The Managing Director of the Tema Oil Refinery (TOR), Edmond Kombat, has disclosed that the refinery generated GH¢409.9 million in revenue between January and September 2026, exceeding its total revenue of GH¢285.9 million for the whole of 2025.
Speaking at the Government Accountability Series on Monday, October 26, 2026, Mr Kombat outlined the refinery’s financial performance following the resumption of crude processing after nearly five years of inactivity.
“Ten months ago, on 19 December 2025, TOR sent crude through its Crude Distillation Unit after nearly five years offline. Today we account for what that restart has meant for Ghana,” the management briefing stated.
According to the figures presented, TOR projects full-year revenue of GH¢546.5 million, representing a 91% increase over its 2025 revenue. The projection is based on annualising the first nine months’ performance and is not a confirmed year-end result.
The refinery recorded an operating profit of GH¢69.6 million in the first nine months of 2026, compared with GH¢86 million for the whole of 2025. Management projects operating profit of GH¢92.8 million for the full year.
Gross profit reached GH¢321.1 million in the first nine months, up from approximately GH¢219.2 million in 2025. However, rising operating expenses, particularly insurance and maintenance costs, remain a challenge.
The management briefing highlighted the financial impact of the refinery’s recovery efforts, noting that increased revenue had been accompanied by higher operating costs.
“The extra gross profit is real and large, and most of it is being spent keeping an operating refinery insured and serviced,” the presentation stated.
It added that the projected increase in operating profit was relatively modest despite the higher revenue and gross profit.
“Operating profit is positive but only modestly higher,” the briefing noted.
The figures are based on unaudited management accounts, while the 2026 full-year estimates are projections derived from the first nine months’ performance.
Separately, the State Interests and Governance Authority reported that TOR recorded a profit before tax of GH¢1.24 billion in 2025, describing it as the refinery’s first profit in a decade.
The result was largely driven by a foreign-exchange gain of about GH¢1.3 billion and approximately GH¢155 million in profit from associated companies.
The refinery’s financial performance comes as management works to restore its core operations and expand production.
TOR reported processing 441,165 metric tonnes of crude oil in 2026 to date, compared with 35,962 metric tonnes processed after the December 2025 restart.
Management projects crude processing of 524,987 metric tonnes for the full year, based on an extrapolation of production recorded so far.
The presentation also outlined plans to increase refining capacity through further rehabilitation and expansion projects, including work on the F-61 furnace, RFCC turnaround maintenance, a new boiler and process-control upgrades.
Despite the progress, management acknowledged that the recovery remains unfinished, with further work needed to increase throughput and resolve outstanding obligations.
“The foundation is sound. The work continues,” the briefing stated.
The refinery’s ability to sustain production, control operating costs and translate increased revenue into stronger financial results will be central to its long-term recovery.
