The Tema Oil Refinery (TOR) is in talks with Saudi Aramco of the Kingdom of Saudi Arabia to help it (TOR) refine more barrels of crude oil daily. The discussion between TOR and Saudi Aramco which is at the final stage is to get TOR to a level where it will become self-sufficient; not to rely on government subvention every now and then.
Joseph Kwadwo Asenso, Head of Energy, Oil and Gas Unit of the Ministry of Finance says Tema Oil Refinery (TOR) is expected to refine more than 60,000 barrels of crude oil daily after it has concluded its strategic partnership talks with Saudi Aramco of the Kingdom of Saudi Arabia.
“The current refinery capacity of TOR is 45,000 barrels per day, we are targeting 60,000 barrels a day and beyond. Now TOR is in a discussion with Saudi Aramco to help get us there. It has not been finalised so I cannot tell when they will come on board. But discussions are ongoing,” Asenso said.
He said the increased revenue from the oil sector supported the country’s economy adding that Ghana has not reached a stage where the country would be solely dependent on oil revenue.
Asenso said of the 102,000 barrels produced daily by oil companies in the country, the country got only 17% from the oil produced with the exclusion of corporate taxes adding that the drop in the price of oil had reduced the estimated oil revenue for 2015 significantly.
Saudi Aramco, officially the Saudi Aramco Oil Company, most popularly known as Aramco, is a Saudi Arabian national petroleum and natural gas company based in Dhahran, Saudi Arabia.