The Tema Oil Refinery (TOR) and the Ghana Oil Company Limited (GOIL) are exploring deeper commercial collaboration to increase the supply and offtake of locally refined petroleum products, including strengthening security of supply in the domestic market.
The move followed a strategic meeting between the management of the two state-owned institutions on Wednesday, in Tema, where both parties discussed ways to build on their existing business relationship and also identify new areas of cooperation.
The engagement comes as TOR steps up efforts to restore and expand its operations and increase its contribution to the country’s petroleum supply chain.
The discussions focused on improving the availability of petroleum products, strengthening market resilience and supporting greater stability in prices at the pumps.
Progress
The Managing Director of TOR, Edmond Kombat, told the Managing Director and Group Chief Executive Officer of GOIL PLC, Edward Abambire Bawa, and his team that significant progress had been made in the refinery’s operations.
He said the smooth execution of the ongoing restart and supply processes demonstrated improved operational discipline at TOR, and provided a strong basis for the refinery to increase its supply of petroleum products to the local market.
Mr Kombat said as TOR continued with its transformation agenda, partnership with strategic players in the downstream petroleum sector would be critical to translating the refinery’s renewed operational capacity into tangible benefits for the economy and consumers.
Partnership
The CEO further said that GOIL, as one of TOR’s key offtake partners, had an important role to play in ensuring that petroleum products produced by the refinery found a ready and reliable market.
“We believe that stronger collaboration with strategic partners such as GOIL will be critical to the success of the transformation we are undertaking at TOR,” he added.
Mr Kombat said the partnership formed part of TOR’s broader resetting, transformation and optimisation agenda, which was aimed at improving operational efficiency, strengthening the refinery’s commercial position and enhancing its contribution to national energy security.
He expressed optimism that the meeting would lead to the identification of additional areas of cooperation that would strengthen the two institutions and contribute to the development of a more resilient downstream petroleum industry.
Beyond the domestic market, Mr Kombat said TOR’s transformation was intended to position the refinery to serve the wider West African sub-region.
Access
For his part, Mr Bawa said closer collaboration with TOR presented an opportunity for GOIL to strengthen its access to locally refined petroleum products and support efforts to improve security of supply.
He said a stronger relationship between the two institutions could also deepen their commercial partnership while contributing to the stability and resilience of the country’s downstream petroleum sector.
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