President John Dramani Mahama has disclosed that the Tema Oil Refinery (TOR) fully paid for Ghana’s Jubilee crude oil supplied to the refinery, dismissing suggestions that the facility received the crude on credit.
Speaking at an event held to receive the first barrel of oil from the Jubilee Field at TOR on August 1, 2026, the President said TOR’s ability to pay for the crude demonstrates the refinery’s growing operational strength as it works to reclaim its role in Ghana’s downstream petroleum industry.
“TOR fully paid for the Ghanaian crude. It was not given to TOR on credit. TOR has fully paid for the crude,” President Mahama stated.
TOR turnaround achieved without government bailout – President Mahama
He said the development reflects the government’s commitment to ensuring that Ghana’s petroleum resources are refined locally to create more value for the economy.
President Mahama noted that since May 2026, TOR has received three separate one-million-barrel cargoes of crude oil, including Bonga crude, crude from the Baleine field, and Ghana’s own Jubilee Medium Sweet crude.
He added that the refinery has already processed two million barrels of crude into various petroleum products, including gasoline, gas oil, aviation turbine kerosene (ATK), liquefied petroleum gas (LPG), kerosene, residual fuel oil, and premix fuel.
The President said TOR’s return to active refining operations marks a significant milestone in Ghana’s industrial development after years of operational challenges.
“On December 19, 2025, that decision began to bear fruit when Tema Oil Refinery resumed refining operations. That day marked more than just the restart of a refinery. It marked the beginning of a new chapter in Ghana’s industrial history,” he said.
Ghana refused to give up on TOR despite years of decline – President Mahama
He stressed that TOR’s turnaround was achieved without any direct financial support from the government.
“Whatever TOR has achieved in this success story has been without a single cedi from the Government of Ghana,” he said.
He said the refinery’s recent achievements demonstrate that state-owned enterprises can be revived through disciplined leadership, competent management, and a shared national vision.
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TOR paid in full for Ghana’s Jubilee crude – President Mahama
