Accra: President John Dramani Mahama has announced that the Tema Oil Refinery (TOR) has fully paid for the Jubilee crude oil supplied to it, dispelling any rumors or suggestions that the crude was obtained on credit. This declaration was made during an event celebrating the receipt of the first barrel of oil from the Jubilee Field at TOR on August 1, 2026, where the President highlighted the refinery's growing operational capacity and its pivotal role in Ghana's petroleum industry.
According to Ghana Web, President Mahama emphasized that TOR's financial independence in acquiring the crude oil showcases the government's commitment to refining Ghana's petroleum resources locally, aiming to add more value to the national economy. He mentioned TOR's recent procurement of three different one-million-barrel cargoes, including crude from Bonga, the Baleine field, and Ghana's own Jubilee Medium Sweet crude.
The President further elaborated that TOR's processing of two million barrels into various petroleum products, such as gasoline, gas oil, aviation turbine kerosene, liquefied petroleum gas, kerosene, residual fuel oil, and premix fuel, represents a pivotal advancement in Ghana's industrial development. He remarked that the resumption of TOR's refining operations on December 19, 2025, marked the beginning of a transformative period for the country's industrial sector.
President Mahama also underscored that TOR's revival was accomplished without any financial bailout from the government, asserting that the refinery's success story is a testament to the potential revival of state-owned enterprises through effective leadership, competent management, and a unified national vision.