According to the Ghana Times, the $1.98 billion refinery in Tema is scheduled to start operations by the end of August this year.
The refinery, an investment by Centor Group, is expected to produce 5 million tons of petroleum products, including liquefied petroleum gas (LPG), aviation kerosene, gasoline, diesel and fuel oil.
The company is registered under the government's One District One Plant (1D1F) scheme and, once operational, will provide employment for more than 900 Ghanaians.
On Monday, during a visit to the refinery by Trade and Industry Minister K.T. Hammond, Centor Group executive chairman Xu NingQuan said the company was in discussions with the Energy Ministry to buy 500,000 barrels of crude oil from Ghanaian fields for first production.
By 2025, the refinery will process 4.26 million tons of refined petroleum products, such as gasoline, kerosene and diesel, with a quality higher than Euro iv standards, he said.
In addition, the refinery will produce 350,000 tons of a range of bitumen products, 200,000 tons of lubricant base oils and solvent naphtha, and 400,000 tons of by-products such as polypropylene, ammonium sulfate, sulfuric acid and sulfur.
Xu noted that the refinery's output will meet Ghana's annual demand for petroleum products, which will help meet the challenges facing petroleum product imports.
Xu said the company would support government revenue generation through taxes and increase Ghana's foreign exchange savings. He called on the Finance Ministry to expedite consideration of the company's request for tax exemptions to support the company's operations.
Hammond said Ghana welcomes all investors with the right incentives to support the government's efforts to industrialise the country.
