TOR targets listing on Ghana Stock Exchange by 2028 to ensure long-term sustainability

The Tema Oil Refinery (TOR) is targeting a listing on the Ghana Stock Exchange by 2028 as part of efforts to secure its long-term sustainability and prevent a recurrence of its operational challenges.

Managing Director of TOR, Edmond Kombat says management is working to clean the refinery's balance sheet, restructure its debt and achieve sustained profitability ahead of the planned listing.

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

Speaking on the second day of the Ghana Economic Forum organised by the Business & Financial Times (B&FT), Mr Kombat said the refinery is targeting at least three consecutive years of sustained profitability before the listing.

“We want to make sure at least we have three years sustained profitability,” he stated.

He disclosed that TOR inherited negative equity of GH¢7.5 billion, which had reduced to GH¢5 billion by the end of 2025.

“We cleaned the balance sheet because we had inherited a negative equity of 7.5 billion. At end of 2025, it came down to 5 billion,” he said.

Mr Kombat believes bringing private investors, including pension funds, on board will strengthen the refinery's corporate governance and protect it against political interference.

“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 explained.

He described the proposed listing as the strongest guarantee of the refinery's long-term survival.

“The best sustainability is to get it listed on the stock exchange,” he stressed.

On competition in the downstream petroleum market, Mr Kombat said TOR must focus on efficiency, product quality and competitive pricing to remain relevant.

“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.

He also rejected suggestions that Bulk Distribution Companies (BDCs) pose a threat to the refinery, describing them instead as partners in its operations.

“I don't see the BDCs as an attainment to TOR. I see them as extensions of TOR because they distribute, they buy and distribute. They are not refining,” he added.