The Managing Director of the Tema Oil Refinery (TOR), Edmond Kombat, says the refinery is reviewing its disputed rent debt to the Tema Development Company (TDC) as the two state-owned institutions work towards an agreement on the amount owed.

His comments follow claims by TDC that TOR and the Volta Aluminium Company (VALCO) owe a combined GH¢581.7 million in rent, with efforts to recover the money reportedly making little progress.

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Speaking at the Government Accountability Series on Monday, October 26, 2026, Kombat said disagreements over the amount being demanded had prompted the two institutions to establish a joint team to reconcile their records.

He explained that the rent dispute dates back to around 2011, adding that he had held meetings with TDC’s Managing Director to find a way to resolve the matter.

“There was disagreement over the amount that was quoted, so we formed a joint team between TOR and TDC to do a reconciliation. They have presented their first draft, and the teams are reviewing it,” he said.

According to him, the reconciliation process is expected to establish the final amount owed, after which the two institutions will agree on a payment plan to settle the outstanding debt.

“Then we will have a final agreement, and then a payment plan on how to work on it,” Kombat stated, adding that he maintained a close working relationship with the TDC Managing Director.

He said he was surprised to see the issue in the news because discussions were ongoing. He added that he had contacted his counterpart after learning that TDC was preparing a public statement on the matter.

Kombat’s comments suggest that the dispute is yet to reach a final settlement. The amount specifically attributable to TOR, as well as the source of funds for any eventual payments, remains unclear.

Although the reported GH¢581.7 million debt covers both TOR and VALCO, Kombat did not disclose how much of the amount is attributable to TOR alone. The reconciliation process and payment arrangements remain under discussion.

ANAS/MA

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