TOR Generates GH¢409.9 Million in Revenue in Nine Months of 2026 – Edmond Kombat

The Tema Oil Refinery (TOR) generated GH¢409.9 million in revenue between January and September 2026, exceeding the GH¢285.9 million recorded for the whole of 2025, Managing Director Edmond Kombat has disclosed.

Mr Kombat announced the figures during the Government Accountability Series at Jubilee House on October 26, 2026, as he outlined progress made under efforts to restore the state-owned refinery’s operations and improve its financial performance.

According to figures presented by management, TOR is projecting full-year revenue of GH¢546.5 million for 2026, representing an increase of about 91 per cent over its 2025 revenue. The estimate is based on the refinery’s performance during the first nine months and should not be treated as its confirmed year-end result.

The improved performance follows the resumption of crude processing on December 19, 2025, after the refinery’s Crude Distillation Unit (CDU) underwent turnaround maintenance. The unit had been out of operation since April 2021, while the Residue Fluid Catalytic Cracking Unit had been shut down since 2019.

Mr Kombat said the rehabilitation formed part of Project Restore TOR, an initiative aimed at returning the refinery to its core business, strengthening financial controls and improving long-term commercial sustainability.

Beyond revenue, the refinery recorded an operating profit of GH¢69.6 million in the first nine months of 2026, compared with GH¢86 million for the whole of 2025. Gross profit reached GH¢321.1 million during the same period, up from approximately GH¢219.2 million in 2025.

Management, however, acknowledged that higher operating expenses, particularly insurance and maintenance costs, continue to place pressure on the refinery’s earnings.

When the current management assumed office in 2025, TOR was facing accumulated losses of about GH¢10 billion, substantial debt and years of unaudited financial statements. The refinery has since completed outstanding audits and reported a profit before tax of GH¢1.24 billion for 2025, which the State Interests and Governance Authority described as its first profit in a decade.

TOR’s recovery also depends on securing consistent crude supplies and increasing processing capacity. Its current throughput stands at approximately 28,000 barrels per day, with engineering work underway to raise it to between 45,000 and 55,000 barrels per day.

Although the latest revenue figures indicate a stronger commercial performance, sustaining the progress will depend on controlling operating costs, maintaining reliable production and addressing the refinery’s outstanding financial obligations.

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