Oil & Gas
Ghana restarts Tema refinery to avoid oil supply crisis
Juma Mandali
In order to secure additional supplies of oil, the Ghanaian government decided to restart the Tema refinery, to meet domestic demand and reduce dependence on imported oil products, given the country's inability to provide foreign exchange to oil distributors.
The West African country is a net importer of crude oil, which makes it vulnerable to oil price shocks in the event of any major fluctuations, according to data monitored by the specialized energy platform.
Global oil prices have witnessed sharp fluctuations since the Russian invasion of Ukraine last February, which pushed prices above the level of $139 a barrel, before returning to decline, currently oscillating between $110 and $120 a barrel.
Comments
Africa Energy Insights (AEI) is an African platform with latest news, insights and investment report of Energy Sectors. We bridging the gap and mobilizes investment in Energy resources for Sustainable and reliable Energy supply.