Gov't considers joint venture arrangement to revive TOR

Government is considering a joint venture arrangement with Petro Saudi to revive the ailing Tema Oil Refinery.

The refinery’s Crude Distillation Unit (CDU) plant was shutdown in 2011 due to TOR’s inability to obtain letters of credit (LCs) from its bankers to purchase crude oil for production, Deputy Energy Minister, John Jinapor told Parliament on Thursday.

Starr FM’s Parliamentary correspondent, Kobby Gomez reported that Jinapor told Parliamentarians Thursday, that the joint venture arrangement with Petro Saudi would fix the inefficiencies and ensure consistent supply of Crude oil.

Junior staff of the Tema Oil Refinery, in July this year appealed to President John Mahama to save the refinery from collapse.

According to them, the refinery is bleeding with a daily loss of GH?350,000 due to the shutdown.