The Managing Director of the Tema Oil Refinery (TOR), Dr. Yussif Sulemana has revealed that the refinery requires an estimated $25 million to restore its operations to full capacity.
Speaking to journalists in Accra on Monday, March 17, Dr. Sulemana outlined the refinery’s pressing challenges, including financial constraints, outdated infrastructure, and technical inefficiencies. These issues have hindered TOR’s ability to operate at optimal levels, undermining its potential to meet local fuel demands and produce internationally competitive petroleum products.
Dr. Sulemana emphasized that a comprehensive revamp of TOR would position it to become a critical player in Ghana’s energy sector. “The refinery has immense potential to reduce the country’s dependence on imported refined fuel by producing high-quality petroleum products that meet global standards,” he said.
According to the MD, seven companies have expressed varying levels of interest in partnering with TOR for its revival. “We have potential credit partners willing to collaborate with us. Some are interested in taking over the entire facility to revamp it, while others prefer joint ventures to address specific operational challenges,” Dr. Sulemana explained.
He added that securing the $25 million investment is key to restoring TOR’s operations. “With $25 million, we can bring the refinery back to life and ensure it churns out products that can compete on the international market,” he noted.
For decades, TOR has been a cornerstone of Ghana’s energy sector, supplying a significant portion of the country’s fuel needs. However, years of underinvestment, technical inefficiencies, and financial mismanagement have left the refinery operating far below its capacity.
Dr. Sulemana assured stakeholders that once the necessary funding is secured, TOR will operate more efficiently, reduce Ghana’s reliance on expensive fuel imports, and provide petroleum products at competitive prices. He urged swift action to secure the required investment, highlighting the broader economic benefits of a fully functional refinery.
The successful revamp of TOR would not only enhance the country’s energy security but also strengthen its industrial base, create jobs, and drive economic growth.
Story by: Mercy Addai Turkson #ahotoronline.com
