Deregulation policy catalyst to TOR’s success

The Chief Executive Officer (CEO) of the National Petroleum Authority (NPA), Mr Moses Asaga, has attributed the success story of the Tema Oil Refinery (TOR) substantially to a policy initiated by the authority to deregulate prices of petroleum products.

He said the implementation of the price deregulation policy  expanded the space for both state and private companies to participate more meaningfully in the downstream petroleum sector.

 Mr Asaga said the deregulation policy had yielded modest results which had found expression in the fortunes of state companies such as the Bulk Oil Storage and Transportation Limited (BOST), the Tema Oil Refinery (TOR) and the Ghana Oil Company (GOIL).

Speaking to the Daily Graphic on the success story of TOR, Mr Asaga indicated that the deregulation had come to eliminate subsidies, foreign exchange losses, as well as persistently accruing interest on outstanding subsidies.

TOR posted a profit of $800,000 from its oper