Sentuo Group To Invest $980m In Its Oil Refinery At Tema

• The Chinese-owned Sentuo Group is investing $980 million in the Sentuo Oil Refinery’s first phase at Tema
• The refinery also has plans for a second phase to increase the capacity by an additional three million metric tons per annum.
• 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 Sentuo Group is investing $980 million in its oil refinery in Tema.

The company is also planning a second phase to increase the capacity by an additional three million metric tons per annum.

Citi News reported that this is to demonstrate its commitment to creating value in the petroleum industry in Africa.

The Executive Chairman of the Sentuo Group, Xu Ningquan, briefed representatives of the African Refiners and Distributors Association during a courtesy call on Friday, July 19, 2024.

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The meeting discussed 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, congratulated Sentuo Oil Refinery Ltd. on the feat.

The managing director of the Tema Oil Refinery has eyed some collaboration with the Sentuo Refinery.

But the General Transport, Petroleum, and Chemical Workers Union chairman, Bernard Owusu, told YEN.com.gh more clarity was needed on this call.

“Sentuo is a private entity, and the refinery is for the government, so where lies the partnership? He [the managing director] should come again.”

This new refinery is backed by the Chinese government and was conceived as part of the Chinese government’s Belt and Road Development Strategy for the oil and gas industry in China and Africa.

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The new refinery could refine five million barrels of oil annually.

Earlier plan to lease TOR

YEN.com.gh reported that the government planned to lease the refinery to Torentco Asset Management Group for $22 million over six years.

However, some refinery workers supported the deal and the government's moves.

Under the deal, Torentco planned to refine up to 8 million barrels of oil annually and pay the state $1 million annually as rent.

The General Transport, Petroleum, and Chemical Workers previously called for the Tema Oil Refinery board to be dissolved because of the handling of the proposed partnership with Torentco Asset Management Limited.

Source: YEN.com.gh