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Business & Finance | Dec 22, 2004

TOR in Epoch-Making Project

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Ghana is taking a major step in its effort to play a key role in the distribution of petroleum products within the sub-region, with the construction of crude and products offloading facility for the Tema Oil Refinery (TOR) and private organisations.

The two-tier project, which will be completed in June next year, will provide new crude oil on loading facilities with capacity for a 150,000 ton ship. They are being built 6.5 kilometeres offshore of Kpone Katamanso, near Tema, to link the refinery.

The construction is being undertaken on a build, operate and transfer (BOT) basis by a Dutch construction company, Trafigura Construction Limited.

Mr. Kwaku Bediako, the Managing Director of Chase Petroleum, representatives of Trafigura Construction Limited, conducted newsmen round the project recently.

He said the project, which is part of the government's plan to deregulate the petroleum industry, would enable importers to plan their imports effectively.

Mr. Bediako stated that Ghana did not have to wait to strike oil before benefiting from the industry and commended the government for taking the decision to construct the facility.

Mr. Yiannis Kontonis, an engineer with Trafigura Construction Limited, noted that the BOT basis on which the project was being constructed would enable the government to eventually own the project without incurring any cost.

He said currently, the company was laying the 15.5 kilometre onshore pipeline from the coast to TOR and expressed the hope that that phase of the project would be completed in February next year.

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