TOR needs capital, technology and expertise to scale production to 100,000 barrels daily – Analyst

Energy analyst Benjamin Nsiah stated that the Tema Oil Refinery (TOR) could potentially increase its daily production capacity to 100,000 barrels, but only with the help of strategic partners who can provide the necessary capital, technology and expertise. Nsiah made these remarks during an interview on JoyNews’ The Pulse on August 3, expressing that achieving this target is feasible in the medium term as long as the refinery attracts investors with the required resources and capabilities.

However, he noted that TOR presently faces financial challenges that might hamper its ability to fund the expansion independently, emphasizing the importance of partnerships for its success. The analyst suggested that the government would likely engage both local and international investors capable of partnering with TOR to pursue this project.

Additionally, Nsiah highlighted the need for Ghana to revise its petroleum pricing system, as the country currently depends on international benchmark prices. Establishing domestic benchmark prices, he argued, could foster transparency, fairness, and competitiveness, potentially lowering the cost of petroleum products for consumers.

Expanding TOR's capacity could yield broader economic benefits, including job creation, industrial growth, and positive macroeconomic impacts, potentially benefiting the overall economy of Ghana.