{
  "id": 16725850,
  "title": "Tema Oil Refinery considers Stock Exchange listing to raise capital",
  "url": "https://urgent.news/2026/10/27/tema-oil-refinery-considers-stock-exchange-listing-to-raise-capital",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-27T07:02:23.000Z",
  "source": {
    "name": "Ghana Business News",
    "slug": "ghana-business-news",
    "url": "https://www.ghanabusinessnews.com/2026/10/27/tema-oil-refinery-considers-stock-exchange-listing-to-raise-capital/"
  },
  "original_language": "en",
  "account": "The Tema Oil Refinery (TOR) is contemplating a listing on the Ghana Stock Exchange (GSE) to raise additional capital for its recovery, rehabilitation, and expansion plans. Managing Director Edmond Kombat informed this when an International Monetary Fund (IMF) delegation, led by its Ghana Resident Representative Dr Adrian Alter, inspected the refinery to evaluate its operations and ongoing reconstruction efforts. Kombat explained that the proposed listing would provide Ghanaian investors and other investors with an alternative source of funding to bolster the company's operations and long-term financial sustainability. He emphasized that this initiative is part of the management's broader strategy to reposition the refinery following years of operational and financial difficulties. Since taking office in May 2025, Kombat stated that the current management has relied solely on internally generated funds to maintain operations and rehabilitate crucial facilities. He disclosed that the refinery owes approximately US$517 million in outstanding debt, with about US$120 million owed to the government. TOR is currently negotiating with the government to restructure its debt obligations and settle historical financial commitments. The refinery generated a profit in the previous year, and Kombat expressed optimism about sustaining profitability in the current and subsequent years, attributing the positive outlook to improved macroeconomic conditions and efforts to enhance operational efficiency and financial discipline. TOR's recovery is crucial for Ghana's energy security, as it can help reduce the nation's vulnerability to disruptions in international petroleum markets and improve petroleum product availability. The refinery processed around five million barrels of crude oil, including roughly two million barrels sourced from Ghanaian oil fields. This included the first domestic crude supply from the Jubilee field via a transaction with Vitol, which was fully paid, and the Ghana National Petroleum Corporation (GNPC) supplying its portion of the country's crude allocation. Kombat expressed hope that GNPC would make its complete crude allocation available for refining the following year to improve feedstock availability and support consistent operations. TOR possesses significant commercial potential due to its tank farm, storage infrastructure, and product distribution network. The refinery has approximately one million metric tonnes of storage capacity and is linked to eight privately operated depots, enabling it to pump petroleum products directly to these facilities, thereby generating additional revenue streams. Regarding corporate governance, the Ghana Audit Service completed an exercise to clear a six-year backlog of unaudited accounts, and the management plans to appoint an external audit firm at the refinery's next Annual General Meeting to handle subsequent audits. Other measures include strengthening internal controls, improving financial reporting, implementing staff-related reforms, and rehabilitating critical processing units to boost operational efficiency. The IMF delegation was briefed on the refinery's operational and financial status before touring selected facilities to observe rehabilitation works and assess progress towards restoring reliable operations.",
  "summary": "The Tema Oil Refinery (TOR) is considering a listing on the Ghana Stock Exchange (GSE) to attract investment and raise additional capital to support its recovery, rehabilitation and expansion plans. The post Tema Oil Refinery considers Stock Exchange listing to raise capital appeared first on Ghana Business News .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}