You are here: HomeBusiness2021 05 26Article 1270777

Business News of Wednesday, 26 May 2021


Tema Oil Refinery not on the verge of collapse – Management refutes claims

A photo of the Tema Oil Refinery A photo of the Tema Oil Refinery

• TOR has not been operational for a while now

• However, it has not been shut down, management has said

• Management said strategic means are being put in place to revamp the Refinery

On the back of allegations that the Ghana Water Company (GWCL) cut water supply to the Tema Oil Refinery (TOR) because of their inability to pay an accumulated debt of GH¢4million, TOR has refuted the claims.

According to the managers of the Refinery, TOR is not on the verge of shutdown as circulated on social media; adding that the company is at the moment taking strategic measures to ensure that the oil refinery bounces back to be more effectively and efficiently.

TOR in a statement sighted by GhanaWeb stated that several potential investors and partners have in recent times expressed their interest in either partnering TOR or providing funds for the revitalization and expansion of the Refinery.

The statement said, “We wish to refute what is recently being circulated in the media to suggest that TOR is on the verge of shutdown. Such publications from anonymous sources create an unwarranted negative impression of the organization and hinder the progress of our revitalization and expansion plans as well as the business operations at large.”

“TOR is not on the verge of shutdown, but has rather been positioned for its effective turnaround and revitalization through the support of its shareholder,” part of it read.

Ghana's only oil refinery, TOR has not been operational for some time now due to the several challenges it is fraught it.

The Energy Minister, Dr Matthew Opoku Prempeh during his tour to the Refinery said the government is committed to ensuring that the Tema Oil Refinery is refurbished to get back to business.