Business News of Tuesday, 11 July 2023
Source: www.ghanaweb.live
2023-07-11Government working to resolve technical, financial problems at TOR - K.T Hammond
play videoThe Tema Oil Refinery (TOR) has not been functional for years
Minister of Trade and Industry, Kobina Tahir Hammond, is confident that government will ensure that the technical, financial and managerial challenges at Tema Oil Refinery will be resolved.
According to him, the situation, which has become an intractable problem over the years, has made it difficult to address.
But
Read full articlespeaking with journalists after a familiarisation visit to the Sentuo Oil Refinery at Tema, the Minister gave the assurance that the Energy Minister [Dr. Matthew Opoku Prempeh] is working to find a solution to TOR’s problems.
He, however, suggested that the plans by Sentuo Oil Refinery to commence oil production and refinery in Ghana by August this year will somehow help to address fuel importation challenges in the country.
“I am confident that government will resolve whatever problems are at Tema Oil Refinery but what is evident now is that Sentuo Oil Refinery will somehow see to an end any refinery problems for the country”.
“Ultimately after the second phase of the refinery has been completed, it will provide enough petroleum products to meet the entire needs of consumers and Ghanaians especially and to me is something to be cheerful about,” K.T Hammond said.
He continued, “The amount of money that goes into the importation of the petroleum products is phenomenal and if this facility is going to address that, we should all be going singing praises of the President who has ensured that this facility has been built on the back of the One-District-One Factory initiative”.
Meanwhile, the Tema Oil Refinery commenced operations in 1963 and was named Ghanaian Italian Petroleum Limited (GHAIP).
After the Government of Ghana officially bought all shares of TOR in the 1970s, it started to operate as a tolling facility until 1996 when it shifted its business strategy to enable TOR acquire crude solely and market refined products to generate revenue.
In the last few years, refinery operations have halted at TOR due to an array of financial, management and technical challenges faced by the once vibrant state-owned firm.
MA/NOQ
