GNPC set to sell crude oil to Tema Oil Refinery (TOR)
The Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) Alex Mould has stated that the corporation is ready to offload crude oil to the Tema Oil Refinery (TOR) if it has the financial guarantee.
According to him, Ghana’s Petroleum laws will not allow the sale of the product without reliable financial guarantee to pay for the oil.“The refinery has been neglected for some time. It requires financial instrument as a guarantee before we can give them oil. The law is firm on that; I think we must give them some time. They are still working on the refinery,” he said.
Mr. Mould stressed that the practice is a global procedure aimed at enhancing transparency and accountability in the petroleum industry.
“You are aware that GNPC has partners in the industry. The corporation does not undertake transactions unilaterally. So once the refinery is in a position to buy and pay, we will offload the product to them,”
Mr. Mould who spoke to Citi Business News at the sidelines of a press soiree organized by Tullow Oil Ghana Limited on the commencement of oil production at the Tweneboa Enyenra Ntomme (TEN) field maintained that TOR has the capacity in the near future to build its balance sheet to procure large quantity of crude.“I think we must give the refinery some time. Like I said it has been neglected for a long time and it is now showing some positive signs. I believe it will very soon build the capacity to acquire large volume of crude,” he stressed.
Source: Ghana National Petroleum Corporation (GNPC)
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