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The Tema Oil Refinery (TOR) needs an estimated $25 million to undertake a complete overhaul and restore full operations, according to Dr. Yussif Sulemana, Managing Director.
His remarks coincide with issues facing Ghana’s petroleum industry, including growing gasoline costs, a significant reliance on imports, and the underutilization of domestic refining capacity.
Speaking to media in Accra on Monday, March 17, Dr. Sulemana underlined the pressing need for funding in order to get TOR operating at its best again. He emphasized that modernizing the refinery will lessen Ghana’s reliance on imported refined fuel and allow for the production of petroleum products that satisfy international standards.
He added that, with differing degrees of commitment, seven businesses have expressed interest in funding the refinery’s rebirth.
“A credit partner will come and partner with us, and some are interested in doing everything. Some want to take up the entire facility of the refinery just to revamp it.
“So what we need is a revamping to be able to get the refinery back to operate to churn out products that can compete with international standards. If we get like $25 million as we speak now, we can be able to run the facility,” he said.
Although TOR has been a vital part of Ghana’s energy economy for many years, financial limitations, outdated infrastructure, and technical inefficiencies have caused operational challenges in recent years.
The refinery can potentially supply a sizable amount of the local fuel demand while operating at full capacity, which would lessen the requirement for imports. However, it is now functioning far below its peak due to years of under-investment.
Securing the required funding will enable the refinery to operate at full capacity, guaranteeing effective gasoline production at reasonable prices, Dr. Sulemana reaffirmed.
Source: Ghanatodayonline.com
