The Managing Director of the Tema Oil Refinery (TOR), Dr. Yussif Sulemana, has disclosed that the refinery requires approximately $25 million for a full-scale revamp to resume optimal operations.

His remarks come at a time when Ghana’s petroleum sector faces significant challenges, including escalating fuel prices, heavy dependence on imports, and underutilization of local refining capacity.

Speaking to journalists in Accra on Monday, March 17, Dr. Sulemana highlighted the urgent need for investment to restore TOR’s efficiency. He emphasized that a revitalized refinery would enable the production of high-quality petroleum products, reducing Ghana’s reliance on imported refined fuel.
He further revealed that seven companies have expressed interest in financing the refinery’s revival, each demonstrating 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 been a critical component of Ghana’s energy sector. However, financial constraints, outdated infrastructure, and technical inefficiencies have hindered its operations in recent years.

Operating at full capacity, the refinery has the potential to meet a substantial portion of Ghana’s fuel demand, thereby reducing reliance on imports. However, years of insufficient investment have left it functioning significantly below its optimal level.

Dr. Sulemana reiterated that securing the necessary funds would restore the refinery’s full operational capacity, ensuring the efficient production of fuel at competitive costs.Source:dailymailgh.com