If elected president, Mahama vows to modernize Tema Oil Refinery. National Democratic Congress (NDC) flagbearer John Mahama has promised to bring back the Tema Oil Refinery (TOR) if he wins the presidency in the next general elections, scheduled for December 7, 2024.
Mahama unveiled proposals for a collaborative public-private partnership to revitalize the nation’s faltering oil refinery.
Mahama emphasized that TOR will receive careful consideration under his next administration while speaking at a meeting with essential players in the downstream petroleum sector in Accra.
“We need to reevaluate how we can reopen the refinery,” he stated. However, I believe that the refinery’s state-owned status is the reason we are having trouble operating it.
Furthermore, state-owned businesses are known for their inefficiency. Therefore, we are amenable to commercial collaboration to restart and manage the refinery; however, we believe that any private involvement or partnership must follow an open and transparent procedure.
Since its founding in 1963, Ghana’s top refinery, Tema Oil Refinery (TOR), has been a vital component of its oil sector.
In the heart of Tema’s industrial district, TOR has been instrumental in supplying the nation’s petroleum requirements.
However, the refinery has recently encountered severe operational and financial difficulties that threaten its survival and future.
Financial mismanagement, erratic crude oil supplies, and aging infrastructure contribute to the refinery’s current problems.
Due to its considerable aging, many of the components in the equipment at TOR are functioning far past their intended lifespan.
This has had a detrimental influence on production efficiency due to frequent malfunctions and unscheduled shutdowns.
Mismanagement of finances has also been a significant factor in TOR’s downfall.
Debt accumulation from overdue loans and operational shortfalls has made it difficult for the refinery to invest in maintenance and upgrades.
Credit: Pulse.gh
