Thursday, April 25, 2013

TOR workers must own shares - Jinapor

TOR workers must own shares - Jinapor

Deputy minister designate for energy, John Jinapor has said he favored giving some shares to workers of the Tema Oil Refinery (TOR). He believed this is an innovative way of developing a sense of ownership in the struggling company.

He said this during his vetting by the Appointments Committee of Parliament, Monday. He was answering questions on how to resuscitate TOR.

The former spokesperson for the President Mahama said "when you give employee shares you create a sense of ownership".

He explained that TOR was saddled with technical efficiency and capital infusion challenges. TOR was built to process lower grade crude and cannot refine oil from the new local fields unless significant investment was made.

The refinery has been shut down since October last year.

The Deputy minister designate also said the refinery had secured $30 million from the government for its plant sustainability and profit enhancement programme.

The TOR debt currently stands at $350 million after the government managed to clear almost a billion Ghana cedis in the past four years.

It currently requires about $650 million for its day-to-day operations.

Mr. Jinapor answered questions on nuclear energy options and re-branding Electricity Company of Ghana (ECG).

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