**Tema Oil Refinery (TOR) is considering a listing on the Ghana Stock Exchange (GSE) to raise money for its operations and expansion while restructuring about $517 million in inherited debt.** Managing Director Edmond Kombat revealed the plan during a visit to the refinery by an International Monetary Fund (IMF) delegation led by Ghana’s IMF Resident Representative, Dr Adrian Alter. Kombat said a stock market listing would allow Ghanaian institutions and other investors to buy shares in TOR and contribute to the refinery’s recovery. About$120 million of the total debt is owed to the government. Discussions are under way to restructure that liability and establish the outstanding financial obligations between TOR and the state. The refinery is also engaging other state institutions to reconcile what they owe one another and assess whether some of those obligations can be used to settle part of TOR’s debt. Kombat said the refinery had financed its operations through internally generated funds since the current management took office in May 2025. “Since this new management took over, we have not received a dime from government. Every single thing is done through our internally generated funds,” he said. He added that TOR made a profit last year and said operational adjustments, alongside improving economic conditions, should help the refinery maintain profitability. #### Crude supply and refinery operations TOR has processed about five million barrels of crude oil, including approximately two million barrels produced from Ghana’s oil fields. The rest was obtained from international sources. “Our first domestic crude came from the Jubilee field through Vitol, and it was fully paid for. GNPC also gave us its portion of Ghana’s allocation,” Kombat said. He hopes the Ghana National Petroleum Corporation (GNPC) will provide TOR with its full allocation by next year. A consistent supply would support the refinery’s operations and ensure it can continue processing crude. Kombat said increasing domestic refining would help protect fuel availability in Ghana when disruptions affect international markets. He also identified storage, transportation and laboratory testing as potential additional sources of revenue for TOR. The refinery could store fuel, transport it to eight private depots and test petroleum products at its laboratory. Its storage facilities have a capacity of about one million metric tonnes. #### Audit and expansion work Kombat disclosed that the Ghana Audit Service had worked on six years of accounts that had not previously been audited. Management intends to appoint an external auditing firm at the next Annual General Meeting (AGM) to examine the refinery’s accounts in future. The IMF delegation also toured TOR’s repaired facilities and ongoing projects. Those projects are intended to increase the refinery’s crude-processing capacity and return other units to operation.