Friday, December 13, 2019
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Interviews
    • Local Economy
    • Special Reports
    • Top Stories

    Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

    Boost domestic revenue to achieve Ghana Beyond Aid — World Bank

    Parliamentary C’ttee questions GH¢272,000 cost of 2-bedroom under affordable housing project

    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    GRIDCo staff suspend strike over debt owed by ECG, others

    Bawumia outdoors project to allow instant verification of motor insurance

    World Bank Country Office signals reduction in number of development projects

    181 projects under 1D1F at various stages of implementation — Trade Minister

    Inflation inches up for the second consecutive month

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

    Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

    Boost domestic revenue to achieve Ghana Beyond Aid — World Bank

    Parliamentary C’ttee questions GH¢272,000 cost of 2-bedroom under affordable housing project

    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    GRIDCo staff suspend strike over debt owed by ECG, others

    Bawumia outdoors project to allow instant verification of motor insurance

    World Bank Country Office signals reduction in number of development projects

    GSS partners Vodafone & Flowminder to produce reliable data for sustainable development

    181 projects under 1D1F at various stages of implementation — Trade Minister

  • Telecoms/Technology
    • All
    • Technology
    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    Bawumia outdoors project to allow instant verification of motor insurance

    GSS partners Vodafone & Flowminder to produce reliable data for sustainable development

    How major tech companies exploit tax laws: a focus on Ghana and Nigeria

    Virtual Security Africa installs modern CCTV System for University of Ghana

    Huawei Y9s available after initial sell-out in 4 hours of release

    The Business of Customer Engagement and the Kirusa Konnect Solution

    Experience the all-new Huawei Y9s with super high-end features

    NCA sanctions against MTN over data bundle challenges not enough – Group

  • World
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US
    Svein Jakob Liknes

    Aker Energy appoints Svein Liknes as new CEO

    epa08024130 (FILE) - An image showing an Uber app on a mobile phone in central London, Britain, 22 September 2017 (re-issued 25 November 2019). Media reports on 25 November 2019 state the Transport for London (TfL) has said it would not continue to grant Uber a licence to operate in London. Uber, that first lost its licence due to safety concerns in 2017 but received a 15-month license for operating in London, said it would appeal the decision. Uber, that has some 45,000 drivers working in London, will continue to operate during the appeal process.  EPA/WILL OLIVER *** Local Caption *** 54443222

    Uber loses licence to operate in London

    Nigerian entrepreneur wins maiden Netpreneur award organized in Ghana

    West African CFA-Franc nations plan to move reserves from France

    WhatsApp and Instagram to undergo a Facebook face-lift

    McDonald’s boss Steve Easterbrook fired after dating employee

    Dr. Joseph Obeng - President, GUTA

    Allow Ghanaian traders stuck in Nigeria to move out — GUTA

    MTN reveals revenue growth despite drop in subscribers

    New report attributes rising e-commerce to expanding middle-class, tech savvy young people

  • Articles
No Result
View All Result
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Interviews
    • Local Economy
    • Special Reports
    • Top Stories

    Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

    Boost domestic revenue to achieve Ghana Beyond Aid — World Bank

    Parliamentary C’ttee questions GH¢272,000 cost of 2-bedroom under affordable housing project

    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    GRIDCo staff suspend strike over debt owed by ECG, others

    Bawumia outdoors project to allow instant verification of motor insurance

    World Bank Country Office signals reduction in number of development projects

    181 projects under 1D1F at various stages of implementation — Trade Minister

    Inflation inches up for the second consecutive month

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

    Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

    Boost domestic revenue to achieve Ghana Beyond Aid — World Bank

    Parliamentary C’ttee questions GH¢272,000 cost of 2-bedroom under affordable housing project

    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    GRIDCo staff suspend strike over debt owed by ECG, others

    Bawumia outdoors project to allow instant verification of motor insurance

    World Bank Country Office signals reduction in number of development projects

    GSS partners Vodafone & Flowminder to produce reliable data for sustainable development

    181 projects under 1D1F at various stages of implementation — Trade Minister

  • Telecoms/Technology
    • All
    • Technology
    Dr. Mahamudu Bawumia, Vice President.

    We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

    Bawumia outdoors project to allow instant verification of motor insurance

    GSS partners Vodafone & Flowminder to produce reliable data for sustainable development

    How major tech companies exploit tax laws: a focus on Ghana and Nigeria

    Virtual Security Africa installs modern CCTV System for University of Ghana

    Huawei Y9s available after initial sell-out in 4 hours of release

    The Business of Customer Engagement and the Kirusa Konnect Solution

    Experience the all-new Huawei Y9s with super high-end features

    NCA sanctions against MTN over data bundle challenges not enough – Group

  • World
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US
    Svein Jakob Liknes

    Aker Energy appoints Svein Liknes as new CEO

    epa08024130 (FILE) - An image showing an Uber app on a mobile phone in central London, Britain, 22 September 2017 (re-issued 25 November 2019). Media reports on 25 November 2019 state the Transport for London (TfL) has said it would not continue to grant Uber a licence to operate in London. Uber, that first lost its licence due to safety concerns in 2017 but received a 15-month license for operating in London, said it would appeal the decision. Uber, that has some 45,000 drivers working in London, will continue to operate during the appeal process.  EPA/WILL OLIVER *** Local Caption *** 54443222

    Uber loses licence to operate in London

    Nigerian entrepreneur wins maiden Netpreneur award organized in Ghana

    West African CFA-Franc nations plan to move reserves from France

    WhatsApp and Instagram to undergo a Facebook face-lift

    McDonald’s boss Steve Easterbrook fired after dating employee

    Dr. Joseph Obeng - President, GUTA

    Allow Ghanaian traders stuck in Nigeria to move out — GUTA

    MTN reveals revenue growth despite drop in subscribers

    New report attributes rising e-commerce to expanding middle-class, tech savvy young people

  • Articles
No Result
View All Result
Citi Business News
No Result
View All Result

Tema Oil Refinery seals deal to refine 11 million barrels of crude oil

by Ebenezer Afanyi Dadzie
December 3, 2019
3 min read
Share on FacebookShare on TwitterShare on Whatsapp

The Tema Oil Refinery (TOR) has signed an agreement with Woodfield Energy Resources to process a tolling 11 million barrels of crude,  Isaac Osei, Managing Director of TOR, has revealed.

Mr. Osei said Woodfield Energy Resources’ long history with the Refinery and its knowledge on energy business in Ghana and Africa originated and led the transaction that would ensure that TOR continues the processing of crude oil into the foreseeable future.

Mr. Osei explained that under the tolling model which the Refinery is currently operating, his outfit processed crude oil for or on behalf of third parties at a fee, adding that this arrangement placed minimum or no risk at all on the refinery as the processor since the crude oil would be purchased, transported and marketed by the third party.

RelatedPosts

Springfield E&P confirms discovery of 1.5 bn barrels of oil in Ghana

Hollard partners Vivo Energy to offer insurance services at Shell fuel stations

How major tech companies exploit tax laws: a focus on Ghana and Nigeria

“TOR which hitherto was in the news for lack of crude, has continuously processed circa four million barrels of crude oil out of a total of 11 million barrels since August 2019,” he disclosed.

He added that TOR was also negotiating to sign similar tolling agreements with other international traders like Gemcorp, BP, and other traders stating that the developments were a result of guarantees on plant efficiency and effectiveness.

“After a careful diagnosis of TOR’s challenges, the Board and Management met with the workers and charged them to work in an efficient manner in order to restore the company to its glory days and I’m happy to announce that with this new operating philosophy at TOR, our trading partners have realized that TOR is technically viable and could indeed give them value for money with the right structures in place, “Mr. Osei indicated.

He explained that TOR’s new philosophy of ‘operating efficiency’ was centered around the Refinery’s Utilities section (Power House), which is the power generation hub of the refinery adding that currently, his outfit uses Refinery Fuel Gas (FG) which is generated as a by-product of the refining processes at Residue Fluid Catalytic Cracker (RFCC) and Crude Distillation Unit (CDU).

He stated however that even though the fuel gas generated at TOR was inadequate to fire the various heaters in the refinery, the shortfall, was augmented with Fuel Oil in the form of Atmospheric Residue (AR) or Cracked Fuel Oil, which is a high value product, a situation Mr. Osei observed used to erode the refinery of its profit margins.

According to him, to surmount this challenge, the commerce and technical teams of the Refinery ensured that TOR came up with both long and short term strategies which involved negotiating that all processing agreements with third parties catered for the challenge of using AR to power the boilers in the refinery as well as the setting up of a technical team which has presented an actionable plan to link TOR to VRA (Volta River Authority) to tap gas from the WAPCO (West African Gas Pipeline Company) pipeline to fire the furnaces and boilers instead of using Fuel Oil”.

Touching on the Refinery achievements since he took over its management, the MD recounted that the plant prior to his appointment had missed three cycles of scheduled shut down maintenance which affected its reliability and performance stating that the Board, therefore, decided to embark on the much needed shut down maintenance to improve upon the performance and reliability of both the CDU and the RFCC.

Mr. Osei indicated that TOR had chalked a number of achievements including the full payment for a 120tph Steam Boiler which would increase steam generation capacity for plant operations and ensure the reliability of the Refinery’s utility system.

He said the Boiler which arrived in Ghana in October 2018 was currently being installed and was expected to augment TOR’s power generation activities upon its commissioning by the year 2020.

He commended the government for the developments in his outfit revealing that with the support of the government, “TOR has completed the payment for its second heater and our capacity would be restored to the nameplate capacity of 45,000 bpsd, by the end of the first quarter of 2020.

This means TOR will be able to refine 1 million barrels of crude oil in just 22 days thereby making room for more companies to refine their crude oil at TOR,” he said.

Tags: crude oilGhana NewsTema Oil RefineryTORWoodfield Energy Resources

Related Posts

Banking And Finance

Banking sector clean-up saved 7,000 jobs — Prez. Akufo-Addo

December 13, 2019
Business

Boost domestic revenue to achieve Ghana Beyond Aid — World Bank

December 13, 2019
Business

Parliamentary C’ttee questions GH¢272,000 cost of 2-bedroom under affordable housing project

December 13, 2019
Dr. Mahamudu Bawumia, Vice President.
Business

We’re disrupting corrupt behaviour in public service delivery through digitization – Bawumia

December 13, 2019
Business

GRIDCo staff suspend strike over debt owed by ECG, others

December 12, 2019
Business

Bawumia outdoors project to allow instant verification of motor insurance

December 12, 2019
https://www.facebook.com/CitiBizNews/https://www.facebook.com/CitiBizNews/https://www.facebook.com/CitiBizNews/

Video on Demand: Good Buy

The Citi Business Festival Podcast

Subscribe to our Newsletter

Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • Telecoms/Technology
  • World
  • Articles

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • Telecoms/Technology
  • World
  • Articles

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.