Government is in talks with Sumsung, a South Korean Company to undertake a joint privitisation programme to recapitalise and expand the Tema Oil Refinery (TOR). The Tema Oil Refinery is indebted to the tune of $300 million, putting its future operations in danger. The privitisation is therefore aimed at ensuring that the much-needed capital goes into the operations of TOR to enable Ghana to generate foreign exchange.
A government delegation led by the Minister responsible for Government Business, J.H. Mensah has concluded the first round of negotiations with a five-member investment team from Samsung led by the Vice President of Samsung International, Mr. Cheol Woo Lee. Mr. Mensah led the delegation to call on President Kufuor at the State House in Accra. He told the President that the expansion and modernization project, expected to be completed in March, next year, will enable TOR to function efficiently in a new direction.
Mr Cheol on his part said Samsung is aware of the problems facing Ghana’s energy sector adding that Samsung is prepared to assist the country overcome any future problems. “Mr. President, I am happy to inform you that our discussions have been quite fruitful.”
