Ghana National Petroleum Corporation (GNPC) CEO, Alex Mould, has declared that the corporation is willing to offload crude oil to the Tema Oil Refinery (TOR) if the company is competent at supplying the sufficient financial guarantees, reported Ghana Web.
According to Citi Fm Online, Ghana’s Petroleum laws will not allow the sale of the product without reliable financial guarantee to pay for the oil. The source quoted him saying: “The refinery has been neglected for some time. It requires financial instrument as a guarantee before we can give them oil. The law is firm on that; I think we must give them some time. They are still working on the refinery,”
TOR had begun showing signs of profitability after seven years in the doldrums. The refinery was able to successfully witness a profit of $800,000 from its operations from February through April, 2016, an achievement that is viewed as a sign of the possible revival of the company by the oil and gas experts.