Government says troubled Tema Oil Refinery will soon see a major facelift as the taskforce set up to investigate the challenges of the company is set to present its report for action.
The team drawn from various ministries and oil sector agencies including the Finance Ministry and the National Petroleum Authority is expected to address revenue losses at the refinery and ensure it’s able to refine oil from the Jubilee Oil fields.
Energy Minister Emmanuel Armah Kofi Buah disclosed this when he addressed a forum in Accra early today.
He said TOR is putting in measures to ensure “issues of technical loses are reduced in a way that allow them to be profitable, that allow them to meet the benchmark that has been set by petroleum revenue management that will make sure that money is paid quickly…by law the money must be in the petroleum holding fund in 30 days”.
He said it is the vision of President Mahama that appropriate steps are taken to ensure that TOR has enough capital.
“We will get TOR to that level that TOR will not only produce but expand to meet our demand and to be able to take advantage of the oil that is being produced here, and I believe we are going to get there.”
Mr. Buah says recommendations on turning around the operations of the refinery will soon be considered by Cabinet.
Meanwhile, completion of the first phase of the gas processing plant at Atuabo in the Western Region may take a while longer.
This is because government was unable to pay Chinese contractors working on the project on time.
Mr Kofi Buah however says the government is committed to completing work on the plant.
He assured that latest by February next year the plant should be operational.