950,000 barrels of Sankofa crude head to TOR as GNPC deepens domestic refining

The Ghana National Petroleum Corporation (GNPC) recently supplied around 950,000 barrels of Sankofa crude oil to the Tema Oil Refinery (TOR), strengthening the connection between Ghana's oil production and domestic refining. The shipment arrived at TOR via the vessel Sonangol Cazenga, following a commercial agreement between the two state entities.

This significant milestone was confirmed by a joint inspection by GNPC CEO Kwame Ntow Amoah and TOR Managing Director Edmond Kombat. The transaction offers GNPC a dependable domestic market for its crude oil and supports efforts to process more of the country's petroleum resources locally. GNPC's Chief Executive emphasized that this arrangement aligns with President Akufo-Addo's vision of strengthening ties between the upstream and downstream petroleum sectors, ultimately benefiting Ghana's economy by retaining more value from the country's resources.

Mr. Amoah highlighted the transaction as more than a mere business deal, but rather an opportunity to process the Sankofa crude in Ghana, thus creating value within the local petroleum industry. He also mentioned that GNPC currently holds approximately eight to ten such crude cargoes annually, with increased production expected to potentially supply more to TOR in the future.

TOR's Managing Director, Edmond Kombat, confirmed the payment of the Sankofa cargo through a Letter of Credit, ensuring no debt involvement. He described the crude as light and sweet, suitable for producing various products including gasoline, gas oil, aviation fuel, and LPG. Discussions are underway between GNPC and TOR to explore further collaboration, such as providing natural gas to support refinery operations.

Mr. Amoah expressed optimism that this partnership will continue to grow stronger, highlighting the potential for expanded collaboration as Ghana's upstream production increases.