The Tema Oil Refinery (TOR) is thinking about a listing on the Ghana Stock Exchange as management looks for fresh financial investment while pursuing the restructuring of an acquired financial obligation concern of around $517 million.
Handling Director Edmond Kombat divulged this throughout a go to by an International Monetary Fund (IMF) delegation led by the Fund’s Ghana Resident Representative, Dr Adrian Alter.
The delegation checked out the refinery to evaluate rehab works and comprehend efforts to bring back continual operations and monetary stability.
The engagement formed part of the IMF group’s conversations with federal government authorities and picked state-owned business.
Mr Kombat stated a prospective stock exchange listing would let Ghanaian organizations and other financiers purchase shares in TOR, offering capital for operations and growth.
He informed the delegation that management had actually depended on internally produced funds because taking workplace in May 2025.
“Since this brand-new management took control of, we have actually not gotten a cent from federal government. Every thing is done through our internally produced funds,” he stated.
Mr Kombat stated management had actually prioritised monetary discipline, functional enhancements and the rehab of crucial centers.
Of the roughly $517 million financial obligation acquired, he stated about $120 million was owed to the federal government. Conversations were underway to restructure that responsibility and fix up historic monetary dedications in between TOR and the state.
The refinery is likewise engaging other state organizations over exceptional responsibilities. The refinery is checking out possible plans to balance out quantities owed in between the celebrations and develop their particular monetary positions.
Regardless of the financial obligation concern, Mr Kombat stated TOR tape-recorded a revenue in 2015. He revealed optimism that enhanced macroeconomic conditions and functional reforms would assist sustain success.
Reacting to concerns about unrefined products, he stated the refinery had actually processed around 5 million barrels, consisting of about 2 million barrels sourced from Ghana’s oil fields. The rest originated from external sources.
“Our very first domestic crude originated from the Jubilee field through Vitol, and it was totally spent for. GNPC likewise provided us its part of Ghana’s allowance,” he stated.
Mr Kombat revealed hope that the Ghana National Petroleum Corporation would make its complete crude allowance offered to TOR for refining by the list below year. He stated this would enhance feedstock accessibility and assistance more constant operations.
He argued that domestic refining might enhance petroleum products and decrease Ghana’s direct exposure to global market disturbances.
Beyond refining, Mr Kombat highlighted chances to make profits from TOR’s storage facilities, circulation network and petroleum-testing lab.
He stated the refinery had around one million metric tonnes of storage capability and connections to 8 independently run depots, permitting items to be pumped straight to those centers.
The conversations likewise dealt with monetary responsibility, consisting of efforts to clear a six-year stockpile of unaudited accounts.
Mr Kombat stated the Ghana Audit Service had actually carried out an audit workout to attend to the stockpile. Management likewise planned to designate an external audit company at the refinery’s next Annual General Meeting to manage subsequent audits.
He detailed enhancements to monetary reporting, internal controls, and staff-related reforms, together with efforts to protect reputable crude products.
The IMF delegation later on visited restored centers and continuous engineering works. Management stated the work intended to enhance processing capability, bring back vital systems, and reinforce TOR’s contribution to Ghana’s energy security.
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