TOR Requires $25m Investment Stay Afloat - Managing Director
Tema, Ghana - 18 March, 2025 - Ghana's Tema Oil Refinery (TOR) is on the brink of collapse, with its Managing Director, Dr. Yussif Sulemana, warning that a crucial investment of $25 million is needed to revamp the facility and resume full operations.
On Monday, March 17, Dr. Sulemana, spoke to journalists in Accra, emphasizing the urgent need for investment to restore TOR to optimal performance.
He stressed that revamping the refinery would enable the production of petroleum products that meet international standards and reduce Ghana's dependence on imported refined fuel
Dr Sulemana also disclosed that seven companies have already expressed interest in investing in the refinery's revival, with varying levels of commitment. He stated that securing the necessary funds would allow the refinery to function at full capacity, ensuring efficient fuel production at competitive costs.
“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.
“So what we need is a revamping to be able to get the refinery back to operate to churn out products that can compete with international standards. If we get like $25 million as we speak now, we can be able to run the facility,” he stated.
Source: Lead News Online
