Ghana replaces seventh head of its sole oil refinery
Ghana’s President John Mahama has replaced the head of the Tema Oil Refinery (TOR) for the seventh time in ten years, as part of moves to save the cash-strapped plant.
The 45,000 barrels per day plant has suffered several shutdowns in recent times due to lack of funding. The latest was in April, which the company attributed to unstable power supply and delays in maintenance works.
The plant, which is the only refinery authorised to process crude oil and market petroleum products in the West African country, is reported to be indebted to a tune of Ghc400 million ($91 million). The amount reportedly consist of loans secured for the construction of tanks, outstanding loans owed GCB Bank, the Volta River Authority, and the Nigerian National Petroleum Corporation (NNPC).
Mahama replaced Dr. Alphone Kwao Dorcoo with Kingsley Awuah-Darko, an astute businessman who currently runs Bulk Oil Storage and Transportation Company for the State.
Ghana produces 100,000 of crude per day, which is processed by TOR Limited, the only refinery authorized to do so. Petroleum products marketing is also exclusive to TOR. Ghana also imports oil for domestic consumption.
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