TOR to process Ghana's crude oil in July - Mahama

President John Dramani Mahama has said that the Tema Oil Refinery (TOR) has completed its first major turnaround maintenance exercise in four years and has resumed crude oil processing.

“Plans are also underway to enhance their operational efficiency and increase their refining capacity. In July, when they have fully ramped up capacity, they will also receive a parcel of Ghana’s own crude,” the President stated in his address when he officially broke ground for construction to begin on Phase 2 of Sentuo Oil Refinery project located at the industrial enclave of Tema.

The President said despite the geopolitical tensions and volatility that had characterized global energy markets in recent years, Ghana had maintained stability in the supply of petroleum products.

He said the Ministry of Energy and Green Transition, working closely with the National Petroleum Authority, the Bulk Oil Storage and Transportation Company Limited (BOST), industrial operators, and other stakeholders, had ensured the maintenance of adequate strategic fuel stocks and uninterrupted supply across the country.

He commended Dr John Jinapor, the Minister of Energy and Green Transition, and other stakeholders such as Mr Xu Ningquan, the Executive Chairman of Sentuo Group, for the strategic steps they took to ensure that the nation maintained enough stocks oil crude oil for refining during the crisis.

“We had enough crude oil even throughout the two months of the crisis. The refineries never stopped working. Thank you very much, Chairman Xu. In that same spirit, the recent decision to allocate one million barrels of crude oil from the Jubilee Field for refining at Sentuo was deliberate and strategic,” the President said.

Adding that these decisions reflect a consistent policy direction and their firm belief that Ghana must increasingly process its own resources, support its own industries, and create value within their local economy.

President Mahama assured all investors, industry players, and their development partners that the Government remains committed to this path.

“Our vision is straightforward but ambitious: Ghana should not be known merely as a producer of crude oil. Ghana should be recognized as a nation that refines, processes, and adds value to its resources, and becomes a net exporter of petroleum products. A nation that transforms its natural wealth into broad-based prosperity for its people. That is the reputation we want to carve for our country.”

He said, as President, he looked forward to the day when Ghana would achieve a high degree of self-sufficiency in the supply of refined petroleum products.

“I look forward to the day when a revitalized Tema Oil Refinery works alongside efficient private sector refineries such as Sentuo to meet domestic demand and serve other regional markets,” he stated.

The President said when Sentuo Refinery Phase 2 and Tema Oil Refinery were fully operational, they would have more than enough to feed local demand and export the rest to their neighboring countries.

He noted that it would strengthen their currency, improve their balance of payments, deepen industrial capacity, create opportunities for thousands of young Ghanaians, and firmly establish Ghana as a leading petroleum manufacturing and industrial hub in West Africa.

“Let us therefore continue to build an economy that produces, innovates, and competes. Let us continue to build an energy sector that drives growth, investment, and prosperity. Let us continue to build a nation that creates opportunities for all its people,” President Mahama said.

“Through the Reset Agenda, through industrialization, and through strategic investments such as this, we can transform our natural resources into lasting prosperity and secure a brighter future for generations yet unborn.”

Mr Xu Ningquan, Executive Chairman, Sentuo Group, in his welcome remarks said President's Mahama's vision for economic renewal, industrialisation and the 24-Hour Economy had restored confidence among investors and strengthened Ghana's position as one of Africa's most promising destinations for long-term investment.

“We are proud that Sentuo Group is part of this national journey. Today, we are not simply cutting sod for another industrial project. We are laying another foundation stone for Ghana's future. We are making another investment in jobs. We are investing in technology. We are investing in local value addition.” Mr Xu stated.

GNA