Tema Oil Refinery considers selling shares to raise capital

The state-owned Tema Oil Refinery (TOR) is considering bringing in private and institutional investors to restore its financial position and expand production. CEO Edmond Kombat indicated that the proposal could include a listing on the Ghana Stock Exchange to help the company manage approximately $517 million in outstanding legacy debt, including $120 million owed to the Ghanaian government.

The refinery resumed production in late 2025 following maintenance on its distillation unit. As of December, it was processing 28,000 barrels per day, which is below its rated capacity of 45,000 barrels per day. The Ghanaian government aims for TOR and the Sentuo Oil Refinery to eventually meet about 70% of national fuel demand.

In a separate development, TOR is exploring a research partnership with the Kwame Nkrumah University of Science and Technology (KNUST). The proposed collaboration aims to use academic research and engineering talent to address the refinery’s technical and operational challenges.