The Ghana National Petroleum Corporation has revealed, much to the excitement of many in the oil and gas sector, that it is willing to supply the newly revamped Tema Oil Refinery with crude, if the latter can provide the required financial guarantee.

Chief Executive Officer of GNPC, Alex Mould, who confirmed the information, said   “The refinery has been neglected for some time. It requires financial instrument as a guarantee before we can give them oil. The law is firm on that; I think we must give them some time. They are still working on the refinery,” he said.

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“You are aware that GNPC has partners in the industry. The corporation does not undertake transactions unilaterally. So once the refinery is in a position to buy and pay, we will offload the product to them,” he said.

“I think we must give the refinery some time. Like I said it has been neglected for a long time and it is now showing some positive signs. I believe it will very soon build the capacity to acquire large volume of crude,” he told Accra-based Citi Fm.

However, with TOR currently on full operations and profitability, coming up with the financial guarantee is believed not to be a problem.

Between February and May 2016 alone, TOR is reported to have made $800,000 in profits.