Tema Oil Refinery Archives

29 Jan

President Commissions $2Bn Sentuo Oil Refinery In Tema

wontumionlineBusinessTema Oil Refinery

President Nana Addo Dankwa Akufo-Addo has commissioned a $2billion oil refinery, Sentuo Oil Refinery Limited, at the Tema industrial hub. Situated on a 100-acre land, the project, which is under the One District, One Factory (1D1F) policy, can refine five million barrels of oil per annum. It will produce high-quality finished gasoline (petrol), aviation kerosene, diesel, asphalt and lubricating base oil, and also create about 1,000 job opportunities. Other products are solvent oil, polypropylene, liquefied petroleum gas, ammonium sulfide, sulfuric acid, sulphur and other by-products. The first phase of the project, which commenced in 2022, will pump out 40,000 barriers…

14 Jul

Why TOR Urgently Needs A Strategic Partner – Report

wontumionlineBusinessTema Oil Refinery, TOR

Tema Oil Refinery (TOR) says it has put in place machinery to adopt Torentco Asset Management (TAM) as a strategic partner. Management of TOR believes they are now in a better place with all of its outstanding issues including debt owed the Electricity Company of Ghana (ECG) paid. Earlier, the board and management of TOR had defended the contract with Torentco by explaining that although they had wished to deal directly with a major multinational company, TOR’s accrued debts made the refinery unattractive to many, hence the decision to settle on Torentco. In a three-page document to the press, management…

27 Jun

Torentco Deal: Due Process Was Followed – TOR Board Insists

wontumionlineNewsTema Oil Refinery

The board and management of Tema Oil Refinery (TOR) have emphasised that due process was followed in the selection of a rehabilitation proposal for the refinery. In a statement on the subject, TOR clarified the circumstances leading to the proposed transaction with Torentco, and underscored an urgent need to address the refinery’s dire financial situation in light of concerns raised by civil society organisations (CSOs). One of the primary concerns raised by critics is a perceived lack of transparency in the selection process. The statement counters this notion by explaining that TOR’s management presented proposals from three interested parties for…

27 Jun

TOR Has No Contract With Any Company As Yet – Energy Ministry Clarifies

wontumionlineNewsTema Oil Refinery

Communication Specialist at the Energy Ministry, Kofi Abrefa Afena has said the brouhaha surrounding discussions on the government finding a partner for the Tema Oil Refinery (TOR) is “unfortunate”. He was empathic on NEAT FM’s morning show, 'Ghana Montie' that there is “no contract with any company now” as widely speculated in the media. Kofi Abrefa Afena admitted that there are negotiations ongoing but no company had been officially awarded a contract to partner TOR. “TOR wants a credible partner for revive, that is what the Minister wants. If TOR revives, there are going to be huge benefits for the…

01 Apr

TOR Cut Off From National Power Grid Over GH¢26 Million Debt

wontumionlineNewsECG, Tema Oil Refinery

The Tema Oil Refinery has been cut off from the national power grid over failure to settle a GH¢26 million debt owed to the Electricity Company of Ghana, a citinewsroom.com report has said. According to the ECG, the huge sum is an accumulation of unpaid power bills covering several months. The report noted that although TOR had paid about GH¢5 million of the total debt last week, the management of the refinery failed to settle the outstanding debt as scheduled. The ECG taskforce were said to have taken the entire facility off the national power grid and have since served…

16 Nov

TOR Yet To Process Crude; 8months After New MD, Board Appointment

wontumionlineBusinessTema Oil Refinery, TOR

The Tema Oil Refinery (TOR) is yet to resume processing crude oil, eight months after a new Managing Director and Board were appointed. Jerry K. Hinson, its current Managing Director and board of directors were appointed on March 2, 2022, but eight months on, the Institute for Energy Policies and Research (INSTEPR), an energy think-tank, says the situation is becoming worrying as the refinery is yet to resume operations or even chart a pathway to restart operations. “The question on the minds of most Ghanaians is, why is Tema Oil Refinery not working? In recent months there have been over 150…

10 Nov

Former TOR Boss And Ex-Goldman Banker Asante Berko Arrested Over Alleged Ghana Bribery Scheme

wontumionlineNewsAsante Berko, Tema Oil Refinery, TOR

Former Goldman Sachs Group Inc. banker Asante Berko was arrested on charges that he orchestrated bribes to Ghanaian officials while employed at the investment bank. A six-count August 2020 indictment unsealed last week in federal court in Brooklyn, New York, accuses Berko of conspiring with at least two Ghanaian officials and four others in a bribery scheme that benefited Goldman, himself and a Turkish energy company that sought to build a power plant in Ghana. The unsealing was timed with Berko’s arrest last week at London’s Heathrow Airport, a person familiar with the matter said. The unsealing was timed with…