No oil refinery can make profit with less than 100,000 barrels of oil produced per day – John Boadu

Mr. John Boadu, Director-General of the Social Interests and Governance Authority (SIGA), has stated that no oil refinery can be profitable unless it produces at least 100,000 barrels of oil per day.

He explained that Tema Oil Refinery (TOR), with its 45,000 barrels per day capacity, was originally designed to meet national petroleum needs, not to make a profit.

TOR's financial struggles stem from outdated equipment and accumulated debt. Boadu emphasized the need for a strategic investor to revive TOR.

He also highlighted SIGA's role in improving transparency and accountability among State-Owned Enterprises (SOEs).