Minister of Energy, Dr Matthew Opoku Prempeh, has stated that his outfit will continue to support efforts to make Tema Oil Refinery (TOR) the best refiner in Africa.

Speaking at the Second Annual General Meeting of the Bulk Oil Storage and Transportation Limited Company (BOST) in Accra on Thursday, August 17, 2023, the minister said BOST can collaborate with Tema Oil Refinery to boost downstream petroleum production in the country.

He said, “We believe that TOR and BOST can effectively collaborate if both institutions are doing well, and we at the Ministry of Energy will continue supporting efforts to make TOR the best refiner in Africa.”

Tema Oil Refinery (TOR) shut down its operations years ago due to the lack of crude oil which serves as the raw material for the refinery, operational inefficiencies, financial constraints, among other challenges.

Before its collapse, TOR could refine about 45,000 barrels of crude oil a day.

Tema Oil Refinery has thus been leased to Torentco Asset Management for six years at an amount of $22 million.

Torentco is allowed to refine up to 8 million barrels of oil a year by paying $1 million every year as annual rent.

The company will also pay an additional rent amount of $1.067 million per month.

According to the management of the Tema Oil Refinery, the Torentco deal is the best option to revitalize the refinery and ensure its long-term sustainability.

SA/NOQ

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