Tema Oil Refinery rejoices over profits after 7 of losses

Tema Oil Refinery rejoices over profits after 7 of losses

After seven years of recording marginal losses the Tema Oil Refinery (TOR) has finally showed signs of profitability after posting a profit of $800,000 from its operations from February 16 to April 20, 2016.

Tema Oil Refinery rejoices over profits after 7 of losses

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The success story of TOR resonated at the May Day parade in Wa in the Upper West Region last Sunday, where a section of TOR workers had traveled to thank President John Dramani Mahama for setting the company back on track to recovery.

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Under an arrangement with the Bulk Oil Storage and Transportation Co. Ltd TOR processed one million barrels of crude oil supplied by BOST. The refinery is expected to make an additional profit of $1.5 million after the second consignment of a million barrels is  processed from May to August 2016.

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