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    Posted February 23, 2015 by
    JakeFlush

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    Ghana: Tema Oil Refinery to resume production after Petrosaudi agreement

     
    After nearly five years of low and intermittent activities, Tema Oil Refinery resumes its production in 2015. A joint venture between TOR and Saudi businessman Tarek Obaid’s Petrosaudi which gave birth to the newly founded entity TOR-PS has allowed the refinery to secure funds

    TOR-PS will own 49% of the refinery, while 51% will remain under the control of the government.

    The interested parties have been negotiating the terms of the agreement for several months, and the news that they had reached an understanding and that production was to be resumed was warmly welcomed by national media outlets and political leaders. Indeed the refinery’s suboptimal process management and its inability to secure funds to purchase the necessary crude oil meant that most of the country’s oil had to be imported, effectively forcing a heavy premium on the national economy and important loss of potential earnings affecting the country’s GDP.

    Today, as explained by the Ministry of Energy and Petroleum, Tarek Obaid and Petrosaudi have the ability to secure major agreements with financial partners in order to maintain a steady and reliable output.

    TOR had been pressing president Mahama to help find a solution to their problem. The arrival of Tarek Obaid’s Petrosaudi is received as an answer to this call and all local stakeholders are hoping this will set the refinery on a new and successful course.
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