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BOST, TOR merger may be a viable move- ACEP

Government has reached final stages of merging the Bulk Oil Storage and Transportation Company Limited with the task of propelling the collapsed Oil Refinery back to productivity.

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Director of Operation at the Africa Center for Energy Policy, Benjamin Boakye has expressed cautious optimism about the planned merger between the Bulk Oil Storage and Transportation Company and the Tema Oil Refinery

Speaking to Pulse Business  Ben Boakye said

Pulse Business: So is the merger with the BOST the silver bullet TOR needs

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Mr. Boakye concluded.

Plans of the merger were captured in the 2015 budget together with a few other arrangements to revamp the Tema Oil refinery.

Meanwhile, Critics have wondered why Kwame Awuah Darko has been asked to double as MD of both entities, but he explained to the B&FT that aside from reviving TOR he was also tasked to look at the possibility of merging the two companies and make recommendations accordingly.

He indicated, however, that:

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But I am so encouraged by the support we have got from the workers of TOR As part of their commitment to bring about a turn around, TOR workers, he said, have agreed to allow their November 2015 salaries – a total 3.8 million cedis — to be ploughed back into operations.

Awuah Darko said.

Both entities have over the years been bogged down by a plethora of difficulties, which Awuah Darko himself admits was the result of mismanagement.

When he took over at BOST a couple of years ago, Awuah Darko told the media that he found the company in a state of ‘coma’ and went on to give timelines toward its revival – including efforts to revive pipeline and storage facilities in Buipe and Bolgatanga.

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On October 12, 2015, a ceremony was held in Bolga to re- commission the 36,000 tonne facility there, which had been idle for nine years. Awuah-Darko announced at the same ceremony that BOST’s 267-kilometre pipeline between the Buipe and Bolgatanta depots has been revived.

In the process, he said, some 8.2 million litres was recovered from 9million litres of fuel which had been sitting in the pipeline fo nine years.

At the ceremony, BOST als signed an MoU with it counterpart in Burkina Faso Sonahby – to commence supply petroleum products into tl landlocked country.

Awuah Darko told the media.

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