TOR considers GSE listing to raise funds as it tackles $517 million legacy debt

The Tema Oil Refinery (TOR) is considering listing on the Ghana Stock Exchange (GSE) to raise funds for its operations and expansion as it works to restructure about $517 million in inherited debt.

Managing Director Edmond Kombat disclosed this during a visit by an International Monetary Fund (IMF) delegation led by Ghana’s IMF Resident Representative, Dr Adrian Alter.

He said listing on the stock exchange would give Ghanaian institutions and other investors the opportunity to acquire shares in the refinery and support its recovery.

Of the total debt, about $120 million is owed to the government. Kombat said discussions were ongoing to restructure that amount and clarify outstanding financial obligations between TOR and the state.

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The refinery is also working with other state institutions to determine the amounts owed to one another and explore whether these obligations could be used to settle some of its debts.

Kombat said management had funded the refinery’s operations using internally generated funds since taking 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 added that TOR recorded a profit last year and expressed optimism that operational changes, coupled with improving economic conditions, would help the refinery remain profitable.

On production, Kombat said the refinery had processed about five million barrels of crude oil, of which approximately two million barrels came from Ghana’s oil fields, with the remainder sourced from abroad.

“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 expressed hope that the Ghana National Petroleum Corporation (GNPC) would supply TOR with its full allocation by next year to ensure a steady supply of crude oil and sustain operations.

Kombat said refining more crude oil locally would help ensure fuel availability in Ghana during supply disruptions in international markets.

He added that TOR could generate additional revenue by storing fuel, transporting it to eight private depots and testing petroleum products in its laboratory.

The refinery’s storage facilities have a capacity of about one million metric tonnes.

Kombat also disclosed that the Ghana Audit Service had worked on six years of previously unaudited accounts.

Management plans to appoint an external auditing firm at the next Annual General Meeting (AGM) to audit the refinery’s future accounts.

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The IMF delegation later toured TOR’s repaired facilities and ongoing projects aimed at increasing its crude oil processing capacity and bringing other units back into operation.

DR/MA

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