18th May 2024

Minister of Energy

An energy consultant, Yussif Sulemana, has urged the government to consider partnerships with the private sector to develop the energy industry whilst reducing the rising debt.

He believes a vibrant partnership and good leadership are key factors to ensuring proper management of the energy sector.

In an interview with the media, Dr Sulemana further said that investments in the Tema Oil Refinery (TOR) in 2003 sustained the industry for seven years, hence the need for stronger investments in the industry.

“With the way forward, I think we need two ways. Vibrant partnership into the refinery to inject some amount of capital with the configuration of the current refinery and Residue Fluid Catalytic Cracking (RFCC). The RFCC is known as the cash cow. They call it cash cow because whatever is churned out is the byproduct of the primary unit and then fed into the RFCC. Bear in mind, the RFCC was able to pay its debt within a period of seven years,” Dr Sulemana said.

“They started operating in 2003; by 2009 it had paid 90 percent of its debt. It’s just unfortunate that after 2010, the refinery run into serious problem. For the past two years, the RFCC has not run. We need leadership. Leadership commitment is vital. A committed leader on this matter is key on getting the refinery back on its toes,” he added.

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