EMEA News
Ghana Market Sees Upcoming Tema Refinery Cutting Bunker Prices
Ghana's bunker suppliers are expecting to see a boost to their competitiveness versus other ports from later this month with the opening of a new oil refinery at Tema.
The $1.98 billion Tema facility is expected to commence operations by the end of this month, with production being ramped up to 4.26 million mt/year of refined products by 2025.
The expansion of local supply can be expected to reduce prices, according to local supplier AI Energy Group.
The refinery's launch "is the latest feather in Ghana's cap," CEO Abigail Harley told Ship & Bunker on Tuesday.
"This great feat is expected to drive traffic from all over the world to the Tema port.
"Ceteris paribus, it is forecasted that the production of crude locally, should be doubled by the end of 2023..
"We also know that there are discussions underway for the acquisition of approximately 500,000 barrels of crude oil from Ghana's Oil fields for its first production.
"By the forces of demand and supply, the high production should have a resultant price plummeting relative to other bunkering regions."
Ship & Bunker data show an average price of $765/mt for VLSFO delivered at Tema on Monday, compared with $718/mt at Cape Town, $657.50/mt at Las Palmas and $647.50/mt at Gibraltar.
Theodora Okine, head of business development at AI Energy, is due to speak at the IBIA Africa Bunker and Shipping Conference in Accra on 5-7 September.
To view the agenda, click here, and to register for the event, click here. For any other queries, email tahra.sergeant@ibia.net .
IBIA is also holding its annual convention later this year, taking the event to Dubai in November. For more information and to register, click here.
