The Managing Director of the Tema Oil Refinery (TOR), Dr. Yussif Sulemana, has disclosed that the facility requires an estimated $25 million for a full revamp to restore operations.
Speaking to journalists in Accra on Monday, March 17, he emphasized the pressing need for investment to revive the refinery, which has been underutilized due to financial constraints and aging infrastructure.
“If we get like $25 million as we speak now, we can be able to run the facility,” Dr. Sulemana stated, highlighting the refinery’s potential to produce petroleum products that meet international standards.
Dr. Sulemana further revealed that seven companies have expressed interest in investing in the refinery, 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 said.
The revival of TOR is crucial, as Ghana continues to struggle with rising fuel prices and a heavy reliance on imported refined products. Restoring TOR’s full capacity would enable the country to refine a significant portion of its local fuel needs, reducing dependency on external markets.
For decades, TOR has played a pivotal role in Ghana’s petroleum sector but has faced operational setbacks due to underinvestment and inefficiencies. At full capacity, the refinery could help stabilize domestic fuel supply and lower costs for consumers.
Dr. Sulemana reiterated that securing the necessary funding would allow the refinery to operate efficiently, ensuring a stable and cost-effective supply of fuel to meet national demand.
