The President John Dramani Mahama announced a Joint Venture Agreement between Tema Oil Refinery (TOR) Ltd and Petro Saudi to revamp the operations of the refinery when he delivered the 2014 State of the Nation’s Address in Parliament in February.
The joint venture is part of government’s commitment to enable TOR carry out its core business of refining crude oil. This venture will reduce the huge amount of foreign exchange spent on the importation of finished products into the country.
The President indicated that the agreement is expected to be concluded soon to make TOR operational.
TOR’s operations have been inconsistent with the frequent shutdown of the processing plants mainly due to lack of capital to procure crude oil on a continuous basis, which impacts on the supply of petroleum products to the Ghanaian market.