![\"Mr.](\"http:\/\/citibusinessnews.com\/wp-content\/uploads\/2017\/01\/Isaac-Osei.jpg\")
The exiting MD further explained to Citi Business News<\/strong> a failure to revamp TOR\u2019s production to meet the competition will have dire consequences on Ghana\u2019s petroleum prospects in the short to medium term.<\/p>\n \u201cIf we don\u2019t take those things serious and conclude in 2017 and Alico Dangote\u2019s refinery comes up on stream, it will be difficult to raise money to do that. So leadership must always look ahead and not look at just what is in front of us. By looking ahead, you put your country, economy and society at a competitive advantage,\u201d he opined.<\/p>\n The comments come at a time that TOR has announced a ramp up in its production levels by an additional 20,000 barrels of crude.<\/p>\n Currently, the refinery operates at a capacity that allows it to refine up to 45, 000 barrels of crude per day.<\/p>\n The increase follows recent expansion projects carried out by the refinery.<\/p>\n BOST announces turnaround of company’s operations<\/strong><\/p>\n In the meantime, the Bulk Oil Storage and Transportation Company (BOST) has announced a significant increase in the company\u2019s assets between 2013 and 2016.<\/p>\n According to the exiting management, its asset revaluation exercise for the period has increased its balance sheet from 314 million to 1.04 billion cedis.<\/p>\n Speaking at a media encounter in Accra, Mr. Awuah Darko was also hopeful that the strides made will propel further growth of the company.<\/p>\n \u201cDebt restructuring being a key component of our turnaround, it became necessary for management to ascertain the exact amount of debt stock it actually was obligated to. Fortunately that period is behind us and BOST has a net positive position with regards to its balances with the BDC\u2019s in excess of USD18 million. BOST has initiated steps to reclaim the money\u2019s owed it by the BDCs,\u201d he intimated.<\/p>\n –<\/p>\n By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" The outgoing Managing Director of the Tema Oil Refinery (TOR),Kwame Awuah Darko, has urged his successor to pursue expansion drive and increase the competitiveness of the refinery. [contextly_sidebar id=”XYkboCNVAhdFJF7mSLEET7WhvxlxmPIK”]He argues TOR could lose its economic potential if plans are not implemented to strengthen the current benefits accruing to the company. Mr. Awuah-Darko\u2019s suggestions follow plans […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,170],"tags":[],"yoast_head":"\n