The Tema Oil Refinery (TOR) is set to secure a strategic partner within the next 90 days to commence full operations.
Minister of State for the Ministry of Energy, Herbert Krapa, assured that the government, through the Ministry and its agencies, will guide and protect this process to ensure it is successful and in the best interest of the country.
Mr. Krapa made these remarks in response to an announcement by TOR’s Managing Director, Kofi Tagoe Mocumbi, during a tour of the refinery in Tema on Tuesday. Mr. Mocumbi confirmed that TOR aims to complete the selection process and announce a strategic investor within the next three months.
This visit marked Mr. Krapa’s first working visit to a sector agency since assuming office. He also visited Sentuo Refinery and Tropical Cable and Conductors Limited, both located in Tema.
During the briefing, Mr. Mocumbi assured the Minister and the media that TOR has commenced the process of selecting a strategic partner to help revamp and expand its operations. He emphasized the three-month timeline for securing the strategic partner.
Mr. Krapa reiterated the government’s commitment to providing TOR with the necessary capital, technology, and efficiency to fulfill its core mandate, generate revenue for the state, and secure employment for its staff. He stressed the need for immediate intervention to prepare the refinery, including operationalizing departments such as the laboratory.
“TOR needs all our support and attention. That is why I chose TOR as my first official visit to the institutions under the Ministry,” he added.
Mr. Krapa highlighted that TOR is a strategic asset with significant potential in the downstream sector, and it is concerning that it has not been operational for some time. He expressed confidence that it is not too late to turn things around, stating that he had discussed the matter with President Nana Addo Dankwa Akufo-Addo, who shares this belief.
Finding a strategic investor is the main objective, and Mr. Krapa expressed hope that all stakeholders, including the board, management, and the union, would unite to expedite the process and make progress in revamping TOR. He emphasized the importance of preparing the refinery by ensuring the terminal, pipelines, laboratories, and storage facilities operate efficiently to create revenue.
Regarding the use of TOR facilities for storing Sentuo Refinery products, Mr. Krapa said the two companies are not competitors but rather complementary, given the vast local and international markets. He encouraged TOR to embrace the idea of renting its facilities to Sentuo while working to fully revamp its operations.
Mr. Krapa and his entourage, including Chief Director of the Ministry Wilhelmina Asamoah, Deputy Chief Executive Officers of the National Petroleum Authority Ghana Perry Curtis Kwabla Okudzeto and Linda Asante, and various Directors and Heads of Department from the Ministry, visited Sentuo Refinery. He assured Sentuo Management that the government will continue to implement policies and programs to foster harmony and expansion in the local industry.
