Pulse.com.gh logo
Go


TOR Gov’t planning to build new oil refinery - Prez Mahama

The refinery will process 1000 barrels of crude oil a day, he said at a visit to the Tema Oil Refinery (TOR) in the company of visiting PM of Trinidad and Tobago.

  • Published: , Refreshed:
President Mahama reiterated his vision to make Ghana a power hub in West Africa to workers of TOR. play

President Mahama reiterated his vision to make Ghana a power hub in West Africa to workers of TOR.

President John Mahama has said government is planning to build a new oil refinery within the Tema Oil Refinery enclave.

The refinery will process 1000 barrels of crude oil a day, he said at a visit to the Tema Oil Refinery (TOR) in the company of visiting PM of Trinidad and Tobago.

“My vision is that, that land over there we will begin the building a new refinery with that,” he said. “We will start the planning of a new 100,000 barrel per day refinery.”

He added that TOR will be revamped to a maximum capacity of 60,000, including refurbishing its storage tanks and expanding the amount of petroleum product TOR produce and store.

President Mahama said “TOR is going to grow its capital base and refinance its debt over a period of time.”

He added that government is going to assist TOR in this regard.

He made this comment in response to news that TOR posted a profit of $800,000 since it resumed operations in February.

TOR managing director, Mr Kwame Awuah Darko disclosed at a church service steps are being taken to clear the company’s debt with the next 10 years.

In 2015, TOR's debt was estimated to be in excess of 1.9 billion Ghana Cedis, however, the MD says the introduction of the Energy Debt Recovery Levy would help to settle the debt

"We have arranged with the banks and changed the debt into a 10-year bond. So we are going to use the TOR component of the Energy Levy to pay the interest on the bond so we pay the debt within the next ten years,” he said on Accra FM.

In March, TOR took delivery of a second million barrels of crude oil from BOST as part of the tolling arrangement between the two companies.

The company is expected to make additional $1.6 million from the second consignment to be processed from May to August 2016.

President Mahama reiterated his vision to make Ghana a power hub in West Africa to workers of TOR.

He has been hailed by the TUC for not kowtowing to pressure to sell TOR.

“You have done well in resisting all attempts and efforts to have the refinery closed down in the midst of all other ill advice,” Kofi Asamoah, TUC Secretary General said at a May day event in Upper West Region.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana, so...bullet
2 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public...bullet
3 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
4 How to make money online Online jobs; how to make money on YouTube...bullet
5 Mutual funds in Ghana Top 5 mutual funds in Ghanabullet
6 Education Top 5 private high schools in Ghana according to WAECbullet
7 Menzgold Ghana Investment company closes down its Gold Vault...bullet
8 Economy Of Ghana Finance Minister presents mid-year budget...bullet
9 Salaries In 2018 Here are the dates public workers will...bullet
10 AirtelTigo 6 things every Airtel and Tigo customer...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
4 Support Finance minister buys Kantanka carbullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 Plane Crash Starbow suspends operations following plane...bullet
10 New Phone Nokia’s MWC 2018 event in 7 minutesbullet

Business