President John Mahama has revealed moves by government to build another oil refinery within the Tema Oil Refinery(TOR) enclave.
This he said, will enable Ghana become a downstream petroleum hub to boost the distribution of petroleum products within the sub-region.
President Mahama disclosed this when he and the visiting Prime Minister of Trinidad and Tobago, Dr Keith Christopher Rowley, visited the company to assess its performance after resumption of operations in February this year.
President Mahama said the new refinery to be built on the premises of TOR will help increase production to 100,000 barrels daily.
“TOR is going to refurbish its storage tanks and expand the amount of petroleum products that we can produce…We’ll rump up this refinery to its maximum of 60,000,” he added.
He said the rejuvenation of the refinery will also afford the company grow its capital base and refinance it’s debt over a period of time with the assistance of government.
TOR resumed full operations in February after almost two years of inactivity.
The resumption of operations of TOR followed an agreement the refinery signed with the Bulk Oil Storage and Transportation Limited (BOST) for the supply of crude oil for refining.
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