The Tema Oil Refinery (TOR) was operational, with its debt reduced from approximately US$650 million to US$300 million, when the government transition took place in January 2017, Managing Director Edmond Kombat has said.

Speaking at the Government Accountability Series on October 26, 2026, Kombat outlined the state of the refinery at the time, highlighting improvements in its financial position, crude processing capacity and infrastructure.

According to him, TOR’s debt had been reduced significantly through a restructuring arrangement supported by the Energy Sector Levies Act, while its exposures to four banks had been settled.

He said the development had helped strengthen the refinery’s financial position ahead of the transition.

Kombat also disclosed that TOR processed approximately five million barrels of crude oil in 2016, with about two million barrels remaining in storage at the time of the handover.

On infrastructure, he said key facilities and equipment had been secured to support the refinery’s operations. These included the offshore mooring facility, as well as a new furnace and boiler.

The offshore mooring facility subsequently received a capital injection of approximately US$90 million in March 2017.

Kombat further highlighted the refinery’s capacity to process Ghanaian crude oil, citing a milestone achieved in December 2016 when TOR received its first delivery of indigenous crude from the Tweneboa-Enyenra-Ntomme (TEN) field for domestic refining.

The crude shipment was delivered aboard the vessel MT Bodeira.

The development, he said, demonstrated Ghana’s ability to refine its own crude oil locally, supporting efforts to strengthen domestic refining capacity.

MA