Minister for Finance, Ken Ofori-Atta has disclosed that the Tema Oil Refinery (TOR) will be in full swing by the first quarter of 2018 after it shut down early this year.
TOR was shut down after an explosion damaged its major components in January resulting in its closure that saw Ghana importing most of its refined petroleum.
Addressing the 3rd Aliu Mahama Memorial Lecture on Wednesday, 6 December 2017, the minister said the facility is coming on stream next year to help expand Ghana’s petrochemical sector.
“I’m happy to say that things are changing and latest by the first-quarter of 2018, we expect Tema Oil Refinery to run continuously again. The strategic goal is to engage local and international partners to significantly expand this refining and storage capacity. TOR has a strategic role in our petrochemical industry as it can provide a platform for the development of other related industries. Leveraging Ghana’s resources requires a focus strategy that targets the benefits of specific fuels to drive growth,” Mr Ofori-Atta explained.
Reiterating government’s commitment to strengthening the Energy sector, Mr. Ofori-Atta noted that the Akufo-addo government will facilitate “the setting up of a multi-billion dollar gas feedstock industrial estate in the Nzema area” to produce methanol, ammonia, urea and natural gas liquids which is expected to feed the oil and gas industry both in Ghana and Cote d’Ivoire.