TOR considers GSE listing as it works to restructure $517m debt

The Tema Oil Refinery (TOR) is considering a listing on the Ghana Stock Exchange to bring in fresh investment while management works to restructure about $517 million in debt it inherited.

Managing Director Edmond Kombat disclosed the plan to a delegation from the International Monetary Fund (IMF), led by the Fund’s Ghana Resident Representative, Dr Adrian Alter, during a visit to the refinery.

The team came to see the rehabilitation works and the efforts to restore steady operations and financial stability. The visit was part of its wider talks with government and selected state-owned enterprises.

Mr Kombat said a listing would allow Ghanaian institutions and other investors to buy shares in TOR, giving the refinery capital for operations and expansion.

Of the inherited debt, he said about $120 million is owed to the government. Talks are under way to restructure that amount and reconcile historical financial commitments between TOR and the state. The refinery is also speaking with other state institutions about what is owed on both sides, and is exploring ways to offset those amounts and establish where each party stands.

Mr Kombat said management has not relied on the government for money since it took office in May 2025.

“Since this new management took over, we have not received a dime from government. Every single thing is done through our internally generated funds,” he said.

He said TOR still made a profit last year and expects improved economic conditions and operational reforms to help it stay profitable.

On crude supply, he said the refinery has processed about five million barrels, with roughly two million coming from Ghana’s oil fields and the rest from outside the country.

“Our first domestic crude came from the Jubilee field through Vitol, and it was fully paid for. GNPC also gave us its portion of Ghana’s allocation,” he said.

He hopes GNPC will release its full allocation to TOR by next year, which he said would improve supply and keep operations more consistent. He argued that refining at home would strengthen petroleum supplies and shield Ghana from disruptions in the international market.

Beyond refining, Mr Kombat pointed to other ways TOR can earn money: its storage capacity of about one million metric tonnes, connections to eight privately run depots that allow products to be pumped straight to them, and its petroleum-testing laboratory.

He also addressed the refinery’s accounts. TOR has a six-year backlog of unaudited books. The Ghana Audit Service has carried out an audit exercise to clear it, and management plans to appoint an external audit firm at the next Annual General Meeting to handle future audits. He added that financial reporting and internal controls have improved.

The IMF team later toured the rehabilitated facilities and ongoing engineering works. Management says the work is meant to raise processing capacity, bring critical units back into service and strengthen TOR’s role in the country’s energy security.