2019-2024: How TOR sold three companies' fuel without their knowledge – MD reveals
The Tema Oil Refinery (TOR) sold petroleum products belonging to three third-party service providers, valued at millions of dollars, to pay staff salaries without the owners’ knowledge between 2019 and 2024, Managing Director Edmond Kombat has alleged.
Speaking at the Government Accountability Series on October 26, 2026, Kombat disclosed that the transactions occurred during a period when the refinery was grappling with severe financial difficulties and struggling to sustain its operations.
According to him, the sale of the third-party products formed part of the challenges confronting TOR before the current management took over in January 2025.
The alleged transactions raise questions about the handling of petroleum products held by the refinery on behalf of other companies and the circumstances under which the products were sold.
Kombat’s disclosure comes against the backdrop of TOR’s deteriorating financial position during the period under review.
He revealed that the refinery had accumulated losses of approximately GH¢10 billion, while its debt had risen from US$300 million in 2016 to about US$517 million by January 2025.
The company also recorded negative equity of GH¢7.6 billion at the end of 2024.
Kombat further disclosed that TOR’s major processing units had been shut down for years, limiting its ability to carry out its core refining activities.
The Crude Distillation Unit (CDU) had been out of operation since April 2021, while the Residue Fluid Catalytic Cracking (RFCC) Unit had been shut down since 2019.
With the major units not operating, TOR had largely relied on renting storage space to petroleum service providers rather than refining crude oil.
The refinery also faced significant infrastructure challenges, with 18 of its 59 storage tanks out of service. Some of the tanks had reportedly been out of operation since 2004.
Kombat said the refinery’s financial difficulties extended to its statutory obligations, employees and other creditors.
He disclosed that TOR owed the Ghana Revenue Authority GH¢200 million and the Social Security and National Insurance Trust GH¢20 million. It also had outstanding obligations of GH¢190 million to staff provident funds, retirees and former employees.
The refinery further owed the Electricity Company of Ghana, Ghana Water Company Limited and other commercial entities, including the Ghana National Petroleum Corporation and the Volta River Authority.
Kombat also revealed that TOR had not filed audited financial statements for six consecutive years, from 2019 to 2024.
MA
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