Skip to main content

Save TOR from collapsing – COPEC urges government

The Chamber of Petroleum Consumers (COPEC) is calling on government to invest in the Tema Oil Refinery (TOR) to prevent it from collapsing.

According to COPEC, per its investigations the situation at the refinery is dire and maintaining its day to day operations is a challenge.

Speaking to Citi Business News, Executive Secretary of COPEC, Duncan Amoah said efforts must be made at all cost to save the country’s only refinery from turning into a white elephant.

Read also: Oil crashes below $19, falling to an 18-year low

He added that, “Clearly three things are involved here; we’ve had in the past poor management practices where you expect certain things to be done right yet they are done the other way. We have also not had the right kind of investments and retooling and equipment, some of which were actually fixed in the ’80s and 70s.”

He explained further that TOR is indeed worth investing in.

We think that the right investment must be made in the refinery. Refineries are profitable or else you wouldn’t see them in our neighbouring country, Nigeria. Dangote is struggling to put up a 650 barrels per day refinery. Ghana has this asset and that if we did put in the right investment, it should be able to serve all of us. Again, we have said that once TOR is working, you are getting fuel security. At least, if your harbour or the anchorage of where fuel comes into the country doesn’t function, your local refinery will be able to process fuel to run your economy. Unfortunately, the refinery is no its knees as we speak and we do think that authorities should pay some attention to investing properly into the refinery immediately.”

TOR was shut down two years ago over the lack of crude, as managers of the facility were unable to raise letters of credit.

But institutions like the integrated Centre for Democratic Development, ISODEC, believed the closure of the refinery was a deliberate attempt by the government to convert it into a tank farm, for the setting up of a new refinery in the Western Region.

In January 2019, government announced an ambitious plan to build a new oil refinery to replace the Tema Oil Refinery within the next three to four years.

Comments

Popular posts from this blog

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co