Accra, Ghana — The Tema Oil Refinery (TOR) recorded a profit before tax of GH¢1.24 billion in 2025 as management intensifies efforts to restore operations, improve financial performance and expand the refinery’s processing capacity.
Managing Director of TOR, Edmond Kombat Esq., disclosed this at the Government Accountability Series (GAS) held at the Jubilee House, where he outlined the refinery’s recovery programme and long-term expansion plans.
Mr. Kombat said the refinery was in a difficult condition when the current management took over in May 2025, with its Crude Distillation Unit (CDU) shut down since 2021 and the Residue Fluid Catalytic Cracking (RFCC) Unit inactive since 2019.
He said TOR’s debt had risen to approximately US$517 million, while six years of outstanding financial accounts remained unaudited.
Under the government’s RESET Agenda, management prioritised the restoration of refinery operations, the clearance of the audit backlog, stronger financial controls and the resolution of longstanding staff
promotion cases.
CDU restart restores refining operations
Mr. Kombat said the CDU turnaround was undertaken between August and October 2025 and financed through TOR’s internally generated funds.
Following safety inspections and clearance by the National Petroleum Authority (NPA), crude processing resumed on December 19, 2025, marking a significant step in the refinery’s recovery.
Since the restart, TOR has received several crude cargoes, including Ghana’s Jubilee crude and a 950,000-barrel Sankofa cargo supplied by the Ghana National Petroleum Corporation (GNPC).
Samples of crude oil and refined petroleum products were displayed during the briefing to demonstrate the value of processing Ghanaian crude locally.
The initiative is expected to support domestic refining, strengthen energy security and create opportunities for greater value addition within the country’s petroleum industry.
Refinery targets higher processing capacity
TOR’s CDU is currently processing approximately 28,000 barrels per stream day (bpsd), with management working to increase throughput.
The refinery’s technical team, alongside engineers from Verga Engineering, is working on the F-61 tie-in project, which is expected to raise processing capacity towards between 45,000 and 55,000 barrels per day.
The planned increase in throughput forms part of broader efforts to improve operational efficiency and strengthen the refinery’s ability to meet petroleum product demand.
Financial recovery and employment
Beyond the resumption of refining operations, Mr. Kombat reported improvements in TOR’s commercial and financial position.
He said the refinery had completed its outstanding audited accounts and increased commercial revenue compared with 2024.
The recovery programme has also supported employment for engineers, temporary workers and local contractors involved in the refinery’s rehabilitation and related activities.
The reported GH¢1.24 billion profit before tax for 2025 represents a key financial milestone in management’s efforts to reposition the state-owned refinery.
Five-year plan outlines expansion agenda
Looking ahead, TOR is implementing a five-year strategic plan to guide investment decisions, operational reforms and long-term growth.
The plan includes expanding the existing refinery, developing a new refinery and petrochemical facilities, and increasing petroleum storage capacity.
These initiatives are intended to strengthen TOR’s role in Ghana’s petroleum value chain while improving the country’s capacity to process crude oil locally and support its wider energy requirements.
Mr. Kombat said the immediate priority remained sustaining the gains made since the CDU restart, increasing processing capacity and completing further upgrades.
With refining operations restored and additional investments under consideration, TOR’s recovery programme is focused on building a more commercially viable and operationally efficient refinery capable of contributing meaningfully to Ghana’s energy security and industrial development.
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