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TOR Undergoes $200m Expansion Programme |
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With the discovery of oil in the country, the Tema Oil Refinery (TOR) is set to undergo a $200 million expansion programme.
This is expected to increase TOR’s production to 145,000 barrels a day, from the present 45,000 barrels. |
According to the Managing Director, Dr Kofi Kodua Sarpong, the project is expected to begin later in the year and be completed in two years.
Dr. Sarpong disclosed this when he interacted with some journalists last week during a lecture.
The lecture was organized by the Tema Chapter of the Kwame Nkrumah University of Science and Technology for its alumni in the port city.
On completion, Dr Sarpong said, the refinery would consider the production of bitumen and other petro-chemicals, in addition to petrol, liquefied petroleum gas, diesel and kerosene.
He denied reports that petrol consumption in Ghana had reduced drastically because of price hikes, saying it had rather stabilized.
Dr Sarpong noted that the price of petrol had become a disincentive to smugglers, who were ferrying fuel across the borders and that their illicit activities had ceased.
In his presentation at the lecture, Dr Sarpong cautioned that in the wake of Ghana's oil find, the government should guard against concentrating its attention on petroleum alone to the neglect of other sources of revenue.
He advised that resources generated from the oil should be channeled into the revamping of national industries to boost the economy and create jobs.
The oil find, he warned, would rather become a curse rather than a blessing if not managed properly to develop the entire nation.
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