Refined crude generates more revenue, Opoku Prempeh
Govt looking for partners to invest in TOR
Energy Minister, Matthew Opoku Prempeh has stated that efforts are being made by government in conjunction with stakeholders to ensure that the Tema Oil Refinery resumes full operations.
The Tema Oil Refinery (TOR) shut down its operations in June 2018 due to lack of crude oil which serves as raw material for the refinery.
“Collectively every effort must be made to ensure TOR comes back to work.”
“We are listening to the experts, some strategic partners have applied, a committee is being set up between public enterprises, SIGA, energy ministry, and Finance Ministry to look at these proposals to ensure that we select a partner that will invest in TOR to make it efficient operating refinery for the betterment of us.”
According to the sector minister, the pressures of the dollar will not have been felt so much if the refinery was still in operation as crude prices have gone up.
Addressing the press on April 13, 2022, he said, “If TOR was in production the pressure from the petroleum side of the dollar wouldn’t be acute as it is, if TOR was producing say 40% of our industrial need from crude because we don’t always have a direct relation between crude prices and petroleum product prices. It’s not a straight line because refined products are far more expensive than crude prices.”
Dr. Prempeh stated the country derives more from refined products thus an operating revenue would have helped the country in these difficult economic times.
“We get more from refined products that from unrefined products. So, if TOR was refining it will guarantee jobs for more Ghanaians working there, we will be getting more petroleum products from the crude we bring to TOR and the last bit is that we will be getting bitumen for our roads.”
