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TOR to restart operations; refine about 45,000 barrels per day

The Tema Oil Refinery (TOR)

TOR to enter strategic partnership to revamp operations

Decimal Capital Limited to provide funding for first phase of TOR revamp

Government rehabilitating Tema Oil Refinery to help address fuel price hikes – Akufo-Addo

The Tema Oil Refinery (TOR) is expected to restart operations in the coming months to help boost the domestic supply of refined oil products in the wake of the ongoing global oil market crisis.

The state-owned refinery when fully operational is expected to produce some 45,000 barrels of oil per day.

A statement issued by the Management of the firm said the development comes after it secured government’s approval to negotiate a Lease Agreement to refine crude with support from a private investor, Decimal Capital.

It added that the proposal by Decimal Capital Limited however best met the needs of the refinery.

“The Government of Ghana, through the Ministry of Energy, has given TOR the go-ahead to negotiate a lease agreement to refine crude oil with a private investor, Decimal Capital Ltd., whose proposals emerged as the most appropriate to meet the needs of the Refinery among the host of proposals that were presented.

“This is expected to boost the local supply of refined oil products and help stabilize the Ghana Cedis in the face of the ongoing international market crisis,” part of the statement read.

It also noted that, “A local Transactional Advisor has been contracted by TOR to lead the negotiations in formulating the lease agreement, which is expected to be completed over the next three to four weeks.”

The Management of TOR added that once this is completed, Decimal Company Limited is expected to provide funding for the first phase of operations in order for TOR to be able to refine about 45,000 barrels a day.

“The investment partner is expected to provide funding for a first phase, which will bring the Crude Distillation Unit (CDU) of TOR back on stream to refine about 45.000 barrels per day in the next few months,” the statement said.

Meanwhile, TOR said this is expected to provide a third of the country’s monthly diesel and other fuel needs which will lead to an improvement in fuel security which will have a rippling effect on the stabilization of the Ghana Cedi.

“Production from TOR can contribute about a third of the current monthly consumption of diesel, and the full requirement of the Aviation Turbine Kerosene (ATK) and Fuel Oil needs of the country. This is expected to thus contribute significantly to improving fuel security”

It concluded, “Output from Phase One of this partnership project will be used to revamp the Residual Fluid Catalytic Cracker (RFCC) and other associated units of the Company, to maximize production from the Refinery.”

The Tema Oil Refinery is a wholly-owned Ghanaian entity that has been refining crude oil since 1963. It has the capacity to produce 45,000 barrels per stream day but is currently producing about 26,000 barrels.

The refinery, situated in Tema, was originally named the Ghanaian Italian Petroleum (GHAIP) Company and incorporated as a private limited liability company under the Companies Ordinance (Cap 193) on December 12, 1960.

It was 100 percent owned by the ENI Group (Ente Nationalise Indrocarburi) of Italy until the government of Ghana bought all the shares of GHAIP in April 1977 and became the sole shareholder.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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