Chinese downstream firm Sentuo Group announced a $980 million investment to enhance its oil refinery capacity in Tema, Ghana.
The funding will support the second phase of the Tema refinery project, which aims to boost capacity by 3 million metric tons per year, up from the 2 million metric tons targeted in the first phase.
Sentuo Group secured a full operational license for the Tema project and seeks to help Ghana reduce oil imports, ensure energy self-reliance and bolster job creation by expanding refinery capacity.
Ghana imports $3 billion worth of petroleum products annually.
