Oil, Oil but No Space To Store

The Tema Oil Refinery (TOR) has turned down offers from six companies to lift crude oil from Nigeria because of inadequate storage facility.

A dependable source at TOR who disclosed this to “Times” yesterday declined to name the companies.

The source explained that TOR currently had adequate oil stocks. Indeed, it said the arrangement to create storage space for the discharge of the first consignment of 500,000 barrels of crude from Nigeria on MT Vergina which has docked at Tema since December 16.

The source said another consignment of 450,000 barrels is expected on December 26 which will bring the total consignment to 950,000 barrels.

The source said due to TOR indebtedness the government had reached an agreement with Nigeria for the supply of 950,000 barrels of crude monthly on government to government basis.

On January 8, 2010, 500,000 barrels from Nigeria would arrive with the second consignment of 450,000 expected on January 20.

Another 1,000,000 barrels of crude oil from Libya, at government to government level, is also expected on January 25, 2010.