TOR secures partnership to support its operations
The Tema Oil Refinery has announced that it is close to securing a strategic partner to support its operations.
It indicated plans to totally shut down due to some challenges. But the refinery has also announced that it concluded a fresh deal with a partner for the supply of crude oil for processing from next month subject to completing current maintenance works.
On the debt, the refinery says that progress have been made with the help of government and some investors to significantly reduce the debts which stands presently at 400 million dollars.
According to a report sighted on the website of TOR, special arrangements with British Petroleum were started in 2018 to help revamp TOR’s operations.
TOR has taken delivery of 947,000 barrels (bbls) of Bonny Light Crude Oil. The Hydroskimming Unit has begun processing the crude oil into finished petroleum products.
Meanwhile, TOR shut down its operations again five months after it began operations.
TOR attributes the shutdown of the unit used in working on the residual fuel to unstable power supply and delays in carrying out maintenance works on the Residue Fluid Catalytic Cracking unit, used in working on residual fuel at the plant.
Director of Communications at TOR, Aba Lokko, said she was hopeful the situation will improve soon, as management is working to secure some credit from the Ministry of Finance.
The development could have implications on current supply of products on the market as TOR current supplies about 30 percent of the petroleum products at current capacity.
TOR recently started operations after receiving some barrels of crude oil last year.