Ecobank Ghana PLC has been appointed as the Lead Arranger and Book Runner for a US$200 million medium-term loan facility to finance the second phase expansion of the Sentuo Oil Refinery, a project expected to strengthen Ghana’s energy security and support industrial growth.

The partnership was formalized through the signing of a Memorandum of Understanding (MoU) between Ecobank Ghana and Sentuo Group in Accra.

Speaking at the signing ceremony, Managing Director of Ecobank Ghana PLC, Abena Osei-Poku, described the transaction as a significant milestone for both the refinery and Ghana’s industrial sector. She said the financing arrangement highlights Ecobank’s ability to structure and deliver large-scale funding solutions that align with the country’s development priorities.

According to her, the second phase of the refinery’s expansion is a strategic investment aimed at boosting energy security, promoting industrialization, and creating greater value within Ghana’s economy. She noted that the project is expected to transform the Sentuo Oil Refinery into an integrated petrochemical hub, opening up new opportunities across the downstream petroleum industry.

Mrs. Osei-Poku explained that Ecobank’s appointment reflects confidence in the bank’s financial strength, regional presence, and ability to execute complex transactions. As Lead Arranger, the bank will coordinate a consortium of local, regional, and international financiers to mobilize the required capital while ensuring high standards of governance and transparency throughout the process.

She also expressed appreciation to Sentuo Group for entrusting Ecobank with the mandate and acknowledged the support of regulators and stakeholders within the financial sector who continue to facilitate large-scale financing initiatives.

“At Ecobank Ghana, we remain firmly committed to financing projects that drive economic growth, create employment opportunities, and strengthen Ghana’s industrial base,” she said, adding that the bank is optimistic about achieving a successful syndication and financial close.

Founder and Chairman of Sentuo Group, Xu Ninquan, reaffirmed the company’s commitment to long-term investment in Ghana. He stated that the Group looks forward to strengthening its partnership with Ecobank and collaborating with other stakeholders to deliver projects that generate both economic and social benefits.

The Phase Two expansion of the Sentuo Oil Refinery is expected to increase domestic petroleum processing capacity, reduce reliance on imported refined products, and contribute to Ghana’s broader industrialization agenda.

Industry observers believe the project could play a key role in supporting the country’s energy needs while creating jobs and stimulating economic activity across several sectors.