A New Oil Refinery Opens At Tema In August

By the end of August 2023, Ghana's $1.98 billion oil refinery will commence operations. This comes after its completion in early July and readiness to begin operations. It is one of the most anticipated oil industry initiatives in the region for this year.

Sentuo Group, which has comparable investments in the country, manages the project. The new refinery is anticipated to produce approximately five million metric tonnes of various petroleum products annually. These products include diesel, fuel oil, aviation fuel and liquefied petroleum gas.

Numerous residents are also likely to obtain employment and increase their disposable income. Some of them will receive sufficient funds to play online casino games. The country permits gambling. Therefore, New Zealand to Ghana travellers can play casino games with simplicity. In New Zealand, there are several online casino banking options, some of which enable travellers to bank online.

Ghana is Positive Regarding the New Refinery
According to Ghana's Minister of Trade and Industry, K.T. Hammond, the government was in discussions with the group to acquire approximately 500,000 barrels of crude oil for the company's initial production. The minister toured the facility, was pleased with the progress of the project, and looks forward to its inauguration when it becomes fully operational. The nation has been eagerly anticipating it.

Initial estimates predict that by the end of 2025, the refinery will have refined over 4.26 million metric tonnes of products. Sentuo Group believes its refinery can produce quality exceeding Euro IV standards. On the first day the refinery is operational, the company anticipates producing high-quality products for the local and export markets that meet all required standards.

In addition to petroleum products, the refinery is anticipated to generate approximately one million metric tonnes of other byproducts for use in a variety of applications. These items include:

• 350,000 metric tonnes of several types of pitch

• Two hundred thousand metric tonnes of lubricating base oil

• 200 000 tonnes metric of solvent naphtha

• 400 000 metric tonnes of various byproducts, including sulphur, sulphuric acid, ammonium sulphate, and polypropylene

It is in Ghana's plans.

Ghana is quickly becoming one of the most important hydrocarbon producers in Africa and the world. It intends to increase the production of various petroleum products in order to increase its export capacity and enhance its economic programmes. A portion of the production objective is to double oil production by the beginning of 2024.

How Does the Refinery Operate?

The company anticipates that the refinery will initially produce a modest 100,000 litres per day. This will allow it to attain the annual target of five million metric tonnes of oil. This production is anticipated to persist well into the 2030s.

The plant will operate in phases to achieve the group's principal objective. In phase one, the plant's utmost capacity will be approximately two million metric tonnes per year. This will then be scaled up to the anticipated five million metric tonnes of output.

At the beginning of operations, Sentuo Group anticipates employing over 900 individuals directly. As it expands the economy of the Tema region, it will continue to generate indirect employment for a growing number of individuals. The government is optimistic that the refinery's economic benefits will extend far beyond the oil industry.

George Andoh, the project's technical counsel, disclosed that the new refinery expects to reduce its long-standing reliance on imported refined petrol and diesel products for various economic sectors. This will save millions of dollars annually that are spent on these products. The vast majority of the time, refined products are several times more expensive than crude oil. The new action is therefore a courageous step in the correct direction.

The Government's One Factory, One District Initiative

The energy ministry has revealed that refineries are included in the one-district, one-factory initiative implemented by the new government in the country. Regarding the nation's development, it embodies President Akufo-Addo's vision.

In addition, the ministry reported that the nation has been unable to supply the economy with enough petroleum products. By the time the refinery enters its second phase of production, it will meet the entire nation's demand for petroleum products.

The chairman of Sentuo Group has proposed to the government that at least 1 million barrels of oil from Ghana's fields be used to test-run the refinery after its inauguration. The government has not approved the proposal as of yet. However, the Ministry of Energy has indicated that it will examine the proposal's viability.

Government Assistance

During the facility tour, the chairman of Sentuo Group, Xu Ningquan, expressed optimism that the company would eventually satisfy the needs of the economy as well as contribute to foreign exchange feedback. However, he stated that the country's high tax rates negated a portion of the company's anticipated advantages.

Consequently, he urged the government to consider implementing tax exemptions and examining other exceptions while creating an environment conducive to the plant's operation. The company's communication consultant stated that by averting unfair practises, the country will be able to maximise its refinery profits. It also requested that local refineries be protected from dumping, importation, and countervailing practises.