- TOR requires $25 million to fully upgrade and restart operations
- Seven companies are interested in helping to fix the refinery
- Upgrading TOR would help meet local fuel needs and reduce imports
The Managing Director of the Tema Oil Refinery (TOR), Dr. Yussif Sulemana, has shared that the refinery needs approximately $25 million to undergo a full overhaul and resume full operations.
His remarks come at a time when Ghana’s petroleum industry is facing challenges like rising fuel prices, a heavy reliance on imports, and the underuse of local refining capabilities. Speaking to the press in Accra on Monday, March 17, Dr. Sulemana highlighted the urgent need for investment to restore TOR to its full potential. He emphasized that upgrading the refinery would enable the production of petroleum products that meet global standards and help reduce Ghana’s dependence on imported refined fuel.
He also mentioned that seven companies have expressed interest in investing in the refinery’s revival, with different levels of commitment.
“A financial partner will join us, and some are interested in taking over the entire refinery to renovate it,” he explained. “What we need is a renovation to get the refinery back to running and producing products that can compete internationally. If we secure $25 million, we can get the facility running.”
For many years, TOR has been a vital part of Ghana’s energy sector, but it has struggled with operational issues in recent years due to financial limitations, outdated infrastructure, and technical problems.
When operating at full capacity, the refinery could meet a large portion of the country’s fuel demand, reducing the need for imports. However, years of inadequate investment have left it functioning well below its potential.
Dr. Sulemana reiterated that securing the necessary funding would allow the refinery to operate at full capacity, ensuring efficient and competitively priced fuel production.
