The government plans to construct a new 100,000-barrel refinery as part of efforts to expand the Tema Oil Refinery (TOR) and reduce Ghana’s dependence on imported refined oil, despite inheriting $570 million in debt.
Speaking to JoyNews at the Legal Green Soirée held at the University of Ghana, the Deputy Managing Director of TOR, Edmond Kombat, said the move aligns with President John Mahama’s vision to strengthen the country’s petroleum sector.
"There are plans to expand the refinery’s capacity by constructing an additional 100,000-barrel facility to meet the country’s growing demand for refined oil," he stated.
TOR’s Crude Distillation Unit (CDU), which has a capacity of 45,000 barrels per stream day (bpsd), and its Residual Fluid Catalytic Cracker (RFCC), with a 14,000-bpsd capacity, have been non-operational since 2019, leaving Ghana reliant on costly refined oil imports.
Mr Kombat stated that reviving the facility could slash the $400 million spent monthly on fuel imports and play a key role in the country's economic recovery.
“The refinery has been dormant since 2019 and is in a state of disrepair, requiring extensive maintenance. TOR is a strategic national asset, and prioritising its revival will significantly contribute to the country’s economic recovery. If we restore TOR to its current capacity, we can cut in half the $400 million spent monthly on importing refined oil."
He further disclosed that the government is actively engaging investors to accelerate TOR’s revival and ensure its full operationalisation within the next nine months.
“Many investors have expressed interest in partnering with us to manage the facility, and the government remains committed to investing in the refinery. We are developing a roadmap for turnaround maintenance and expect TOR to be operational within the next nine months," he added.
Latest Stories
-
Why cockpit audio deepens the mystery of Air India crash
1 minute -
Liverpool to retire number 20 in honour of Jota
16 minutes -
It is possible to live and survive without being corrupt – Prof Bawole
26 minutes -
Liha Miller marries again after rocky split from Patapaa
34 minutes -
NPP’s Amfo Sefa vows to ‘arm up’ for Akwatia
3 hours -
Peace Council condemns Ablekuma North election violence
4 hours -
This is why a judge decided to separate twins sentenced for stealing motorbike
4 hours -
Ablekuma North polls: MFWA condemns violent attacks on 3 journalists
5 hours -
Government addressing port inefficiencies to fuel 24-hour economy – Mahama
6 hours -
Businesses still battling power outages despite government assurances – PEF Boss
6 hours -
Few banks in Ghana facing larger capital gaps – IMF
6 hours -
Ghana’s macroeconomic outlook remains broadly stable
7 hours -
Ghana’s public debt sustainable but still at high-risk of debt distress – IMF
7 hours -
CleanVibeGhana partners with Buzzstop Boys to ignite sanitation revolution through clean-up exercise
8 hours -
Energy Minister engages stakeholders ahead of ENI shutdown
8 hours