The Managing Director of the Tema Oil Refinery (TOR), Dr. Yussif Sulemana, has disclosed that the refinery needs an estimated $25 million to restore its operations to full capacity.
Speaking to journalists in Accra on Monday, March 17, Dr. Sulemana highlighted the refinery’s operational challenges, including financial constraints, aging infrastructure, and technical inefficiencies.
He stressed that revamping TOR would enhance its ability to produce petroleum products that meet international standards while reducing Ghana’s reliance on imported refined fuel.
He also revealed that seven companies have expressed 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,” he noted.
“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 added.
TOR has played a significant role in Ghana’s energy sector for decades but has struggled with underinvestment and inefficiencies. At full capacity, the refinery could meet a substantial portion of the country’s fuel demand, reducing dependence on imports.
Dr. Sulemana reaffirmed that securing the required funds would enable TOR to function efficiently and provide fuel at competitive costs.
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