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Business News of Tuesday, 23 October 2018

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Source: Graphic.com.gh

Isaac Osei is optimistic with the appropriate measures actuality put in abode operations will be sustained

The Tema Oil Refinery (TOR) has active its refinery business to accommodate petroleum articles such as agent and abounding petroleum gas (LPG) for the calm and sub-regional market, afterwards four years of alternate tolling of awkward oil for third parties.

The refinery is due to resume the processing of awkward oil into accomplished articles aing week, afterwards demography commitment of 947,000 barrels of awkward oil over the weekend.

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It followed the signing of a awkward oil accumulation accord with BP Oil International, a British oil trader.

Arrival

The Managing Director of TOR, Mr Isaac Osei, told the Daily Graphic in Accra that the aboriginal assignment of 947,000 barrels of awkward accustomed aftermost Friday on lath the MT British Heritage.

The oil has back been transferred into TOR’s accumulator tanks to abide pre-refinery procedures afore it is fed into a beverage cavalcade for absolute adorning to begin.

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“In the advancing week, we will absolutely alpha bearing and sending accomplished articles into accumulator tanks in alertness for auction on calm and sub-regional markets,” Mr Osei assured Ghanaians.

According to him, the advancing on lath of BP signalled growing aplomb in TOR and the systems it was putting in abode to animate refinery activities to advance ability and standards.

He said the lath and the administration of TOR were committed to “doing things appropriate this time round” to ensure amount for money and sustenance.

Significance

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Currently, all aesthetic petroleum articles captivated in the country are imported. Therefore, the acknowledged awakening of TOR will abate the abiding assurance on imports, which are deepening the address of adopted barter and accidental to the abrasion of the cedi.

It will additionally absorb animal ability at the refinery, actualize added job opportunities and ultimately addition the government’s calendar to accomplish Ghana the petroleum hub in the sub-region.

He thanked President Nana Addo Dankwa Akufo-Addo for his agog absorption in animating TOR to aid bread-and-er development.

Mr Osei added appear that the President had opened discussions with neighbouring countries to allowance some government-to-government accumulation agreements for the adequate commitment of awkward oil to TOR.

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He explained that the government’s avant-garde arrange beneath the activity area burden Act (ESLA) had enabled TOR to booty some of its bequest debts off the books.

Despite accepting an installed accommodation of 45,000 barrels per beck day (bpsd), TOR can currently aftermath 25,000 bpsd due to the access of one of the furnaces in 2017.

Mr Osei, however, explained that the aggregation was due to alter the boiler by the aboriginal division of 2019.

He added that a 120-tonne per hour boiler had been acquired to ensure that the refinery operated apart of the civic grid.

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Marketing strategy

Beyond affairs to aggregate oil distributors (BDCs) and oil business companies in-country, Mr Osei said TOR, through its Commerce Division, was additionally absolute off-taker agreements for the Malian, Nigerien and Burkinabe markets.

He emphasised that the arrange would be credibly structured to acquiesce for appropriate repayments.

Mr Osei said the lath and the administration of TOR had additionally put in abode able measures to advance ability and ensure amount for money.

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“As a aftereffect of the complete aliment on both plants, assembly losses accept bargain to adequate industry limits,” he said.

He added that the animal ability had been able-bodied structured, while agents had been motivated to ensure efficiency, stressing: “I anticipate this time annular we will accomplish things appropriate and TOR will get amount for money.”

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