African countries exported crude oil and subsequently imported refined petroleum products at elevated costs.

Mr. Ningquan, however, stressed the importance of Africa achieving energy independence and controlling its economy by decreasing crude oil exports and importing finished products.