By Iddi Yire, GNA
Accra, Oct. 26, GNA – Mr Edmond Kombat, the Managing Director of Tema Oil Refinery Limited (TOR) has disclosed that the Refinery’s Crude Distillation Unit (CDU) turnaround was funded from the Company’s internally generated funds, without central government funding for the repair works.
Mr Kombat made the disclosure in his remarks at the Government Accountability Series Press Conference held at the Presidency in Accra.
He said in 10 months of the National Democratic Congress’ (NDC) return to office, TOR had resumed refining, cleared the audit backlog, returned to profit before tax, received five one-million-barrel crude cargoes including Ghanaian Indigenous Jubilee Crude, and a further 950,000-barrel Sankofa cargo, and had its refurbished CDU commissioned by the President.
He said restoring TOR was a pledge President John Dramani Mahama made to Ghanaians, and the pledge had been fulfilled.
“The record in contrast; the two periods can be set side by side. When the NDC handed over in January 2017, debt had been halved to about $300 million, about five million barrels had been processed, crude was in storage and Ghanaian crude had been delivered for refining,” Mr Kombat said.
He noted that by the end of 2024, losses stood at about GH¢10 billion, debt had risen to about $517 million, the Crude Distillation Unit had been idle since 2021, the RFCC since 2019, six years of accounts were unaudited, creditors were unpaid and staff morale had gone.
“We do not claim the work is finished. The refinery’s throughput stands at about 28,000 barrels a day,” he stated.
“Engineers from Verga Engineering are currently on site with TOR’s technical team to increase the throughput to between 45,000bpsd to 55,000bpsd. Once completed, the refinery will be able to operate at its nameplate capacity of 45,000bpsd to 55,000bpsd.”
He noted that they also remained focused on addressing TOR’s legacy obligations and sustaining the progress made so far.
GNA
Edited by Linda Asante Agyei