Ecobank Ghana has been formally appointed as Lead Arranger for the financing of the Phase Two expansion of the Sentuo Oil Refinery, following the signing of a Memorandum of Understanding (MoU) with Sentuo Group in Accra.
Managing Director of Ecobank Ghana, Abena Osei-Poku, described the transaction as a landmark achievement for both the refinery and Ghana’s industrial and energy sectors.
She said the financing arrangement underscores Ecobank’s ability to structure and deliver large-scale financial solutions aligned with national development priorities. “At Ecobank Ghana, we remain committed to supporting investments that drive economic growth, create jobs and strengthen the country’s industrial base,” she stated.
Mrs. Osei-Poku explained that the second phase of the refinery’s expansion represents a strategic investment aimed at advancing energy security, accelerating industrialisation, and promoting value addition within Ghana’s economy. The project is expected to transform the refinery into an integrated petrochemical hub, creating broader opportunities across the downstream petroleum value chain.
As Lead Arranger, Ecobank will coordinate a consortium of local, regional, and international financiers to mobilise the required capital while ensuring governance, transparency, and execution standards are upheld.
Founder and Chairman of Sentuo Group, Xu Ninquan, reaffirmed the company’s commitment to long-term investment in Ghana and expressed optimism about deepening collaboration with Ecobank and other partners. He said Sentuo would continue pursuing opportunities that generate sustainable economic and social value while contributing to Ghana’s development agenda.
The Phase Two expansion is expected to significantly increase domestic petroleum processing capacity, support industrialisation efforts, and play a key role in strengthening Ghana’s energy infrastructure and economic growth.
