The Tema Oil Refinery (TOR) has finally resumed operations after shutting down for almost a year due some serious funding challenges.
The refinery formally resumed operations last week after several test runs to ensure equipment are in good condition.
TOR is said to be to working on about a million barrels of crude oil this month, which analysts believe could translate to about 40% of product supply on the market.
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 to import finished products, compared to crude oil in the country.
The country last year spent a little over $2 billion to import petroleum products. With TOR now in full operation and the country’s strategic reserves at BOST, it is believed that the recent challenges with the continuous supply of petroleum products could be a thing of the past.