TOR resumes operations

The Tema Oil Refinery (TOR) has finally resumed operations after shutting down for almost a year due some serious funding challenges.

Joy Business is learning that the refinery formally resumed operations last week after several test runs to ensure equipment are in good condition.

But is this resumption in operation by TOR sustainable? For some it is a matter of time, looking at the fact there have instances that TOR has gone down after few months of resuming operations.

TOR is said to be to working on about a million barrels of crude oil this month, which analysts believe to could translate to about 40 percent of product supply on the market.

Sources say an agreement has been reached between TOR, importers of petroleum products and oil marketing companies to supply these products to them.

Joy Business is also learning TOR’s products could be released onto the market from next week, a move that could help the country save some dollars on importation of finished petroleum products.

This is because it is believed that it is a little bit expensive import finished products, compared to crude oil in the country.

The country last year spent a little over 2 billion dollars to import petroleum products.

With TOR now in full operation, plus the country’s strategic reserves at BOST it is believed by that recent challenges with the continuous supply of petroleum products could be a thing of the past.

Meanwhile management of TOR and BOST are said to be working to clear the refinery's 650 million dollars indebtedness.