The Taking care of Director of the Tema Oil Refinery (TOR), Isaac Osei, has designed a strong case for a share of crude oil manufactured in the nation to be specified to the state-owned refinery to system into final products for domestic intake.
He mentioned undertaking that would make TOR practical, vivid and strategically positioned to enable realise President Nana Addo Dankwa Akufo-Addo’s vision of setting up a Ghana Past Help — an financial state that is self-sustaining and non-reliant on support from companions.
He more known as for strong synergies concerning the upstream and the downstream sectors to make certain that TOR was nicely outfitted and supported with products to wean the region off its big dependence on imported refined products and solutions, a important deliverable of the Ghana Beyond Support agenda.
He explained Ghanaians would better take pleasure in the true positive aspects of Ghana as an oil producer when a percentage of locally manufactured crude oil was refined by the state-owned refinery.
The TOR MD was talking at a unique panel set with each other by the Ministry of Electricity to focus on issues affecting Ghana’s power sector.
It was on the sidelines of the not too long ago concluded Offshore Technologies Conference in Houston, Texas.
Touching on the significant roles performed by both equally the upstream and the downstream sectors, Ghana’s previous High Commissioner to the United kingdom and Ambassador to Eire mentioned the existing predicament where by Ghana marketed all its crude oil on the worldwide industry, while the nationwide refiner shopped all around for crude oil to refine into finished solutions, still left a lot to be ideal.
That, he claimed, did not necessarily gave Ghanaians the self confidence and the exhilaration they were meant to have in the truth that Ghana was now a crude oil producer.
“For several Ghanaians, this is a paradox that the government has to resolve,” he said.
“Ghana has learned crude oil in commercial quantities and this ought to translate into the point out refiner getting furnished a part of this kind of crude as its feed stock.
“The people of Ghana and the govt as a complete will gain a great offer and the government’s agenda of a Ghana Past Assist will be specified an additional increase if the ideal buildings are put in place and TOR is manufactured to refine regional crude oil from the Tweneboa-Enyera-Ntomme (Ten), the Jubilee and or the Sankofa fields as feed inventory,” he claimed.
He discussed that TOR had, in the earlier, refined crude oil from 10, incorporating that it “gave us fantastic yields in conditions of completed products”.
“So refining crude oil from the Jubilee and the Sankofa fields ought to not be a issue for TOR.
The TOR crops are developed to course of action light sweet crude oil and the oil from all these fields is light-weight sweet,” he reported.
Really should TOR be provided domestically developed crude to approach, the MD explained, it would “ensure electrical power solution safety on the Ghanaian market”.
He said it would also “boost the self-assurance of Ghanaians, in that the country is incorporating benefit to its possess resources”.
Mr Osei, nonetheless, pointed out that he was not oblivious of the financial implications of giving domestically generated crude to TOR to system.
He thus suggested that a nicely-structured monetary model need to be put in location by the federal government and its strategic partners to support these types of a go.