Acting Managing Director of the Tema Oil Refinery (TOR), Edmund Kombat, has revealed that the refinery’s total debt stood at $517 million as of December 2024.
Addressing the media after a presentation to Parliament’s Energy Committee, he explained that the debt resulted from a mix of government accounting changes, operational liabilities, trade obligations, and years of unpaid crude oil supplies.
“In the past, TOR received funds from the Ministry of Finance, some of which were classified as grants. But when the IMF came in, they asked for a reclassification as debt. That, along with unhedged trade exposures, contributed to the ballooning of TOR’s debt,” he explained.
He further revealed that officials are actively working to verify and authenticate portions of the debt reduction, and they will publish the findings once the process is complete.
