The Managing Director of the Tema Oil Refinery (TOR), Dr. Yussif Sulemana, has disclosed that the refinery requires an estimated $25 million to undergo a full-scale revamp and resume full operations.
His revelation comes amid ongoing challenges in Ghana’s petroleum sector, including soaring fuel prices, heavy dependence on imports, and the under-utilisation of local refining capacity.
Speaking in an interview, Dr. Sulemana stressed the urgency of securing investment to restore TOR to optimal efficiency. He noted that a fully operational refinery would enable the production of high-quality petroleum products, reducing the country’s reliance on imported refined fuel.
“Revamping TOR will allow it to operate in line with international standards, ensuring competitive fuel production,” he stated.
Dr. Sulemana also revealed that seven companies had expressed interest in investing in the refinery’s restoration, 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. If we get $25 million as we speak, we can fully restart the facility,” he disclosed.
Historically, TOR has played a crucial role in Ghana’s energy sector but has faced numerous challenges in recent years. Financial constraints, outdated infrastructure, and technical inefficiencies have left it operating far below capacity.
At its peak, TOR has the potential to meet a substantial portion of Ghana’s fuel demand, thereby reducing costly fuel imports. Dr. Sulemana reiterated that acquiring the necessary funding would enable the refinery to function at full capacity, lowering inefficiencies and reducing the overall cost of fuel production.
He called for swift intervention to ensure the refinery’s revival, positioning it as a key player in Ghana’s energy security and economic development.
Norvanreports