Authorities seeks strategic companion for TOR | Normal information
Discussions have reached a sophisticated stage to safe a strategic companion for the Tema Oil Refinery (TOR).
Power Minister Dr Matthew Opoku Prempeh stated the partnership seeks to leverage TOR’s expert workforce, technical experience and huge infrastructure to function profitably.
Dr Opoku Prempeh instructed TOR staff throughout a familiarization go to to the refinery final Thursday that the corporate’s fortunes could be reversed as soon as talks are concluded and the corporate recapitalized.
The minister stated the intervention would additionally goal to extend the capability of the refinery to round 100,000 barrels of crude oil per day.
At present, the refinery has the capability to course of roughly 45,000 barrels of crude oil per day.
As well as, he defined that the partnership would be certain that TOR is properly outfitted to serve the native market and export to neighboring nations.
“We’re working on this route and I guarantee you that it’s going to occur very quickly. It takes time, sure, however that is as a result of we now have to discover a good investor who will come and develop TOR, to not kill it, ”Dr Opoku Prempeh talked about.
He additionally stated he had initiated discussions with the Nationwide Curiosity and Governance Authority to discover attainable methods to recapitalize the refinery, in addition to discovering a strategic companion.
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Dr Opoku Prempeh stated the ministry will do every part attainable to assist TOR return to its wonderful previous and have the ability to defend current jobs, whereas creating new ones.
He pledged to work with TOR staff to make the corporate the primary refinery in Africa.
He stated he was totally conscious of the endemic challenges dealing with the refinery and added that he resolved that the nationwide crude oil processor wouldn’t be dismembered underneath the regime of President Nana Addo Dankwa Akufo-Addo, who l ‘named.
He stated the go to adopted a gathering he held with unionized TOR employees, during which numerous issues concerning the fortunes of the refinery had been raised, necessitating the necessity to deal with staff with their route.
He stated this was mandatory to deal with refinery over-indebtedness and to make it extra appreciated by traders.
Dr Opoku Prempeh stated it was painful that the nationwide refinery was challenged on a number of fronts, together with racking up legacy debt and working inefficiently with low morale employees.
He stated that when the initiatives he was pursuing started to take form, these difficulties would finish and the refinery could be in a greater place to ship actual worth to the state.
He challenged employees to do their finest to show the state of affairs across the firm and warned that the federal government wouldn’t hesitate to take motion towards administration and union members whose actions and inaction would jeopardize the harmonious relaunch of the corporate.
“It’s not the union’s responsibility to say who manages the TOR. It’s as much as the leaders to ensure that the corporate is worthwhile, and if they don’t seem to be in a position to take action, the shareholder has the correct to take motion towards them. As the federal government is the only real shareholder, I can guarantee you that it’s going to not be troublesome, ”stated the Minister of Power.
TOR Normal Supervisor Mr. Francis Adu Tutu Boateng congratulated the Minister on his go to and guaranteed him that the administration would do their finest to assist flip across the fortunes of the corporate.
He stated the go to boosted employees and administration morale and expressed confidence that TOR would assist the minister in making his concepts a actuality.
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