Ghana’s Tema Oil Refinery (TOR) is to resume full operations in the first quarter of next year, the country’s Finance Minister Ken Ofori-Atta has hinted.
The oil refinery was partially shut down in January this year, after an explosion damaged key components limiting its capacity to refine petroleum products. This has resulted in Ghana importing most of its refined petroleum, thereby increasing the burden on the local economy.
Speaking at a memorial lecture to mark the passing away of former vice President Aliu Mahama during the erstwhile John Agyekum Kufour administration, Mr. Ofori-Atta said the refinery will come on stream next year while emphasising the strategic role TOR plays in efforts to expand Ghana’s petrochemical sector.
“I’m happy to say that things are changing and latest by the first-quarter of 2018, we expect Tema Oil Refinery to run continuously again. The strategic goal is to engage local and international partners to significantly expand this refining and storage capacity.
TOR has a strategic role in our petrochemical industry as it can provide a platform for the development of other related industries. Leveraging Ghana’s resources requires a focus strategy that targets the benefits of specific fuels to drive growth,” he said.
He further disclosed that the government was working around the clock will facilitate the setting up of a multi-billion dollar gas feed stock industrial estate in the Nzema area in the western part of the country near the Abidjan border, to produce methanol, ammonia, urea and natural gas liquids which hopefully will feed the oil and gas industry both in Ghana and Cote d’Ivoire.