In 2026, storage volumes increased further to 1,350,000 metric tonnes, representing an additional 21.91% growth over 2025.

Published 26 Oct 2026, 13:29 GMTUpdated 26 Oct 2026, 13:56 GMT

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Tema Oil Refinery (TOR) Managing Director Edmond Kombat has revealed that the refinery recorded a remarkable improvement in product storage volumes, increasing from 426,954 metric tonnes in 2024 to 1,107,389 metric tonnes in 2025—representing an impressive 159.37% year-on-year growth.

In 2026, storage volumes expanded further to 1,350,000 metric tonnes, marking an additional 21.91% increase over 2025. Overall, this reflects a 216.19% total increase between 2024 and 2026, demonstrating substantial growth in TOR's storage operations and its vital role in Ghana's petroleum supply chain.

Kombat disclosed these figures during the Government Accountability Series in Accra on Monday, October 26.

According to the Managing Director, the refinery recorded a profit before tax of GH¢1.24 billion in 2025, marking its first return to profitability in a decade. Simultaneously, trade and other payables dropped significantly from GH¢7.1 billion to GH¢5 billion in a single year.

Addressing the clearance of TOR's corporate governance backlog, Kombat noted that audited accounts from 2019 to 2024 were completed by April 30, 2026, followed by the 2025 financial statements on May 30, 2026. This enabled TOR to submit seven audited financial reports to the State Interests and Governance Authority (SIGA).

The refinery subsequently presented these reports at its 18th Annual General Meeting (AGM) on June 30, 2026. This marked TOR's first AGM in years, addressing a nine-year financial statement backlog covering 2017 through 2025 to enforce statutory compliance, transparency, and fiscal accountability.

Kombat added that the company's operational recovery has generated direct employment for 1,657 people. This includes 415 young engineers recruited into permanent positions, 301 temporary workers engaged for Crude Distillation Unit (CDU) maintenance, 287 hired for Residual Fluid Catalytic Cracking (RFCC) maintenance, and 654 employed by 35 local contractors working at the site.

In total, the refinery's turnaround efforts provided direct roles for 1,657 Ghanaian workers and supported more than 6,500 indirect and temporary jobs across the project.

Laud NarteyLaud Nartey is a current affairs editor with the MG News team at Media General, serving TV3 Ghana, 3News, Onua TV and more platforms.

TOR Records Big Improvement in Product Storage Volumes - MD

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