The Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation Company Limited (BOST) have entered into a Memorandum of Understanding (MoU) to deepen technical and commercial cooperation, marking a significant step towards the revitalisation of Ghana’s downstream petroleum industry.
The agreement was signed on Wednesday, July 23, 2025, in Tema, and represents a strategic partnership aimed at restoring TOR’s operational capacity and bolstering national energy security.
Speaking at the signing ceremony, Edmond Kombat, Acting Managing Director of TOR, described the partnership as a pivotal move towards restarting refinery operations and achieving long-term sustainability.
“We believe the time has come for us to work together to strengthen Ghana’s downstream sector,” he remarked.
Mr Kombat noted that BOST’s robust distribution network and trading capabilities would be instrumental in TOR’s recovery efforts, while TOR would, in turn, provide technical expertise to support BOST’s operations.
He further disclosed that the agreement also addresses longstanding debt reconciliation issues between the two state-owned entities.
“Our respective teams have reviewed the outstanding matters, and we are now beginning on a clean slate. This MoU lays the groundwork for us to progress with confidence,” he added.
Afetsi Awonoor, Managing Director of BOST, echoed the collaborative spirit, describing TOR and BOST as “two sides of the same coin.
He highlighted the mutual benefits to be derived from the partnership, saying, “Just as TOR is looking to draw on BOST’s trading experience, we too are looking to benefit from their engineering expertise. By working together, we complement each other.”
The MoU outlines joint efforts in areas including pipeline infrastructure, tank maintenance, fuel logistics, and the transportation of refined products.
The partnership aligns with the energy strategy of the John Mahama-led government, which seeks to reduce Ghana’s dependence on imported fuel and enhance local refining capacity.
It comes as the Minister for Energy and Green Transition, John Abdulai Jinapor, has tasked the newly constituted board of TOR with the urgent responsibility of restoring the refinery to full operational capacity.
“Your foremost duty is to get TOR back on stream,” the Minister emphasised, adding, “You must implement bold and strategic actions to return the refinery to profitability. TOR is not just another company; it is a vital national asset.”
Addressing the board during its inauguration ceremony, Mr Jinapor underscored the critical role TOR plays in ensuring national energy security.
In a decisive step towards revitalising Ghana’s energy sector, the Minister, on behalf of President John Dramani Mahama, officially inaugurated the new Board of Directors for TOR.
The ceremony marks a pivotal moment for the refinery, which has long been regarded as a cornerstone of the country’s energy infrastructure despite facing persistent operational and financial challenges.
The newly appointed Board Chairman, Nayon Bilijo, expressed appreciation to the President for the confidence reposed in them. Speaking on behalf of his colleagues, he pledged the board’s commitment to restoring the refinery’s operations in line with government policy and national energy needs.
“We are honoured by this appointment and understand the enormity of the task ahead. We will work with urgency and dedication to revive TOR and make it a viable and efficient institution once more,” he assured.
The board is expected to promptly develop and submit a comprehensive roadmap that addresses the refinery’s operational challenges and outlines a sustainable strategy for the future.
Other members of the reconstituted board are: Edmond Biribia Kombat (Acting Managing Director), Thomas Martey Laari, Robert Kempes Ofosuhene, Dr Sebastian N. Sandaare, Mugabe Saifu Maase, Mohammed Issah Bataglia, Osabarima Kyei Osafo Kantanka, and Ben Nunoo Mensah.
