Tema Oil Refinery (TOR) is reporting a major expansion in its petroleum product storage business alongside a return to profitability, as management continues efforts to restore the state-owned refinery’s operations and strengthen its position in Ghana’s downstream petroleum industry. Editorial Ethics & Independence
Managing Director Edmond Kombat disclosed on Monday, October 26, 2026, that TOR’s product storage volumes had increased by 216.19 per cent between 2024 and 2026.
He also highlighted the refinery’s GH¢1.24 billion profit for the 2025 financial year, describing the performance as a significant step in its recovery after years of financial and operational difficulties.
Speaking at the Government Accountability Series at Jubilee House, Mr Kombat said the growth in storage activity reflected renewed confidence among petroleum service providers and greater commercial activity at the refinery.
According to figures presented by management, Tema Oil Refinery’s product storage volumes rose from 426,954 metric tonnes in 2024 to 1,107,389 metric tonnes in 2025. This represented a year-on-year increase of 159.37 per cent.
The volume increased further to 1.35 million metric tonnes in 2026, an additional 21.91 per cent rise over the 2025 figure. Across the two year period, the overall increase stood at 216.19 per cent.
The improvement comes as Tema Oil Refinery seeks to move beyond a period when its core refining operations were largely inactive.
When the current management assumed office in May 2025, the refinery’s Crude Distillation Unit (CDU) had been out of operation since April 2021, while the Residual Fluid Catalytic Cracking (RFCC) unit had been shut down since 2019.
With the major processing units inactive, the company relied heavily on renting storage space to petroleum service providers.
Management has since introduced measures aimed at expanding commercial activity, improving operational controls and rebuilding relationships with industry partners.
These measures included tighter cash management, extended operating hours at the loading gantry and stronger accountability in product handling.
Mr Kombat said the changes helped restore confidence among private petroleum companies and regional partners, encouraging them to store and lift petroleum products through Tema Oil Refinery.
The refinery also resumed crude oil processing on December 19, 2025, after completing turnaround maintenance on the CDU.
The restart marked an important step in efforts to return the facility to its primary role of processing crude oil into petroleum products.
Tema Oil Refinery’s financial performance has also improved. Management reported a GH¢1.24 billion profit for the 2025 financial year, marking its first return to profitability in about a decade.
Earlier disclosures at the refinery’s annual general meeting in June attributed the turnaround to improved operational activity, financial management and favourable foreign exchange movements.
However, the return to profit does not mean all of Tema Oil Refinery’s financial challenges have been resolved.
The refinery continues to face legacy debts, accumulated losses and outstanding obligations to creditors. Corrections Policy
Management has said that addressing these liabilities remains necessary to protect the gains made and establish a more sustainable financial position.
The company’s recovery is therefore being pursued on two fronts expanding commercial activity through storage and product handling, while restoring the capacity to refine crude oil consistently.
Storage growth can provide revenue and improve the utilisation of existing infrastructure, but long-term performance will also depend on reliable crude supplies, operational efficiency and the ability to sustain refining activity.
Tema Oil Refinery’s progress is significant for Ghana’s petroleum supply chain.
A more commercially active refinery could support domestic fuel availability, create opportunities for local industry and reduce some of the pressure associated with relying entirely on imported refined products.
The extent of these benefits, however, will depend on the refinery’s ability to operate reliably and compete within the downstream market.
Management has credited cooperation with institutions including the National Petroleum Authority (NPA), Ghana National Petroleum Corporation (GNPC), GOIL and the Bulk Oil Storage and Transportation Company (BOST) as part of the recovery effort. Editorial Standards
The latest figures point to an improving outlook for Tema Oil Refinery, but sustaining the momentum will require continued investment, disciplined financial management and transparent reporting.
The refinery’s storage expansion and return to profit represent important milestones; the next test is whether these gains can translate into lasting operational stability and a stronger balance sheet.
As Tema Oil Refinery continues its recovery, the performance of its storage business and refining operations will remain central to assessing whether the state owned facility can achieve long term commercial viability and make a dependable contribution to Ghana’s energy security.