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The Tema Oil Refinery (TOR) is planning a significant industrial transformation, with management announcing intentions to add a petrochemical plant and expand refining capacity as the state-owned facility shifts from recovery into a new growth phase.
The announcement was made at a pivotal time for the refinery, which recorded a profit before tax of GH¢1.24 billion in 2025—its first in ten years—signalling a strong financial and operational rebound.
According to management, the performance was largely supported by a GH¢1.3 billion foreign exchange gain and GH¢155 million from earnings linked to associate investments.
Addressing the 18th Annual General Meeting in Accra, Managing Director Edmond Kombat said the turnaround provides a solid base for a more ambitious development drive aligned with government’s industrialisation agenda.
He noted that TOR is working toward a major expansion in output capacity, with plans targeting about 200,000 barrels per stream day.
“The President had asked us to expand the refinery; we are targeting about 200,000 barrels per stream day, the details will be out very soon,” he stated.
Beyond increasing refining capacity, Kombat revealed that the refinery is also prioritising value addition through petrochemical integration and expanded storage infrastructure.
“Also we are looking at adding a petrochemical plant to the expansion we are going to do and we are also going to increase our storage,” he added.
He stressed that the next phase of TOR’s growth is focused not only on expansion but also on sustaining profitability to keep the institution financially stable.
“The President has also asked us to maintain the profitability so the balance sheet is clean,” he noted.
Looking ahead, management says the long-term goal is to position TOR as a key energy hub serving both domestic needs and the wider Sahelian market.
“When all of this is done we are going to meet the domestic demand and be a major anchor for the Sahelian market,” Kombat said.
The AGM also formally approved Edmond Kombat as Managing Director, cementing his leadership as TOR enters what is expected to be one of its most ambitious expansion phases in recent years.
Story by Efua Nessa