The government has been urged to consider the revamping of the Tema Oil Refinery (TOR), to process crude oil to mitigate the high cost of fuel in the country.
The Chief Executive Officer (CEO) of Pedlo Energy Company Limited, Mr Peter Debra Godslove,who made the call, said TOR if revamped has the capacity to process 40,000 barrels of crude oil per day that can meet the country’s fuel demand and export to neighbouring countries like Togo, Burkina Faso and Mali.
The CEO, who was speaking on TV Africa’s morning show on Monday and monitored by the Ghanaian Times, said the TOR was a national asset that should be protected and repositioned to play a lead role in the petroleum sector to boost the economy.
To ensure effective and efficient management of TOR if revamped, he suggested that shares be floated on the stock market with 70 per cent of shares going to the general public and 30 per cent maintained by the state.
Floating TOR on the public market, Mr Godslove indicated, would not only allow individuals hold a bigger share, but would also make it simple to solve the issue of mismanagement and preserve the energy industry.
Under such an arrangement, he explained appointment of the Chief Executive Officer of TOR would be done by the majority shareholders, who are in the private sector and not under government control.
Mr Godslovesaid TOR should be seen as a strategic national refinery that must be jealously guided to serve the public interest and should not be politicised.
BY TIMES REPORTER