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Tuesday, March 11, 2014
Tema Oil Refinery (TOR) could get an infusion in investment as it is close to signing a JV agreement with PetroSaudi International. According to the Ghanaian president, John Mahama, the deal is expected to close soon. The terms of the deal were not disclosed.
Ghana’s sole refinery has been under funded for a number of years and the 45,000 facility has seen a shut down after shut down due to lack of funds to procure crude for processing.
“A joint venture agreement between TOR and PetroSaudi is being finalized to revamp the operations of our refinery. This will reduce the huge amount of foreign exchange spent on importing finished products,” Mahama said in his state of the union address to parliament near the end of February.
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