Turn Round Fortunes Of TOR – Energy Minister Tasks Reconstituted Board At Inauguration

Energy Minister, Dr. Matthew Opoku Prempeh, on Tuesday March, 26, 2024 , inaugurated the reconstituted Board of Directors of the Tema Oil Refinery (TOR) with a call on them to work to revive the fortunes of the company.

He expressed concern that in spite of several interventions in the past, TOR seems to remain in distress, adding, “this cannot, and must not continue.”

He, therefore, charged the 11-member board to use their good offices to champion the drive to bring in new strategic partners to help make the company viable and responsive to the challenges and opportunities of our time.

Membership
The Board is chaired by Mr. Leon Kendon Appenteng. Other members include Mr. Kofi Mocumbi Tagoe, who is the Managing Director, Dr. Antoinette Tsiboe-Darko, Mrs. Edith Sapara Grant and Nana Akua Bakoma Prempeh. The rest are Mrs. Loraine Crabbe Ababio, Mr. Alfred Thompson, Mr. Joseph Mensah Browne, Mr. Kwame Baffoe and Mr. Herbert Ato Morrisson.

History
Taking a look at the history of TOR, the Minister said, “The Tema Oil Refinery has a longstanding and chequered history that I am sure we are all familiar with. “Indeed, two years ago this month, I had the duty of inaugurating a substantive board after an Interim Management Committee had replaced an earlier substantive board.”

Demand
Dr Opoku Prempeh, popularly called Napo, stated: “There is enough demand in the country for what TOR’s core mandate stands for. On that score, he urged the board to see new entrants into the market more as your collaborators than your competitors.“

He added: “In that process, I urge you to be mindful that demand is not stagnant, and TOR must work towards becoming a viable player in this industry and to take advantage of the demand for your services.  The Minister also urged TOR to make it a deliberate effort to ensure that it becomes a modern-day 21st century organization centered on profit making as state-owned company supporting the government of the day.”

Background
The Tema Oil Refinery, which used to refine 45,000 barrels of crude oil a day, has been going through challenges for many years now. Several efforts to revive the company have been unsuccessful. At the recent inauguration of the Sentuo Oil Refinery in Tema, owned by the Chinese firm Sentuo Group, President Akufo-Addo highlighted ongoing efforts towards the complete revitalisation of the TOR.