Dr. Yussif Sulemana, the newly appointed Managing Director of the Tema Oil RefineryDr. Yussif Sulemana, the newly appointed Managing Director of the Tema Oil Refinery (TOR), has disclosed that an estimated $25 million is required for a comprehensive overhaul of the facility to enable it to resume full operational capabilities.
His announcement comes at a critical juncture when Ghana’s petroleum sector is facing significant challenges, including escalating fuel prices, a heavy dependence on imported fuels, and the alarming underutilization of domestic refining capacities.
During a press conference held in Accra on Monday, March 17, Dr. Sulemana underscored the urgent need for substantial investment in TOR to restore its operations to optimal levels. He articulated that revitalizing the refinery is not just a matter of economic imperative but also a strategic necessity to produce high-quality petroleum products that meet international standards. This, he argued, would significantly diminish Ghana’s reliance on imported refined fuels, thereby enhancing the country’s energy security and overall economic stability.
In an encouraging development, Dr. Sulemana mentioned that seven companies have expressed interest in investing in TOR’s revival, each demonstrating varying degrees of commitment to the project. This potential investment could provide the necessary financial support to transform the refinery, ensuring it plays a crucial role in Ghana’s energy landscape moving forward.
“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 emphasised.
