Management of the Tema Oil Refinery (TOR) has disclosed that the company’s debt has risen to a staggering $517 million as of the close of December 2024.
Managing Director of the company, Edmond Kombat, disclosed to journalists at an Energy Committee retreat on Sunday, June 22, 2025, that the debt has accrued from “trade debt, legacy debt from crude supply, grants from the ministry of finance which were reclassified into debt as part of the IMF agreement.”
He said the situation has led to the central government retaining a chunk of TOR’s share of the Energy Sector Levy to pay debtors.
He said they are revalidating some of the debt and renegotiating some of it.
Edmond Kombat also disclosed that most of the TOR plants have not run for the past six years.
“Since 2019, the RFCC has not run, and since 2021, the CDU has also not run,” he said.
According to him, the new management has “assessed the plant to know its readiness and possibility of bringing it back. After assessing the plant, we realised that the plant was in good shape, and with a few technical work, we could get it back.”
Another shocking revelation is the fact that the company has not had its books audited for the past six years.
“TOR has not audited its financial accounts since 2019. So, one of the things we’re doing is to focus on that and bring in external auditors. We’re hoping that by the end of next month, all six years would have been audited and the report ready.
“We have also tried to change management by reorienting the staff and refocusing them on performance, and giving them all the support they need. There has been a lot of disenchantment over the general conditions of service. We received over 300 petitions. We’ve reviewed the petitions and all those who have not been promoted for several years have been given due,” he disclosed.
Management has assured the company will resume operations by October 2025.
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