The Managing Director of the Tema Oil Refinery (TOR), Dr. Yussif Sulemana, has disclosed that the refinery needs an estimated $25 million to undergo a complete overhaul and resume full-scale operations.
His statement comes as Ghana‘s petroleum sector faces mounting challenges, including rising fuel prices, heavy dependence on imports, and the underutilization of local refining capacity.
Speaking to journalists in Accra on Monday, March 17, Dr. Sulemana stressed the urgency of securing investment to restore TOR to optimal performance.
He explained that revamping the refinery would enable it to produce high-quality petroleum products that meet international standards while reducing Ghana’s reliance on imported refined fuel.
“We need a revamp to get the refinery back on track and produce fuel that competes with international standards. If we secure around $25 million now, we can restart operations,” he stated.
He also indicated that seven companies have expressed interest in investing in TOR’s revival, with some offering credit partnerships and others proposing to take over the entire facility to finance its rehabilitation.
“For some investors, they want to come in as credit partners, while others are willing to take up the entire facility to restore operations,” he added.
For years, TOR has played a crucial role in Ghana’s energy sector, refining crude oil for domestic consumption. However, in recent years, the refinery has struggled due to financial constraints, outdated infrastructure, and technical inefficiencies.
At full capacity, TOR has the potential to meet a significant portion of Ghana’s fuel demand, reducing the country’s dependence on imports and stabilizing fuel prices. However, years of underinvestment have left it operating at a fraction of its potential.
Dr. Sulemana reiterated that securing the necessary funding would not only revive TOR but also ensure sustainable fuel production at competitive costs.
