Tema Oil Refinery Archives

29 Jan

President Commissions $2Bn Sentuo Oil Refinery In Tema

Wontumi1BusinessTema 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…

We’re Just Poised To Revive TOR – Board Chair Says Torentco Deal Clean

Wontumi2BusinessTema Oil Refinery, Torentco deal

The proposed leasing of the assets of Tema Oil Refinery to Torentco Asset Management Limited (TAML), which has been renamed as Tema Energy and Processing Limited (TEPL), is a clean deal, Board Chairman David Amoakomhas said. Both the Attorney General and Office of the Special Prosecutor have raised issues with the deal following petitions from the union. In a letter dated November 21, 2023, addressed to the Managing Director of TOR, Daniel Osei Appiah, the OSP said: "It has commenced an analysis of the risk of corruption in respect of the proposed partnership”. The Office thus directed TOR to furnish…

Why TOR Urgently Needs A Strategic Partner – Report

Wontumi1BusinessTema 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…