Russian Oil Cargo Arrives in Ghana After Unprecedented Three-Month Delay

Russian oil finally arrived in Ghana after a three-month delay, marking a significant development in the country’s energy sector.

The Suezmax class-tanker Snow Lotus began unloading approximately 1 million barrels of Lukoil PJSC’s Varandey crude at Tema in Ghana, according to vessel tracking data compiled by Bloomberg.

This shipment is noteworthy as it is the fourth observed delivery of Russian oil to Ghana since the invasion of Ukraine by Russian troops in February 2022.

In the aftermath of the invasion, European buyers largely refrained from purchasing Russian oil, prompting Moscow to seek alternative markets.

Among these new markets, Ghana, along with Brazil, Brunei, Pakistan, and Sri Lanka, emerged as destinations for Russian crude. However, the volumes remain relatively small compared to Russia’s traditional buyers like China, India, and Turkey.

Ghana’s reception of Russian oil initially faced resistance due to geopolitical concerns surrounding the invasion of Ukraine. Despite this, occasional shipments continued, reflecting the evolving dynamics in global oil trade.

The arrival of the Russian oil cargo coincides with significant developments in Ghana’s energy infrastructure. In January 2024, President Nana Addo Dankwa Akufo-Addo inaugurated a new refinery in Tema, constructed with investments from Chinese entities.

The Sentuo refinery, expected to process up to 40,000 barrels of crude oil per day initially, with plans for expansion to 100,000 barrels daily, is poised to play a crucial role in Ghana’s energy landscape.

It is anticipated that the Russian crude will be processed at this new facility, indicating the strategic importance of the Ghanaian market for Russian oil amid shifting global dynamics.