The Tema Oil Refinery (TOR) had accumulated losses of about GH¢10 billion and debts of approximately $570 million when the current management assumed office in 2025, Managing Director Edmond disclosed.
Speaking at the Government Accountability Series on Monday, October 26, Kombat said the refinery was in a poor financial and operational state, with key processing units shut down for years and its operations largely reduced to renting storage facilities to petroleum service providers.
He said the refinery’s debt had increased from $300 million in 2016 to about $570 million by the time the new management took over.
According to him, the Crude Distillation Unit had been out of operation since April 2021, while the Residue Fluid Catalytic Cracker had remained shut down since 2019.
Kombat said the two major units had not received the maintenance needed to restore their operations, leaving the refinery struggling to fulfil its core mandate.
He explained that the current management was undertaking deliberate measures to revive TOR and restore its operational capacity following an assessment of the facility’s condition.
