Dr. Yussif Sulemana, Managing Director of the Tema Oil Refinery (TOR), has revealed that the refinery requires an estimated $25 million to return to full operational capacity.
Speaking to reporters in Accra on Monday, March 17, he outlined the refinery’s challenges, including budgetary constraints, outdated infrastructure, and technological inefficiencies.
He emphasized that modernizing TOR would reduce Ghana’s dependence on imported refined fuel and enhance the country’s ability to produce petroleum products that meet international standards.
Dr. Sulemana also disclosed that seven businesses, each with varying levels of commitment, have expressed interest in funding the refinery’s revival.
“A credit partner may come in to collaborate with us, while others are interested in taking full responsibility for the refinery’s rehabilitation. Some even want to take over the entire facility just to revamp it,” he stated.
“We need a complete overhaul to restore the refinery’s operations and produce high-quality petroleum products that can compete on the global market. With approximately $25 million, we could get the facility up and running,” he added.
For many years, TOR has played a crucial role in Ghana’s energy sector but has struggled with inefficiency and underinvestment.
When operating at full capacity, the refinery could supply a significant portion of the nation’s fuel needs, reducing reliance on imports.
Dr. Sulemana reiterated that securing the necessary funding would enable TOR to operate efficiently and provide fuel at competitive prices.
By Najat Adamu