The Chamber of Petroleum Consumers (COPEC) has called for a revamp of the Tema Oil Refinery and the retooling of the various petroleum companies in the country.

The Executive Secretary of the Chamber, Mr Duncan Amoah, speaking with the Vaultz News called for this as against the operationalization of the Petroleum Development Hub government has announced.

Mr. Amoah commenting on the Petroleum Hub operationalization indicated that, he did not see any way forward. For anyone to leave in a country whose economy hovers around $43 billion to expect an investment of portfolio of over $60 billion in the hub program.

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“It just doesn’t add up and we will be frontal with this. The earlier we fixed all minuet of problems and ensure that we are not looking for wishy-washy way to solve our problems, the better it will be for all of us.

“You cannot expect any investment company to come and pump in US$60, billion that is in an economy that is not as huge. Especially when you have also run down your petroleum resources and establishments like the oil refinery you have here.”
Duncan Amoah

Petroleum Development Hub Over Ambitious

Mr. Amoah also described the Petroleum Development Hub as an over ambitious project which might not see the light of day anytime soon.

Furthermore, he averred that, the government is just misapplying a priority. And instead of going for the projects that we can manage to be profitable to the economy; we’re hoping investors, will pump huge sums of money to develop a petroleum hub for a small country like Ghana.

Moreover, he said the Chamber does not see how the hub will be operationalized as soon as anybody would want to suggest.

“We think that’s the earlier we decide to go in for refurbishing the local refinery; the earlier we go for retooling the Bulk Oil Storage and Transportation (BOST); the earlier we go for revamping the Ghana cylinder manufacturing companies; also the earlier we go for improving Ghana Gas, the better it will be for all of us. The subregion would even want to explore and expand.”
Duncan Amoah

Local Refinery And OMCs Needs Investment

Additionally, he said the local refinery and companies will need some investments that could also help them come onstream to effectively contribute to the Ghanaian economy.

“The investment you are looking up, may not even sum up to 1 billion. And so, whereas, if you could put in 1 billion, you could revamp these energy establishments. You are not interested in getting these establishments to contribute positively to the economy; we are only looking at the 60 billion investments; whose portfolios I doubt any investor would be ready as soon as we want to put in that kind of investment. I don’t think that we are prioritizing rightly if you ask me.”
Duncan Amoah

Government has assured that it will ensure the Petroleum Development Hub Corporation is set up and made operational this year.

In the 2021 financial budget presented on behalf of the Finance Minister; by the Majority group leader, Osei Kyei Mensah Bonsu, he disclosed that preparatory activities are been continued.