Dr. Yussif Sulemana, Acting Managing Director of the Tema Oil Refinery (TOR), has stated that the refinery requires $25 million for a complete overhaul to restore it to full operational capacity.
His statement comes as Ghana’s petroleum sector grapples with challenges that include rising fuel prices, a significant reliance on imports, and the underutilization of local refining capabilities.
Speaking to journalists in Accra on Monday, March 17, 2025, Dr. Sulemana emphasized the crucial need for investment to revitalize TOR and optimize its performance. He stated that revamping the refinery would enable the production of petroleum products meeting international standards, thereby reducing Ghana’s dependence on imported refined fuel.
He further revealed that seven companies have expressed interest in investing in the refinery’s revival, with varying degrees of commitment. “A credit partner will come and partner with us, and some are interested in doing everything. Some want to take up the entire facility of the refinery just to revamp it,” he said. “So what we need is a revamping to be able to get the refinery to operate to churn out products that can compete with international standards. If we get like $25 million as we speak now, we will be able to run the facility.”
For decades, TOR has been a key player in Ghana’s energy sector, but it has faced operational difficulties in recent years stemming from financial constraints, ageing infrastructure, and technical inefficiencies. While at full capacity, the refinery has the potential to meet a significant portion of local fuel demand, reducing import needs, years of underinvestment have resulted in it operating significantly below its optimal level.
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About the Tema Oil Refinery:
The Tema Oil Refinery (TOR) is one of two crude oil refineries in Ghana. The Government of Ghana became its sole shareholder in 1977, and the refinery’s name was changed to the Tema Oil Refinery in 1991. Originally, it was named the Ghanaian Italian Petroleum Company (GHAIP).
Located in Tema, Ghana’s most industrialized city, approximately 24 kilometers (15 mi) from Accra, the capital, the refinery was initially licensed in 1960 as a private limited liability company, fully owned by Italian companies ANIC Societa per Azioni and AGIP Societa per Azioni.
TOR is legally authorized to operate as both a refiner of crude oil and a seller of petroleum products.
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Big family Obease 3y3