The Chamber of Bulk Oil Distributors (C-BOD) has expressed its support for the government’s decision to prioritize local participation in revitalizing the Tema Oil Refinery.
The Chamber has pledged its full backing for efforts to bring the refinery back into operation.
During a meeting with the Minister for Energy and Green Transition, C-BOD CEO Dr. Patrick Ofori noted that if Bulk Oil Distribution Companies (BDCs) had been the exclusive off-takers of TOR’s products when it was operational, the refinery could have avoided the credit challenges it faced with Oil Marketing Companies (OMCs).
“We like the idea of partnering as the new additional CBM and then also the local content as leading the way to change the face of TOR. It’s welcome news, and we think that previously, if TOR had the BDCs of taking the product, the risk of TOR liaising with the hundred and something OMCs that created a whole lot of credit issues with them, we would have stomached that and then dealt with that? So I think it’s also a welcome news that we hope for. Another aspect that we also welcome you with the green transition.
As a chamber, we’ve been very committed towards the government, idea, with regards to the green transition, and then we play a key role in the energy transition bill.”
“We’ve also picked it upon ourselves to promote ethanol and other renewables. And I think as the government seeks to promote rural industrialization, ethanol could be a vehicle that our members have already taken some initiative in partnering with the US Green Council to promote that. So in that aspect, we will be more than prepared and willing to do that.”
” Our only request will be the protection of our investment. And why do we say this? Sometime back, we were made to invest within the Tema Enclave.”
We’re made to construct pipelines to pass through TOR to ensure that there are no pipelines crisscrossing. But here we are at times that you wake up one morning without even recourse to the regulator, TOR will raise a new bill that they will invoice you with it.
“These are some of the things that we want the sector minister to look at. “
