Tema Oil Refinery outlines recovery and expansion plans

Tema Oil Refinery (TOR) Managing Director Edmond Kombat has detailed a comprehensive recovery and transformation strategy following a period of severe financial and operational decline. Upon assuming management in May 2025, the refinery had inherited approximately GH¢10 billion in accumulated losses and a debt burden of US$517 million, including US$120 million owed to the Ghanaian government. Key production units, including the Crude Distillation Unit and the Residue Fluid Catalytic Cracker, had been non-functional for several years.

To restore stability, TOR is implementing a “1-4-4” shift system to support a 24-hour economy and is utilizing internally generated funds to finance rehabilitation. The refinery has already reported a reduction in debt from US$650 million to approximately US$300 million through restructuring and has generated over 1,600 direct jobs.

Future plans include a potential listing on the Ghana Stock Exchange to raise capital and a multi-stage expansion to increase refining capacity from 45,000 barrels per day to a target of 200,000 barrels per day. The transformation agenda also includes social infrastructure projects, such as a specialist hospital and staff housing. An International Monetary Fund (IMF) delegation recently visited the facility to review these rehabilitation efforts and the refinery's contribution to Ghana's economy.