Business News of Thursday, 7 December 2017
Finance Minister Ken Ofori-Atta has revealed that the Tema Oil Refinery (TOR) will begin full operations by the first-quarter of 2018.
TOR was partially shut down after an explosion damaged key components in January this year, limiting its capacity to refine petroleum products. This has resulted in Ghana importing most of its refined petroleum.
Addressing the 3rd Aliu Mahama Memorial Lecture on Wednesday, 6 December 2017, Mr Ofori-Atta said the facility is coming on stream next year while emphasising the strategic role TOR can play in efforts to expand Ghana’s petrochemical sector.
“I’m happy to say that things are changing and latest by the first-quarter of 2018, we expect Tema Oil Refinery to run continuously again. The strategic goal is to engage local and international partners to significantly expand this refining and storage capacity…
“TOR has a strategic role in our petrochemical industry as it can provide a platform for the development of other related industries. Leveraging Ghana’s resources requires a focus strategy that targets the benefits of specific fuels to drive growth.
Gases are often misidentified as a fuel simply for power generation [but] this government will facilitate the setting up of a multi-billion dollar gas feedstock industrial estate in the Nzema area producing methanol, ammonia, urea and natural gas liquids which hopefully will feed the oil and gas industry both in Ghana and Cote d’Ivoire.”