• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Tema Oil Refinery to Resume Operations After Four-Year Hiatus; Eyes $400m Monthly Savings

3 months ago
in Business, Economy, Editor's pick, Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
1.2k
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

From PR Spin to Hard Evidence: Why E&P Now Owns Azumah

Engineers & Planners Asserts Lawful Ownership of Azumah Mines Amid Workers’ Jubilation

Africa Setting New Terms for the Scramble of its Minerals

Tema Oil Refinery to Resume Operations After Four-Year Hiatus; Eyes $400m Monthly Savings

Tema Oil Refinery (TOR) is expected to resume full operations by October 2025 after a four-year halt, the company’s Acting Managing Director, Edmund Kombat, has disclosed.

Speaking before the Energy Committee of Parliament, Mr Kombat said the refinery’s return to optimal production is aimed at reducing Ghana’s heavy dependence on imported refined petroleum products, which currently costs the nation an estimated $400 million monthly.

“We are putting in place strategic measures to bring TOR back to life and sustain its operations going forward,” Mr Kombat stated.

According to him, the refinery is targeting a processing capacity of up to 60% of the country’s total crude oil demand—a move expected to enhance energy security and create significant foreign exchange savings.

TOR suspended its operations in 2021 due to a prolonged shortage of crude oil feedstock, compounding years of financial and operational difficulties at Ghana’s only state-owned refinery.

Financial Oversight Gaps Acknowledged

In his submission to the committee, Mr Kombat also revealed that TOR has not had its financial statements audited since 2019, raising concerns over governance and financial oversight at the state-owned enterprise.

“We are currently working to finalise the outstanding audits, and we expect to present the updated financial reports to Parliament by next month,” he assured.

The refinery’s revival plan comes at a time when global energy markets are increasingly volatile, and domestic energy self-sufficiency is being prioritised by policymakers. The resumption of TOR’s operations, if achieved, could help narrow Ghana’s petroleum import bill and provide critical support to the cedi through reduced forex demand.

Parliament is expected to maintain close oversight of TOR’s operational and financial recovery plan in the months ahead, particularly regarding progress on auditing, procurement, and investment partnerships.

Tags: Tema Oil RefineryTema Oil Refinery to Resume Operations After Four-Year Hiatus; Eyes $400m Monthly Savings

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Black Stars Secure Crucial Win Over Mali in World Cup Qualifiers

European World Cup Qualifiers: Kosovo Shocks Sweden as Italy Edge Israel in Nine-Goal Thriller

Tunisia Secures World Cup Spot, Uganda and Madagascar Shine

Economist Projects 9% Inflation by Year-End if FX Stability Holds

Joe Jackson Backs Cedi at GH¢12/$1, Says Current Exchange Rate Level ‘More Defensible’

Local Bourse Opens Week Flat Despite Surge in Trading Volumes

Trending

Banking & Finance

From PR Spin to Hard Evidence: Why E&P Now Owns Azumah

September 9, 2025

From PR Spin to Hard Evidence: Why E&P Now Owns Azumah At the heart of the takeover...

Engineers & Planners Asserts Lawful Ownership of Azumah Mines Amid Workers’ Jubilation

September 9, 2025

Africa Setting New Terms for the Scramble of its Minerals

September 9, 2025

Black Stars Secure Crucial Win Over Mali in World Cup Qualifiers

September 9, 2025

European World Cup Qualifiers: Kosovo Shocks Sweden as Italy Edge Israel in Nine-Goal Thriller

September 9, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.