TOR targets listing on Ghana Stock Exchange by 2028 to ensure long-term sustainability
The Tema Oil Refinery (TOR) is targeting a listing on the Ghana Stock Exchange by 2028 as part of efforts to secure its long-term sustainability and prevent a recurrence of its operational challenges. Managing Director of TOR, Edmond Kombat says management is working to clean the refinery’s balance sheet, restructure its debt and achieve sustained […]
The Tema Oil Refinery (TOR) is aiming to secure a listing on the Ghana Stock Exchange by 2028, as part of its strategy for long-term sustainability and to avoid future operational issues. Managing Director Edmond Kombat explained that the refinery is focusing on improving its financial health, restructuring debt, and achieving consistent profitability ahead of the planned listing.
Kombat mentioned that they plan to have at least three years of sustained profitability before listing. The refinery currently has a negative equity of GH¢5 billion, down from a negative GH¢7.5 billion when it took over. Kombat believes attracting private investors, such as pension funds, will enhance corporate governance and shield the refinery from political influence.
He emphasized that listing on the stock exchange would be the most effective way to ensure the refinery's long-term survival. In the competitive downstream petroleum market, Kombat stressed that TOR must prioritize efficiency, product quality, and competitive pricing to maintain its position. He also dismissed concerns that bulk distribution companies (BDCs) might be a threat to the refinery, instead viewing them as partners in the operations.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
