The Tema Oil Refinery (TOR) has recorded a significant improvement in its operations, with petroleum-product storage volumes rising by 216.19% between 2024 and 2026, while the company returned to profitability in 2025 after a decade of losses.
Managing Director Edmond Kombat disclosed the figures during the Government Accountability Series in Accra, describing progress in the refinery’s efforts to restore its operations and improve its financial position.
According to Mr Kombat, storage volumes increased from 426,954 metric tonnes in 2024 to 1,107,389 metric tonnes in 2025, representing a 159.37% increase. The volume rose by a further 21.91% in 2026 to approximately 1.35 million metric tonnes.
The growth indicates increased use of TOR’s storage infrastructure, which allows the company to generate revenue from receiving, holding and distributing petroleum products, even when its refining operations are limited.
However, higher storage volumes do not necessarily mean the refinery is processing more crude oil, as some of the products handled may have been imported or supplied by third parties. Restoring consistent crude processing therefore remains an important part of TOR’s long-term recovery.
Mr Kombat also revealed that the refinery recorded a profit before tax of GH¢1.24 billion in 2025, marking its first return to profitability in 10 years.
The development represents a major shift for the state-owned company, which has faced years of financial difficulties, operational disruptions, ageing equipment and mounting liabilities.
TOR’s trade and other payables also declined from GH¢7.10 billion to GH¢5 billion in 2025, representing a reduction of GH¢2.10 billion, or approximately 29.58%.
Despite the improvement, the remaining liabilities continue to pose a challenge, with the company needing to balance debt reduction against the cost of maintenance, equipment rehabilitation and daily operations.
The refinery has also made progress in addressing delays in its financial reporting. Its audited accounts for 2019 to 2024 were completed by April 30, 2026, followed by the 2025 financial statements on May 30.
Seven audited reports were subsequently submitted to the State Interests and Governance Authority (SIGA). TOR also held its 18th Annual General Meeting on June 30, addressing a reporting backlog covering the 2017 to 2025 financial years.
The completion of the outstanding accounts is expected to improve transparency and strengthen oversight of the company’s financial performance. Management will, however, need to ensure that future audits and annual general meetings are conducted on schedule.
The operational recovery has also contributed to employment. Mr Kombat said the programme created 1,657 direct jobs, including permanent positions for 415 young engineers.
Another 301 temporary workers were engaged in maintenance work on the Crude Distillation Unit, while 287 workers were involved in work on the Residual Fluid Catalytic Cracking unit.
In addition, 35 local contractors employed 654 workers at the refinery, with management estimating that the wider programme supported more than 6,500 indirect and temporary jobs.
The increased recruitment and maintenance activities could strengthen TOR’s technical capacity and support its efforts to restore key processing units. Sustaining the gains, however, will depend on the refinery’s ability to generate enough revenue to cover its operating costs and maintain its equipment.
The improved storage performance could also strengthen TOR’s position in Ghana’s petroleum distribution chain by providing traders with additional capacity to manage inventories and improving the use of existing infrastructure.
Nevertheless, the refinery’s long-term success will depend on more than storage and a single profitable year. Consistent production, effective cost controls, reliable equipment and continued reductions in outstanding liabilities will be essential to maintaining its financial recovery.
While the latest figures point to progress, TOR still faces the task of turning its improved performance into sustained commercial success and reducing the need for government support.
Its ability to maintain profitability, process crude oil reliably and account transparently for its finances will ultimately determine whether the current turnaround can be sustained.
