The Tema Oil Refinery (TOR) is considering a listing on the Ghana Stock Exchange (GSE) to attract fresh investment as management works to restructure an inherited debt burden of approximately US$517 million.
Managing Director Edmond Kombat disclosed this during a visit by an International Monetary Fund (IMF) delegation led by Ghana Resident Representative Dr Adrian Alter to assess rehabilitation works and efforts to restore the refinery’s sustained operations and financial stability.
Mr Kombat said a stock market listing would enable Ghanaian institutions and other investors to acquire shares in the state-owned refinery, providing capital to support operations and expansion.
He added that management, which assumed office in May 2025, had relied entirely on internally generated funds to finance its activities.
“Since this new management took over, we have not received a dime from government. Every single thing is done through our internally generated funds,” he said.
Of the US$517 million debt inherited, approximately US$120 million is owed to the government. Mr Kombat said discussions were ongoing to restructure the obligation and reconcile historical financial commitments between the refinery and the state.
Despite the financial burden, he said TOR recorded a profit last year and expressed optimism that operational reforms and improved macroeconomic conditions would support sustained profitability.
On crude supply, Mr Kombat said the refinery had processed approximately five million barrels, including two million barrels sourced from Ghana’s oil fields. He expressed hope that the Ghana National Petroleum Corporation would provide its full crude allocation to TOR next year to improve feedstock availability.
He also identified opportunities to generate additional revenue from the refinery’s storage facilities, distribution network and petroleum-testing laboratory.
TOR has approximately one million metric tonnes of storage capacity and connections to eight privately operated depots.
On financial accountability, Mr Kombat said the Ghana Audit Service had undertaken work to clear a six-year backlog of unaudited accounts, while management planned to appoint an external audit firm for subsequent audits.
The IMF delegation also toured rehabilitated facilities and ongoing engineering works aimed at restoring critical processing units and strengthening TOR’s contribution to national energy security.
Source: businesspostonline
