Edmond Kombat is the Acting Managing Director of Tema Oil Refinery

The Tema Oil Refinery's (TOR) debt has surged to $517 million as of December 2024, largely due to operational liabilities and government accounting changes.

The state-owned refinery's Acting Managing Director, Edmond Kombat, said the debt includes trade obligations and unpaid crude oil supplies.

Also, some grants from the Ministry of Finance were reclassified as debt as part of the government's IMF agreement, contributing to the increased liabilities.

He noted that verification process is underway to confirm the debt amount, which will be publicly disclosed once completed.

"We are doing that verification, and as I mentioned, once we do that verification and authentication of what we have been able to bring down, that will be communicated publicly," he said.

TOR's management is working to rectify the situation, prevent future occurrences, and restore the refinery's operations, with plans to resume full operations by October 2025 after a prolonged shutdown due to crude supply issues

DR/MA

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