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Mahama reiterates promise to revamp Tema Oil Refinery if elected President

John Mahama, the flagbearer of the National Democratic Congress (NDC), has vowed to revitalize the Tema Oil Refinery (TOR) if he is elected president in the upcoming December 7, 2024, general elections.

Tema Oil Refinery (TOR)

Mahama revealed plans for a joint private-public partnership aimed at rejuvenating the country's struggling oil refinery.

Speaking at a meeting with key stakeholders in the petroleum downstream sector in Accra, Mahama underscored that TOR would receive thorough attention under his next administration.

He said "We need to look again at how we can bring the refinery back in place. But I do think that the problems we have with running that refinery is because it is a state-owned enterprise.

"And we all know the inefficiencies that go with state-owned enterprises. And so we are open to private partnership in terms of bringing that refinery back into operation and running it, but we think that whatever private partnership or private participation is invited, it must come through a transparent process."

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The Tema Oil Refinery (TOR), Ghana's premier refinery, has been a cornerstone of the nation's oil industry since its establishment in 1963.

Located in the industrial hub of Tema, TOR has played a crucial role in meeting the country's petroleum needs.

However, in recent years, the refinery has faced significant operational and financial challenges that threaten its viability and future.

The refinery's current struggles can be attributed to a combination of aging infrastructure, inconsistent crude oil supply, and financial mismanagement.

The equipment at TOR has aged significantly, with many components operating well beyond their intended lifespan.

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This has led to frequent breakdowns and unplanned shutdowns, severely impacting production efficiency.

Financial mismanagement has also played a critical role in TOR's decline.

Accumulated debts, stemming from unpaid loans and operational deficits, have hampered the refinery's ability to invest in much-needed upgrades and maintenance.

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