US$3.5bn needed for TOR’s new refinery – Managing Director

Isaac Osei, Managing Director of the Tema Oil Refinery (TOR)

Managing Director of the Tema Oil Refinery (TOR), Isaac Osei says US$3.5 billion is needed for the company’s modern refinery Greenfield Facility to be situated at Prampram.

He noted with the activation of the facility, the state can get up to 150,000 barrels of crude oil a day adding there are plans to also retool the existing refinery at Tema to produce 60,000 barrels a day from its current 45,000 daily barrels.

To get the right systems in place and for investors to pour money in, the director disclosed a transaction advisor has been sought to guide the process while a detailed feasibility studies is being undertaken.

TOR refinery

He said it was unacceptable that shareholders’ funds should be in the negative adding TOR will be active once again, making money for shareholders while paying its tax to the state and declaring profits.

Energy Minister, John Peter Amewu upon touring the facility yesterday mentioned that strategic partners will soon be on board assuring “TOR will work and work regularly.”

The Tema Oil Refinery shut down in March 2017 over ills bedeviling it. It’s been functional since but not without challenges. It currently manages to supply only 15% the domestic market’s crude needs.