We should not lose TOR – Opoku Prempeh

The minister-designate for Energy, Dr. Matthew Opoku-Prempeh, has expressed worry about the dwindling fortunes of the Tema Oil Refinery, in supporting the oil and gas industry of the country.

The TOR has been facing challenges in the areas of poor infrastructure, lack of capital, the weak local currency, and a general inefficiency in production.

This has also largely been blamed on the lack of maintenance culture, and government’s interruption in paying of under-recoveries.

But, answering a question on how he intends to handle all the challenges that are facing the refinery during his vetting at Parliament's Appointments Committee on Friday, February 12, 2021, Dr. Opoku-Prempeh stated that it will not be right to completely lose TOR.

He believes that with the introduction of partnerships from other refineries into the country, among other things, the TOR can be revived to take up its rightful place in the oil and gas sector.

“We need, as a country, to only know one thing. Since the Fourth Republic, every president has talked about value addition of our natural resources. It just so happens that the last natural resource that the good Lord gave us, which is oil, we already have a refinery to be able to add value. Interestingly, since we started mining oil commercially, the refinery seems to be losing its ability to do its work.

“So, we should collectively, apart from the debt overhung, which is nearly about a quarter of a billion, decide that we don’t want to lose TOR. We have to find the right partnerships, managerial infrastructure, equipment to enable TOR to work, and also invite other refineries into the system to make it even better,” he said.

Also, he lamented the plight of the refinery in the collection of debts owed them, as well as debts it also owes other businesses, a situation he believes is a threat to the overall business of the TOR.

“People owe them and they are not able to collect. They also owe people who are on their necks, trying to even take part of the business, so we need to collectively meet and settle these impasses,” he stressed.

The nominee is the immediate past Minister for Education under whose tenure the government’s Free Senior High School policy was rolled out.