The Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation Company Limited (BOST) have signed a new Memorandum of Understanding (MoU) aimed at strengthening technical and commercial collaboration between the two state-owned entities.
The agreement, signed on Wednesday, July 22, 2025, at TOR’s premises in Tema, forms part of a broader national effort to revitalise the downstream petroleum sector and reduce Ghana’s dependence on imported fuel.
At the ceremony, Acting Managing Director of TOR, Edmond Kombat, described the partnership as a critical move toward restoring refinery operations and building a sustainable future for the energy sector.
“We believe it is time for us to come together and work together to strengthen Ghana’s downstream sector,” Kombat said.
He noted that TOR would benefit from BOST’s strong distribution network and trading expertise, while BOST, in return, would gain access to TOR’s engineering and technical capabilities.
Importantly, the MoU also addresses unresolved financial matters between the two institutions.
“Our teams have reviewed the outstanding issues, and we’re starting on a clean slate. This MoU sets the foundation for us to move forward,” Kombat added.
On his part, BOST’s Managing Director, Afetsi Awonoor, emphasised the natural alignment between the two institutions, calling them “two sides of the same coin.”
“Just like TOR wants to lean on BOST’s trading expertise, we want to lean on their engineering know-how. If we work together, we complement each other,” he said.
The scope of the MoU covers cooperation in key areas including pipeline infrastructure, tank maintenance, fuel logistics, and refined product transport.
The partnership is expected to significantly enhance Ghana’s energy infrastructure, aligning with the current government’s policy direction under President John Mahama to boost local refining capacity and reduce the country’s reliance on fuel imports.
