July 29, 2024 [CNR]- The Sentuo Group is investing $980 million in a two million metric ton per annum capacity at its oil refinery in Tema.
The company also plans for a second phase to increase the capacity by an additional three million metric tons per annum to demonstrate its commitment to creating value in the petroleum industry in Africa.
This comes as Sentuo Oil has received full operational license to function as an oil refinery in Ghana.
Executive Chairman of the Sentuo Group, Xu Ningquan made this known when representatives of the African Refiners and Distributors Association and CITAC paid a courtesy call to the company in Tema on Friday July 19, 2024 to discuss ways for Africa to develop and define its capabilities to add value to its crude resources.
The African Refiners and Distributors Association (ARDA) and CITAC, a specialist consulting group in Africa’s downstream energy industry, extended their heartfelt congratulations to Sentuo Oil Refinery Ltd. for the feat.
Mr. Xu Ningquan emphasized the necessity for Africa to achieve energy self-reliance and take ownership of its economy by reducing the export of crude oil and importing finished products.
In response, Mr. Anibor Kragha, Executive Secretary of ARDA, thanked Mr. Xu Ningquan for his unwavering commitment to developing local refining capabilities in Africa.
He lauded 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 emphasized that the main objective of ARDA is to create an enabling environment for African oil refiners to thrive and attract investment into the industry.
This goal is supported by CITAC, which provides a wealth of data and analytics about the African downstream energy industry.
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