To revitalize Ghana’s petroleum value chain, Tema Oil Refinery (TOR) and Bulk Oil Storage and Transportation Company Limited (BOST) have signed a Memorandum of Understanding (MoU) to deepen technical and commercial collaboration.
The agreement, sealed at TOR’s headquarters in Tema, is set to unlock synergies between the country’s only refinery and its national oil logistics company as part of broader efforts to reduce reliance on imported refined fuel.
Speaking at the signing ceremony, TOR’s Acting Managing Director, Edmond Kombat, described the partnership as pivotal to restarting and sustaining refinery operations.
“We believe it is time for us to come together and work together to strengthen Ghana’s downstream sector,” Kombat stated.
He explained that TOR will leverage BOST’s robust distribution network and trading expertise to accelerate its recovery while offering technical support to BOST in return.
“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, highlighting that the agreement also resolves longstanding debt reconciliation challenges between the two institutions.
BOST’s Managing Director, Afetsi Awonoor, echoed this optimism, describing TOR as a strategic partner whose engineering expertise would be invaluable to BOST’s operations.
“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,” Awonoor affirmed.
The MoU covers collaboration in pipeline infrastructure development, tank maintenance, fuel logistics, and refined product transportation. Industry analysts see it as a catalyst to unlocking TOR’s underutilised refining capacity, which has remained dormant for prolonged periods due to operational and financial constraints.
The agreement aligns with the John Mahama administration’s strategy to reduce Ghana’s reliance on imported petroleum products, strengthen domestic refining capacity, and enhance energy security to support industrialisation and economic growth.
