MD’s Speech – 50th Anniversary

WELCOME ADDRESS BY THE MANAGING DIRECTOR OF TEMA OIL REFINERY COMPANY LIMITED – LAUNCH OF THE 50TH ANNIVERSARY ON 3RD OCTOBER, 2013

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Mr. Ato Ampiah – Former Managing Director TOR

Honorable Deputy Minister of Energy & Petroleum – Mr. Benjamin Dagadu

The Honorable Deputy Minister of Finance– Mr. Ricketts Kweku Hagan

Your Excellencies

Nii mei , Na mei,

The Chairman of Board of Directors of TOR and the Board of Directors of TOR

Our Distinguished Past Chief Executives of TOR

Chief Executives of Bulk Distribution Companies

Executives of the Tanker Owners and Drivers Association

Our Financial Partners

The Management and Staff of TOR

Executives of TOR Pensioners Association

Our Media Partners

Distinguished Invited Guest

Ladies and Gentlemen

I welcome you all to Tema Oil Refinery Company Limited.

As TOR commemorates its 50th anniversary, it would be too limiting to perceive this occasion as a mere milestone in the operation of the Company. TOR’s journey has been entwined with our yesterday, today and tomorrow, our challenges and what we all envision TOR to be.

50 years ago on 28th September 1963, the first President of the then Independent Ghana, Dr. Kwame Nkrumah commissioned this £8½ million hydro skimming refinery, one of the six largest in Africa.  At that time, the refinery was known as the Ghanaian Italian Petroleum Company (GHAIP) an “interstate enterprise of a special kind” as Dr. Nkrumah described it.

GHAIP has undergone a remarkable transformation from a simple hydro skimming plant of 28,000 barrels per stream day to 45,000 bpsd.  Following an expansion program initiated in year 2000, a secondary conversion processing plant was commissioned in 2002 with an added capacity of 14,000 bpsd.  Since then TOR has and continues to play a major role in the socio economic development of the nation.   Looking forward, the refinery has the potential to becoming the foundation for the petrochemical venture Ghana intends to embark on as articulated in Osagyefo Dr. Kwame Nkrumah’s speech on 28th September 1963; and I quote ‘the refinery should become a vital part for the establishment of other industries to contribute to national development’.

We may not have achieved fully the vision for which Dr. Nkrumah initiated the building of the refinery, due to our challenges- which are technical, operational and financial. However, we are striving and are working hard to move TOR to higher heights.  As a company, we are determined and committed to be a preeminent refinery – a pride for all Ghanaians going forward. Our refinery is a stellar refinery in West Africa, in spite of its challenges.

Going forward, TOR will position itself to expand and improve its infrastructure to ensure reliability and availability of petroleum products on the Ghanaian market and beyond by entering into strategic partnerships. TOR will become the preferred choice for the Bulk Distribution Companies and Oil Trading Companies with respect to finished petroleum products.

Our company is noted for its quality specifications in gasoline, gasoil, kerosene, fuel oil, naphtha, premix and particularly Aviation Turbine Kerosene (ATK) which meets both international and the African Refiners Association’s specifications. The refinery has therefore, maintained this stringent process in all of its product lines.

We could not have achieved this without the contribution of both past and present hard working staff. We are indeed privileged and honored to have with us the first Ghanaian Managing Director of GHAIP, Mr.M.K Mireku and the successive managing irectors, Sirs, thank you very much for gracing the occasion with your presence today. Your leadership and direction brought this company this far. You indeed played your part. We cannot over-emphasize the leadership and contribution of our Board of Directors- both present and past.

Present with us today are also Pensioners who kept faith, worked hard, sacrificed for the refinery to ensure the survival of our company. Without you, we would not be here today.  We salute you.

To all our financial partners and suppliers who have been with us all these years, we are indeed grateful; and we look forward to even better collaboration and partnership to our mutual benefit. And in this regard let me say a BIG THANK YOU for your exceptional support and for believing in us.

For our shareholder represented here by the Deputy Ministers of Energy & Petroleum and Finance, we could not have chalked this milestone without your support. We acknowledge Government for paying over one billion Ghana Cedis on behalf of TOR. We are also grateful to the Shareholder for the release of US$30million out of the US$67.7million for the Plant Stabilization and Profit Enhancement programmes.

We are aware of the effort Government continues to make to ensure TOR becomes viable. At 50 years, we believe we are old enough and we are looking forward for your surprise BIRTHDAY PACKAGE to stand tall among our peers in the refinery fraternity.

To you our dedicated, hardworking and selfless staff who continue to give off your best even with tempting offers from Oman and Qatar, I salute you. The company is focusing on human resource retention, capacity building, and profit enhancement to improve on the refinery operations. We are hopeful that these measures will yield the needed results so we can make this workplace worthwhile for all of us. I believe that there is light at the end of the horizon for TOR.

We thank you all for taking time off to come and commemorate with us this morning. Beside the formal launch, we hope you will find time this morning well spent with old colleagues, friends both old and new. God bless our company TOR. Thank you and enjoy the programme.