Tema Oil Refinery is considering a listing on the Ghana Stock Exchange to attract investment and raise additional capital to support its recovery, rehabilitation and expansion plans.
The refinery aims to raise GHS 4.2 billion. Mr Edmond Kombat, Managing Director of TOR, disclosed this when a delegation from the International Monetary Fund visited the refinery.
The proposed listing would create opportunities for Ghanaian institutions and other investors to acquire shares in the company, providing an alternative source of funding to strengthen its operations and long-term financial sustainability. The initiative forms part of management’s broader strategy to reposition the refinery following years of operational and financial challenges.
TOR inherited a debt burden of approximately US$517 million.
The refinery’s recovery is critical to Ghana’s energy security, particularly in reducing the country’s exposure to disruptions in international petroleum markets. Domestic refining could help improve petroleum product availability and mitigate the effects of external supply shocks, including those arising from geopolitical tensions.
TOR has processed approximately 5 million barrels of crude oil, including about 2 million barrels sourced from Ghanaian oil fields.
Mr Kombat attributed the positive outlook partly to improved macroeconomic conditions and management’s efforts to strengthen operational efficiency and financial discipline. The refinery’s first domestic crude supply came from the Jubilee field through a transaction with Vitol, which was fully paid for, while the Ghana National Petroleum Corporation had also supplied its share of the country’s crude allocation.
TOR has approximately 1 million metric tonnes of storage capacity and is connected to 8 privately operated depots.
The IMF delegation was briefed on the refinery’s operational and financial position before touring selected facilities to observe rehabilitation works and assess progress towards restoring reliable operations. The engagement formed part of the Fund’s interactions with selected state-owned enterprises and government authorities to understand their operations, financial positions, challenges and contributions to Ghana’s economy.
TOR is Ghana’s principal oil refinery and plays a role in the country’s petroleum supply chain and energy security.