Three companies to set up
Export-Oriented Refineries in Ghana
Accra, Nov. 22, GNA - Government has signed a
Memorandum of Understanding with three strategic
foreign investors for the establishment of an Export
Oriented Refineries in the country.
The establishment of the refineries would break the
Tema Oil Refinery’s (TOR) monopoly in the country
and encourage the processing and exportation of
petroleum products to other countries.
By law however, it would be required that at least
30 percent of total production were meant for the
Ghanaian market.
Mr Appeagyei Gyamfi, Director of Petroleum at the
Ministry of Energy who told the Ghana News Agency
last Tuesday during a visit by European Union
Ambassadors in the country said various sites have
already been acquired for the investors in the
Western and Central Regions.
He named the three companies as: Arabian Gulf Oil
Limited (AGOL), Eldago International Limited, from
Croatia, and Lady D. Choice Company from the United
States of America.
Mr Gyamfi said each company was expected to generate
about 200,000 barrels of petroleum products per day.
AGOL, to be stationed in Takoradi Western Region, he
said, had started working on the design and would
commence designation of marine facilities soon
before moving into actual construction of the
refinery.
The other two are still finalising their
arrangements.
Mr Gyamfi said the arrival would inject competition
into the oil business in the country and enable TOR
to be efficient and better placed in the industry.
Meanwhile, government's plan to privatise TOR was
still on course.
Mr Joseph Adda, Minister of Energy, during a tour to
TOR with the EU Ambassadors hinted that the idea to
privatise the company formed part of government's
policy to reform the energy sector in the country.
He said it would place TOR at the level where it
would effectively compete with the other refineries.
Mr Adda said even though no concrete decision had
been taken on the form of share participation in
TOR, government was going to ease itself and allow
the private sector to take over.
The EU Ambassadors led by Mr Peter Linder from
Germany, visited the Energy Ministry, the TOR and
the VRA at Akosombo to be abreast be with their
operations.
GNA
