No Result
View All Result
Wednesday, June 7, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana is the best destination for investment in West Africa – Bawumia

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

    WTO Chief urges African governments to increase trade, agric investment

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Citi Business Festival 2023: Takeaways from reimagining digital economy forum

    Citi Business Festival: Techgulf CEO cautions of AI’s intrusive power, calls for urgent digital education

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

  • TECHNOLOGY

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana is the best destination for investment in West Africa – Bawumia

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    Ghana sends debt restructuring proposal to official creditors

    IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

    WTO Chief urges African governments to increase trade, agric investment

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Citi Business Festival 2023: Takeaways from reimagining digital economy forum

    Citi Business Festival: Techgulf CEO cautions of AI’s intrusive power, calls for urgent digital education

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

  • TECHNOLOGY

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

IES sceptical about feasibility of planned Petroleum Hub

byMichael Ogbodu
November 12, 2020
in Government, Local Economy, News, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The Institute for Energy Security (IES) says for government to succeed with its plans of establishing a Petroleum Hub in the Western Region, it is imperative that it gets the Tema Oil Refinery (TOR) back on its feet.

Speaking to Citi Business News, Executive Director of the Institute of Energy Security, Nana Amoasi VII, indicated that in as much as his outfit welcomes the plan of a petroleum hub, it believes fixing TOR is a crucial building block for such a venture.

He stated that, “in Ghana today, we have one of the largest oil storage capacity. Talk of Tema Oil Refinery, talk of BOST. We have a refinery that can work, and we have fields that we produce from, why can’t we tie all these streams into one, so we get our oil from offshore Ghana in deep waters and shallow waters and bring it to Tema Oil Refinery and then give it to BOST to store. We have Tema closer to many countries around West Africa. So creating a Petroleum Hub is something that will fit in but go and look for a green land like the Western Region and say you are starting this program requiring more than 60 billion dollars to create the hub with government injecting just about 10 percent of it is quite a huge thing. We believe at IES we can bite small and chew more as we go. Tema Oil Refinery and BOST should be the central focus of this hub. If we can reposition TOR, make it profitable and make it work, we are starting from somewhere. So we believe in the hub but the way they are going about it, we don’t think it will work,” he said.

ADVERTISEMENT

TOR’s operations have been inconsistent with the frequent shutdown of the processing plants mainly due to lack of capital to procure crude oil on a continuous basis.

Staff of the company earlier embarked on a protest demanding the dissolution of their board over allegations of incompetence.

Parliament recently passed the Petroleum Hub Development Corporation Bill, 2020, a project estimated at about 60 million dollars.

The project will involve the development of facilities such as refineries, port terminal facilities, storage facilities, as well as petrochemical and Liquefied Natural Gas terminals with a network of pipelines to supply petroleum and petrochemical products for both domestic and sub-regional markets.

The Chief Executive Officer of the Chamber of Bulk Oil Distributors, Senyo Hosi recently indicated that TOR will only bounce back if political interferences are halted.

He said that, “The problem TOR has is nothing but politicians. Political interference in the commercial activities and engineers  is not a sustainable  proposition  so we really need  to see exactly what  you intend to do. Are we looking at a strategic partner with some partial privatization of TOR or you’re looking at us still keeping the same status quo and pumping a lot more money into TOR and coming out with the same results  like we’ve seen in time past.”

The Chamber of Petroleum Consumers also expressed some misgivings with the establishment of the Hub.

The Chamber’s Executive Secretary, Duncan Amoah intimated that the establishment of the Hub was a misplaced priority.

He further added that government would need to revamp TOR in order to boost investor confidence for its planned Petroleum Hub.

He stated that, “If I were a private investor, would I want to put in $60 billion in a country whose only refinery it cannot even manage? These are questions that would be asked in and around the petroleum hub discussion and I’m quite sure that no matter how much government equity funding would be, whichever private funding will be coming in will also be interested in exactly how we intend to  protect whatever resources they will be dumping in here.”

Related Posts

Local Economy

Ghana is the best destination for investment in West Africa – Bawumia

bycitibusinessnews

The Vice President, Dr. Mahamudu Bawumia, has stated that despite the existing economic challenges, Ghana remains the most favourable investment...

Read more

#CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

Modify old trade conventions to favor local printing firms – AGI tells govt

Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

Ghana sends debt restructuring proposal to official creditors

IMF mission staff arrive in Ghana today to assess implementation of economic recovery programme

WTO Chief urges African governments to increase trade, agric investment

Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

Next Post

GIPC organizes first ever diaspora business breakfast meeting

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.