The Tema Oil Refinery (TOR) says it has relied entirely on internally generated funds to sustain its operations since the current management took office in May 2025, despite inheriting a debt burden of about US$517 million.
Managing Director Edmond Kombat disclosed this during a meeting with an International Monetary Fund (IMF) delegation led by Ghana Resident Representative Dr Adrian Alter, which visited the refinery to assess its operations, rehabilitation works and financial position.
“Since this new management took over, we have not received a dime from government. Every single thing is done through our internally generated funds,” Mr Kombat said.
He said management was prioritising financial discipline, operational improvements and the rehabilitation of critical facilities to restore the refinery’s long-term operational and financial stability.
Mr Kombat also disclosed that TOR was engaging the government to restructure its outstanding debts and reconcile historical financial obligations.
“Out of the US$517 million debt we inherited, we owe about US$120 million to government. We are trying to restructure our debt with government,” he said.
