He was speaking at a seminar in the seaside resort of Saly Portudal 80 km from Dakar on Saturday.
The seminar was organized by PETROSEN to inform members of the collective of Senegalese journalists specializing in Economics (COJES) on the stakes of oil and gas exploration and production in Senegal.
“This option would allow for a refining capacity of between 6 and 7 million tonnes per year,” Mr. Faye said.
According to him, the planned refinery would take into account the 2.2 million tonnes of domestic demand and that of the sub-region (4 million tonnes).
According to the PETROSEN MD, the leaders of the current SAR have commissioned a study to determine whether the facility would be repaired and maintained or put under liquidation.
Pending the outcome of the study, Faye is of the opinion that SAR, with a refining capacity of 1.2 million tonnes per year, is not in good stead to refine significant oil and gas discoveries in Senegal.
He also made it clear that the new refining standards could not be met by the SAR.
The PETROSEN MD also rejected other options for the valorization of Senegal’s petroleum products.
This is the case for the creation of a petrochemical complex, the development of the electricity sector, training in the petroleum trades and tax relief for petroleum services.
Mr Faye pointed out that for the latter option it concerned only exploration and production services and the processing of raw materials.
This, according to him, would enable the installation of the major oil companies in Senegal.