By: Fred Yaw Sarpong
The Tema Oil Refinery (TOR) bounces back after it was close down a year ago for restructuring, Daily Express has learnt.
Mr. Awuah-Darko gave the assurance when the Minister for Petroleum, Mr. Emmanuel Armah-Kofi Buah paid a visit to the company.
The Minister led a delegation from his ministry and the National Petroleum Authority (NPA) to TOR and other refineries to know what is going in his sector.
According to Mr. Awuah-Darko TOR is running at a low capacity, however the company is ready to be on it fit to commence operation. There are numerous benefits the nation can derive from TOR.
The sector Minister, Hon. Buah announced Governments effort to revamp the Tema Oil Refinery (TOR) back to its former glory.
The delegation was received by the Board of Directors of TOR and both parties discussed the progress of work done so far with respect to the comprehensive restructuring process currently being carried out at the company.
The Minister urged the Board of Directors and the Management of TOR to work hard to ensure that the restructuring process is completed on time.
He also stated that the Ministry of Petroleum plan is to make sure that TOR start full operation this year. He emphasized the need for TOR management to have a clear road map for the revival of the company. “The full operationalization of TOR is key for a deregulated downstream sector,” he added.
The Board Chairman of TOR, Dr. John Frank Adu thanked the Minister for his continues support and reassured him of the board’s commitment to restore TOR.
According to the CEO of NPA, Mr. Moses Asaga the NPA is also mandated to promote investment in the downstream sector hence restructuring TOR plays a key role in attracting more investment in the downstream sector.
He said the NPA is a statutory agency regulating, overseeing and monitoring the petroleum downstream industry in Ghana to ensure efficiency growth and stakeholder satisfaction.
Last year, the workers of Tema Oil Refinery (TOR) agreed to commits 20% of their November salaries into the operation of the company.
Initially management decided to spread the 20% for a maximum of four months (5% per a month), however, the workers proposed 20% to be taken from their November salaries.
Tema TOR Refinery (TOR) Limited is Ghana’s only refinery established in 1963 to enhance the country’s economic, investment and development programs.