Grapevine

Revive TOR to address exchange rate challenges affecting OMCs

The Chief Executive Officer of the Association of Oil Marketing Companies (OMCs), Dr. Riverson Oppong has called for the establishment of an effective local refinery to support the oil and gas sector.

Dr. Oppong stressed the need for government to revive the Tema Oil Refinery (TOR) to create jobs and aid in the processing of crude.

According to him, this will help address some foreign exchange challenges affecting operators in the sector.

Speaking on PM Express Business Edition with George Wiafe, Dr. Oppong bemoaned the rate at which companies struggle with the depreciation of the cedi against the dollar.

"When we discovered gas, we were quick to establish the Atuabo Gas but why not for crude oil. I believe it’s time we have local refineries working. This will probably help with the FX challenges we are currently facing as an association".