The Tema Oil Refinery (TOR) is seeking an estimated $25 million to fully restore its operations, according to its Managing Director, Dr. Yussif Sulemana.
Speaking at a press briefing in Accra on Monday, March 17, Dr. Sulemana highlighted the refinery’s crucial role in Ghana’s petroleum sector and the urgent need for investment to revive its operations. He stressed that a functional TOR would significantly cut down Ghana’s dependence on imported refined fuel, ultimately reducing costs and improving energy security.
Despite years of financial constraints and aging infrastructure limiting TOR’s output, Dr. Sulemana revealed that seven companies have expressed interest in partnering with the refinery. Some potential investors, he noted, are willing to fully finance the revamp, while others prefer a joint partnership model.
“A credit partner will come and partner with us, and some are interested in doing everything. Some want to take up the entire facility just to revamp it,” he disclosed.
With full operational capacity, TOR has the potential to refine a substantial portion of Ghana’s fuel needs, easing the burden of imports. However, underinvestment and technical inefficiencies have hindered its performance in recent years.
Dr. Sulemana remains optimistic that securing the required funding will restore the refinery’s efficiency, ensuring the production of petroleum products that meet international standards while strengthening Ghana’s energy sector.
