The Managing Director of the Tema Oil Refinery (TOR), Dr. Yussif Sulemana, has revealed that the refinery requires an estimated $25 million to undergo a complete revamp and resume full operations.
His statement comes at a time when Ghana’s petroleum sector is grappling with challenges such as rising fuel prices, heavy reliance on imports, and the underutilization of local refining capacity.
Addressing journalists in Accra on Monday, March 17, Dr. Sulemana emphasized the urgent need for investment to restore TOR to optimal performance. He stressed that revamping the refinery would enable the production of petroleum products that meet international standards and reduce Ghana’s dependence on imported refined fuel.
He further disclosed that seven companies have shown interest in investing in the refinery’s revival, with varying levels of commitment.
A credit partner will come and partner with us, and some are interested in doing everything. Some want to take up the entire facility of the refinery just to revamp it.
“So what we need is a revamping to be able to get the refinery back to operate to churn out products that can compete with international standards. If we get like $25 million as we speak now, we can be able to run the facility,” he stated.
For decades, TOR has played a key role in Ghana’s energy sector but has faced operational difficulties in recent years due to financial constraints, aging infrastructure, and technical inefficiencies.
At full capacity, the refinery has the potential to meet a significant portion of local fuel demand, reducing the need for imports. However, years of underinvestment have left it operating well below its optimal level.
Dr. Sulemana reiterated that securing the necessary funds would allow the refinery to function at full capacity, ensuring efficient fuel production at competitive costs.
Comments