Alexander Mould, Former CEO of GNPC
Former CEO of the Ghana National Petroleum Corporation (GNPC), Alexander Mould, has called on government to engage in credible partnerships with capable companies for the leasing of the Tema Oil Refinery (TOR).
He stated that this would ensure efficient operations and maximize the refinery’s potential under new management.
Mr. Mould stressed that should the state-owned oil refinery enter a partnership deal, it should be with an organization which can help revive it.
According to him, the partner should be able to facilitate the continuous functioning of the refinery, explaining that it will incur huge losses if it does not work continuously.
“We want a partner that is going to make Tema Oil Refinery better, that is going to make our refinery to be able to work continuously. Refineries work continuously for 18 months before they shut down. Yes, there’ll be some hiccups here and there, but if a refinery doesn’t work continuously, it’s going to make losses,” he said during an interview.
The former CEO also expressed his surety that there will be participation from various private institutions in the quest to revive the state-owned company but warned that no financial institution would want to finance the operations of the company should the government itself not show some capabilities.
Mr. Mould also added that monies needed to revamp TOR would have to come from “equity holders.”
“The money that is going to be used to revamp Tema Oil Refinery has to come from equity holders. The reason why it hasn’t happened is because government hasn’t been able to raise $300 million or $500 million to inject into TOR,” he stated.
Meanwhile, the Ministry of Energy says Tema Oil Refinery (TOR) and its prospective partners, Torentco, have not signed any contract yet.
The Ministry says nothing has been resolved despite the fact that talks between the state agency.