TOR has cut its negative equity to GH¢5 billion and wants to list on the GSE by 2028, Edmond Kombat says.

Published 11 Nov 2026, 22:56 GMT

3 min read

Tema Oil Refinery Managing Director Edmond Kombat speaking at the Ghana Economic Forum — Edmond Kombat at the Ghana Economic Forum in Accra

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Managing Director Edmond Kombat released the numbers during the forum’s Energy Day in Accra on Wednesday, part of the 15th Ghana Economic Forum, telling the gathering: "We had inherited a negative equity of 7.5 billion. At the end of 2025, it came down to 5 billion."

He said the plant had not been appraised since 2009, and assessors were back to carry out a fresh valuation.

"The last time the refinery was valued was 2009. We’ve brought back the valuers to revalue it," he stated.

"We want to clean it and move to a positive equity and restructure the debt and we are targeting 2028 to list it," he added.

He said the refinery wants three straight profitable years before it lists. "We want to make sure at least we have three years sustained profitability," he stated.

"If it is listed with some level of private participation, whether it’s private pension funds or any other, that brings independent directors on the board. It will be more secured and more sustainable," he said.

He called the listing the strongest guarantee of TOR’s survival. "The best sustainability is to get it listed on the stock exchange," he stressed.

Kombat rejected the idea that bulk distribution companies threaten the refinery, describing them instead as partners that buy TOR’s products and distribute them to oil marketing companies.

"I see them as extensions of TOR because they distribute, they buy and distribute. They are not refining," he said.

Survival, he said, comes down to efficiency, quality and price.

"What will save you in an open market is your quality and then your price. So we have to run the organisation professionally and make sure that we take our customers seriously," he said.

"It’s a deregulated market and people are free to bring in petroleum products at any time. We just have to make sure the refinery is resilient," he said.

He also made the case for domestic refining, saying it secures fuel availability, supports industry and power generation, and creates jobs, while cutting exposure to import costs when shipping lanes are disrupted. TOR has been rebuilding crude supply, including one million barrels of Jubilee crude received in July.

Araba IncoomAraba Incoom writes on multiple topics with a vast knowledge across different sector. You can almost call me an AI, after all, my initials are Araba Incoom.

TOR cuts negative equity to GH¢5bn, targets GSE listing by 2028 – Kombat

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