Management of the Tema Oil Refinery (TOR) has announced that the Ministry of Energy (MoE) has permitted the Oil Company to negotiate a lease agreement to refine crude oil with a private investor, Decimal Capital Ltd.
TOR in a press release stated that the “Decimal Capital Ltd. proposal emerged as the most appropriate to meet the needs of the Refinery among the host of proposals that were presented.”
According to TOR, the deal “is expected to boost the local supply of refined oil products and help stabilize the Ghana Cedi, in the lace of the ongoing international oil market crisis.”
They noted that “A local Transactional Advisor has been contracted by TOR to lead the negotiations in formulating the lease agreement, which is expected to be completed over the next three to four weeks.”
“The investment partner is expected to provide funding for a first phase, which will bring the Crude Distillation Unit (CDU) of TOR back on stream to refine about 45.000 barrels per day in the next few months,” parts of the release stated.
TOR noted that the agreement will “contribute significantly to improving fuel security” in the country.
“Production from TOR can contribute about a third of the current monthly consumption of diesel, and the full requirement of the Aviation Turbine Kerosene (ATK) and Fuel Oil needs of the country.”
They added that “Output from Phase One of this partnership project will be used to revamp the Residual Fluid Catalytic Cracker (RFCC) and other associated units of the Company, to maximize production from the Refinery.”
Latest Stories
-
Paris Olympic hopes hang in the balance as Ghana’s 4×100 relay team drops baton at World Relays
3 hours -
Western Regional House of Chiefs commends Bawumia for his humility and respect for traditional authorities
4 hours -
#JustTurned18: First-time voters critical to deciding 2024 presidential election
5 hours -
Video: EC lied that the cost per voter in 2020 was $7.7; it was $12.5 – Bright Simons
5 hours -
Former IGP passes on
5 hours -
Ejisu by-election: Kwadaso MP gave money to EC officials out of goodwill – Ahiagbah
6 hours -
Millennium City: Land owner breaks silence on fatal shooting of soldier
6 hours -
Photos of 2024 Aboakyer Festival
6 hours -
#JustTurned18: I now have an opportunity to use my thumb to bring someone into power – Excited prospective voters
7 hours -
OSP acted as a whistleblower transferring Cecilia Dapaah’s case to EOCO – Sammy Darko
7 hours -
IMF calls for tariff adjustment for energy sector cost recovery
7 hours -
Samson’s Take: Journalists, block the pretentious idiots
9 hours -
Real Madrid crowned LaLiga champions after Barcelona’s defeat at Girona
9 hours -
Daniel Otting Awuah elected SRC President of Ghana School of Law
10 hours -
Lawrence Ati-Zigi signs St. Gallen contract extension
10 hours