Despite operational dormancy since its main processing units shut down in 2019 and 2021, management confirms efforts to revive the facility. Kombat disclosed the financial position during discussions with Ghana’s Parliamentary Select Committee on Energy in Senchi.

The debt accumulation stems from historical trade obligations, unpaid crude supplies, and financial reclassifications. “There were times that the Ministry of Finance… had given some funds to TOR… as grants,” Kombat stated. “When they entered into the agreement with the IMF, the IMF asked them to reclassify it as debt.” Unhedged past trading activities further exposed the refinery to oil market volatility.

Technical assessments indicate the plant remains structurally sound. “With a few technical works, we could get the plant back,” Kombat confirmed. Internal debt reconciliation has already reduced certain liabilities. Management is addressing institutional challenges, including reviewing over 300 staff petitions and resolving promotion backlogs. The refinery is mobilizing internally generated funds for maintenance while external auditors clear six years of unaudited accounts.

TOR has received partial debt payments through Ghana’s Energy Sector Levies Act (ESLA), with reconciliation ongoing for outstanding amounts. Kombat projected renewed operations: “I can confidently tell you that before the year ends, TOR will be back.” The revival aligns with broader governmental industrial priorities, though the refinery must navigate significant financial and operational constraints to achieve sustainable operations.