The Tema Oil Refinery (TOR) has secured $37 million for the second phase of it plant maintenance and retooling project.
The project will see the country’s oil refinery managed by Saudi Arabia oil giants PetroSaudi.
Public Relations Manager of TOR Aba Lokko confirmed on January ,7 that the amount will be used to up firm’s operations.
“The turnaround maintenance cannot be done without that money,” Ms Lokko noted.
“So, it is imperative that we get that money because that will position us to sustain the takeoff that we presently have and I have been assured that the money is almost here.”
A new company, TOR-PS, has been formed from the joint venture to solely procure crude oil and sell the finished product. While it will control 49 per cent of stakes, government will manage 51 per cent.
Ms Lokko said discussions are currently ongoing on the partnership agreement, which is expected to be tabled before Parliament for review and approval.
“What is basically ongoing is that the contracts that will govern this joint venture are being discussed. Reviewing and eventually the agreement will land in Parliament which will be discussed and we will take off from there.”
Source: TV3 network