Tema:The Tema Oil Refinery (TOR) has been accused of selling petroleum products belonging to three third-party service providers without their consent, According to refinery's Managing Director, Edmond Kombat. The sales, reportedly worth millions of dollars and used to pay staff salaries, occurred between 2019 and 2024.
According to Ghana Web, Kombat made these allegations during the Government Accountability Series on October 26, 2026. He explained that the refinery undertook these transactions amid a severe financial crisis that threatened its operations. The sale of third-party products was part of the broader challenges TOR faced before new management took over in January 2025.
Kombat revealed that TOR's financial struggles were significant, with accumulated losses of approximately GHS10 billion and a debt increase from US$300 million in 2016 to about US$517 million by January 2025. Additionally, the company's equity was negative, standing at GHS7.6 billion by the end of 2024.
Operational challenges compounded TOR's financial woes. The Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracking (RFCC) Unit had been non-operational since April 2021 and 2019, respectively. This forced the refinery to rely on renting storage space to petroleum service providers instead of refining crude oil.
The refinery's infrastructure also suffered, with 18 out of 59 storage tanks out of service, some since 2004. Financial difficulties affected TOR's ability to meet statutory obligations, including debts of GHS200 million to the Ghana Revenue Authority and GHS20 million to the Social Security and National Insurance Trust. Additional outstanding obligations included GHS190 million to staff provident funds and retirees.
Further, the refinery owed the Electricity Company of Ghana, Ghana Water Company Limited, the Ghana National Petroleum Corporation, and the Volta River Authority. TOR had also failed to file audited financial statements for six consecutive years, from 2019 to 2024.