The crude oil processing plant was shutdown almost a year ago due to unstable power supply and delays in carrying out maintenance works on the Residue Fluid Catalytic Cracking unit which broke down in March 2015.
TOR, which has over the years been characterised by a number of challenges including unavailability of crude oil for processing and high debt stock, is currently undergoing a comprehensive restructuring to ensure its revival.
At a meeting with the Board of Directors of the company, Minister of Petroleum, Emmanuel Armah-Kofi Buah said TOR is one of government’s priorities in 2016 and urged the Board to ensure the restructuring is completed on time.
In October 2015, the Chief Executive of TOR, Kingsley Kwame Awuah-Darko, revealed that the staff of the company had agreed to forgo their November salaries to help revamp the fortunes of the company.
The measure, he said, was going to save the company about GHȼ 3.8 million and contribute to the revamping of processes.
The last Thursday’s meeting was to discuss the progress of work done so far on the comprehensive restructuring.
Mr. Buah underscored the need for the management of TOR to have a clear road map for the revival of the company, adding “a fully operationalised TOR is key for a deregulated downstream sector”.
Mr. Awuah-Darko said they were working around the clock to ensure that TOR resumes its production of petroleum products by June 2016
The Board thanked the Petroleum Minister for his continuous support and reassured him of the Board’s commitment to restoring TOR.
The Chief Executive of the National Petroleum Authority, Mr. Moses Asaga, said restructuring TOR plays a key role in attracting more investment in the downstream sector.