TOR partners private investor to revamp operations

The Tema Oil Refinery (TOR) says it is in negotiation with a private investor, Decimal Capital Ltd, to refine crude oil in Ghana.

This, according to the refinery, will boost the local supply of refined oil products and help stabilise the cedi in the face of current international oil market crisis.

Decimal Capital Ltd is expected to provide funding to re-tool TOR to refine forty-five thousand barrels per day in the refinery’s first phase of operations.

Below is the full statement from the Refinery

The Government of Ghana, through the Ministry of Energy, has given TOR the go-ahead to negotiate a lease agreement to refine crude oil with a private investor, Decimal Capital Ltd., whose proposal emerged as the most appropriate to meet the needs of the Refinery among the host of proposals that were presented.

This is expected to boost the local supply of refined oil products and help stabilize the Ghana Cedi, in the lace of the ongoing international oil market crisis.

The investment partner is expected to provide funding for a first phase, which will bring the Crude Distillation Unit (CDU) of TOR back on stream to refine about 45,000 barrels per day in the next few months.