The Tema Oil Refinery (TOR) used the second day of Africa Oil Week 2026 (AOW2026) to put its investment pipeline before an international audience, shifting attention from the refinery’s return to operations to the larger question of how additional capital, technology and market partnerships can support its expansion.
The presentation, led by TOR Managing Director Edmond Kombat Esq., focused on projects the refinery considers commercially viable and capable of transforming its role in Ghana’s downstream petroleum sector.
The engagement comes as AOW2026 continues to position Ghana’s energy infrastructure and investment opportunities before policymakers, financiers and industry players.
While much of the conference has centred on upstream exploration, TOR’s presentation brought the downstream side of the petroleum value chain into the investment conversation, highlighting the infrastructure required to convert crude resources and imported feedstock into greater domestic refining capacity.
Expansion Plan Targets Higher Refining Capacity
At the centre of TOR’s presentation was the proposed 100,000 barrels-per-stream-day (bpsd) modular refinery, which represents the most significant element of the refinery’s longer-term expansion ambitions.
The proposed facility would substantially increase Ghana’s refining capability and could allow more crude to be processed domestically, potentially strengthening the supply of locally refined petroleum products to Ghana and other markets.
However, the project sits within a wider phased development programme rather than representing an immediate replacement for TOR’s existing capacity.
The first phase is expected to raise the refinery’s existing processing capacity from 45,000 bpsd to 85,000 bpsd.
The proposed 100,000 bpsd modular refinery would then form part of the broader expansion trajectory.
That sequencing matters because increasing refining capacity is not simply a question of installing additional processing units.
The commercial case depends on securing adequate crude supply, maintaining reliable utilities, developing storage and logistics infrastructure, accessing appropriate financing and ensuring that refined products can be competitively marketed.
TOR’s investment pitch therefore places the refinery within a larger infrastructure ecosystem.
“The opportunities before TOR require the right partners to bring in capital, technology and access to markets to support the refinery’s next phase of growth.”
Edmond Kombat Esq., Managing Director, Tema Oil Refinery
For Ghana, the potential benefit extends beyond TOR itself.
Greater domestic refining capacity could reduce the economy’s exposure to international refined-product supply conditions, although the extent of that benefit would ultimately depend on refinery reliability, crude availability and the competitiveness of locally produced fuels.
Petrochemicals Add Another Layer To TOR’s Ambition
The refinery’s investment plans also extend beyond conventional petroleum refining.
Mr. Kombat highlighted a proposed 200,000 bpsd petrochemical plant as another major opportunity within TOR’s longer-term development plans.
A petrochemical facility could potentially broaden the refinery’s economic role by creating additional value from hydrocarbon feedstocks rather than limiting output to conventional refined petroleum products.
This is particularly relevant to Ghana’s broader industrialisation ambitions.
Petroleum infrastructure can generate greater economic value when it is connected to manufacturing, chemicals, logistics and other downstream industries rather than functioning primarily as a fuel-production facility.
The commercial challenge, however, would be considerable.
Petrochemical investments typically require large amounts of capital, specialised technology, dependable feedstock and sufficiently large markets to justify the scale of investment.
That makes strategic partnerships central to TOR’s plans.
Rather than presenting the expansion solely as a government-funded infrastructure programme, the refinery is seeking to attract investors and technical partners capable of participating in the financing and development of the projects.
Storage Infrastructure Emerges As Another Investment Gap
TOR also drew attention to opportunities in petroleum storage and related infrastructure.
The emphasis on storage is significant because refining capacity alone does not guarantee supply security.
Petroleum products must be stored, transported and distributed efficiently across the downstream network.
In Ghana’s case, stronger storage infrastructure can provide greater flexibility in managing supply disruptions, fluctuations in international prices and changes in domestic demand.
It can also improve the commercial utilisation of refinery capacity by creating greater ability to hold crude and finished products and coordinate production with market requirements.
TOR’s investment proposition therefore extends beyond the refinery itself.
The broader opportunity involves developing an interconnected system of refining, storage and petroleum-product distribution capable of supporting a more resilient downstream market.
Investor Interest Meets TOR’s Operational Reset
The presentation also comes at an important point in TOR’s institutional trajectory.
The refinery’s return to operations has renewed attention around its potential contribution to Ghana’s petroleum supply chain.
The current challenge is to convert that renewed confidence into sustained investment and operational performance.
Mr. Kombat acknowledged the interest and goodwill surrounding TOR, while encouraging prospective investors and partners to examine the projects being presented.
That transition; from restoring operations to financing expansion, is strategically important.
A refinery can return to production without necessarily becoming financially strong enough to finance major capital-intensive expansion independently.
The ability to attract credible private capital, technology providers and market partners could therefore determine how quickly TOR moves from operational recovery towards its next stage of development.
“The goodwill around the refinery’s return to operations creates an opportunity to look beyond recovery and focus on the investments required for sustainable growth.”
Edmond Kombat Esq., Managing Director, Tema Oil Refinery
The investment conversation also fits into the wider AOW2026 narrative around Ghana’s energy sector.
Earlier sessions at the conference have highlighted the government’s efforts to attract new investment into the upstream petroleum sector, including fiscal and regulatory reforms and new exploration opportunities.
TOR’s presentation demonstrates that investment requirements exist across the entire petroleum value chain.
Refining Capacity Could Reshape Ghana’s Downstream Market
If implemented successfully, TOR’s proposed expansion could alter Ghana’s position in the regional petroleum-products market.
Higher refining capacity would create the potential to supply a larger share of domestic demand from local processing, while additional storage and petrochemical infrastructure could broaden the refinery’s commercial base.
But capacity should not be confused with guaranteed competitiveness.
The economic viability of a refinery depends heavily on its operating costs, crude acquisition arrangements, financing structure, maintenance requirements and ability to sell products at competitive prices.
A larger refinery that operates inconsistently or at high cost would not necessarily deliver energy-security benefits.
For TOR, the investment opportunity is therefore inseparable from operational reliability.
The refinery must demonstrate that expanded capacity can be supported by dependable infrastructure and commercially sustainable operations.
Investors, in turn, will need sufficient confidence that the projects can generate returns while supporting Ghana’s strategic energy objectives.
This makes the AOW2026 engagement more than an investment presentation.
It is an attempt to position TOR within the larger debate about how Ghana can build a more resilient and value-adding petroleum industry.
The proposed 85,000 bpsd first-phase capacity, 100,000 bpsd modular refinery, 200,000 bpsd petrochemical ambition and expanded storage infrastructure collectively point towards a much larger vision for TOR.
The question now is whether the investment, technology and market partnerships required to deliver that vision can be secured.
For Ghana, the stakes extend beyond the fortunes of one refinery.
A stronger TOR could provide another source of domestic petroleum supply, support industrial activity and strengthen downstream resilience.
But achieving those outcomes will depend on whether the projects move from conference presentations and investment pitches into bankable transactions, construction and sustained commercial operations.
At AOW2026, TOR has made the investment proposition clear.
The next stage is demonstrating that the proposition can attract the capital and partnerships required to turn Ghana’s refining ambitions into productive infrastructure.
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