Accra:The Managing Director of Tema Oil Refinery Limited (TOR), Mr. Edmond Kombat, has announced that the turnaround of the Refinery's Crude Distillation Unit (CDU) was financed through the company's internally generated funds. This was achieved without any financial assistance from the central government for the repair works.
According to Ghana News Agency, Mr. Kombat provided these details during his remarks at the Government Accountability Series Press Conference held at the Presidency in Accra. He highlighted that in the ten months following the return of the National Democratic Congress (NDC) to office, TOR resumed refining operations, cleared its audit backlog, returned to profitability before tax, and received multiple crude cargoes, including Ghanaian Indigenous Jubilee Crude and a Sankofa cargo. The CDU was also refurbished and commissioned by the President.
Mr. Kombat emphasized that restoring TOR was a commitment made by President John Dramani Mahama to Ghanaians, and it had been fulfilled. He contrasted the current status with the period when the NDC handed over in January 2017, noting that debt had been halved to about $300 million, around five million barrels had been processed, and crude was in storage ready for refining.
He further pointed out that by the end of 2024, the refinery faced significant challenges, including losses amounting to approximately GHS10 billion, rising debt to about $517 million, an idle Crude Distillation Unit since 2021, and unaudited accounts for six years. Additionally, morale among staff had declined.
Mr. Kombat acknowledged that while the refinery's current throughput is about 28,000 barrels a day, efforts are underway to increase it. Engineers from Verga Engineering are collaborating with TOR's technical team to enhance throughput to between 45,000 and 55,000 barrels per day. Once completed, the refinery is expected to operate at its nameplate capacity.
He reiterated the focus on addressing TOR's legacy obligations and maintaining the progress that has been achieved.