Ghana and PetroSaudi International eye refinery joint venture

refinery ghana-Tim Neumann sxc.huGhana is close to signing a joint venture agreement with PetroSaudi International for the revival of its only refinery — Tema Oil Refinery (TOR)

The 45,000 bpd plant has been repeatedly shut in the last four years, often due to a lack of funds to procure crude for processing.

John Mahama, Ghanaian President, said, “A joint venture agreement between TOR and PetroSaudi is being finalised to revamp the operations of our refinery. This will reduce the huge amount of foreign exchange spent on importing finished products.”

Ghana is reportedly one of Africa’s newest crude exporters after starting production from its offshore Jubilee field in late 2010. Oil production has become a major source of government revenue and foreign exchange, making Ghana one of the world’s fastest growing economies in Africa.

The current output stands at around 100,000 bpd, industry sources said.

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