Project Restore TOR targets long-term commercial sustainability
The Tema Oil Refinery (TOR) is implementing a recovery programme to restore refining operations, improve its financial position and prepare the state-owned facility for long-term commercial sustainability.
Managing Director of the refinery, Edmond Kombat outlined the programme at the Government Accountability Series detailing the measures taken since May 2025 to rehabilitate the refinery and improve its operations.
“These measures formed part of Project Restore TOR, a broader recovery program to return the refinery into operations, improve its financial position and prepare it for long-term sustainability,” he said.
When the current management assumed office, TOR had accumulated losses of about GH¢10 billion, debt of approximately US$517 million and major processing units that had been out of operation for years.
The Crude Distillation Unit (CDU) had been idle since April 2021, while the Residue Fluid Catalytic Cracking (RFCC) Unit had been shut down since 2019. Eighteen of the refinery’s 59 storage tanks were also out of service.
Management made the rehabilitation of the CDU its immediate operational priority. Turnaround maintenance was carried out from August 1 to October 30, 2025, funded entirely from TOR’s internally generated funds and undertaken by the refinery’s engineers and technicians.
Following an inspection and clearance by the National Petroleum Authority, TOR resumed crude processing on December 19, 2025, with the resulting product streams sent to storage.
Other measures under Project Restore TOR included tighter cash controls, extended operating hours at the loading gantry, recovery of outstanding receivables and discussions with creditors on sustainable repayment arrangements.
Management also addressed more than 300 staff petitions and promotion-related cases, strengthened engagement with worker unions and introduced measures to improve staff welfare and operational support systems.
The recovery has been accompanied by improved commercial performance. TOR reported that revenue from commercial operations in 2025 was more than 36 per cent higher than in 2024, with revenue growth approaching 60 per cent as of September 2026.
Product storage volumes increased from 426,954 metric tonnes in 2024 to 1,107,389 metric tonnes in 2025, before rising further to 1.35 million metric tonnes in 2026.
The refinery also recorded a profit before tax of GH¢1.24 billion in 2025, its first return to profit in a decade, according to SIGA.
Management is developing a five-year strategic plan to guide investment, business reforms and the refinery’s future growth.
Mr Kombat, however, acknowledged that the recovery was still in progress. TOR’s current throughput stands at about 28,000 barrels per day, with engineers working to increase it to between 45,000 and 55,000 barrels per day.
The programme is intended to build on the restart of refining operations and improve the refinery’s ability to operate efficiently and sustainably over the long term.
Richard Aniagyei, ISD
