One of Ghana’s most valuable national assets, the first crude oil refinery was commissioned 60 years ago. Even though TOR has not been able to realize Nkrumah’s goal of serving as the foundation for the petrochemical industry, it has achieved a lot and is currently going through an operational reorganization to put itself in a path towards profitable growth.
Despite facing numerous challenges, TOR is repositioning itself to attract the necessary investment to modernize its operations, increase production and profitability, and achieve sustainable growth.
TOR has come a long way, and looking back, it would be too restrictive to view the milestone as just a simple turning point. The journey has been interwoven with tales from the past, present and future for even greater things. The refinery’s activities go beyond processing crude oil; it also handles terminal operations, which include distributing and storing refined products.
60 years ago, on September 28, 1963, the first President of the then independent Ghana, Osagyefo Dr. Kwame Nkrumah, commissioned the refinery. The first flame not only lit a furnace but also a promise to power industry and propel the country’s progress. TOR then GHAIP, started off processing crude oil on tolling basis for big oil firms like BP, Shell, and Mobil for a fee. Since then, TOR has revamped significantly, growing from a basic 28,000 bpsd Hydroskimming plant to 45,000bpsd.
A secondary conversion processing plant with a processing capacity of 14,000bpsd was put into operation in 2002 as part of an expansion program. This, along with additional capital investment initiatives including increased storage capacity, improved the refinery’s efficiency. Currently, the terminal business is the refinery’s mainstay, comprising mainly storage, product transfers, together with LPG trading, and other related activities.
Along with plans to run and rehabilitate the processing plants and equipment, there is also a clearly defined revenue-generating strategy in place, which will allow TOR to capitalize on its massive tankage and pipeline network asset for much-needed revenue.
TOR, being a viable business, should be supported and given the opportunity to play its strategic role in advancing national development. It remains open to forming a good strategic alliance to revive its primary source revenue, crude refining, and is well-positioned for growth.
In light of this, as it marks its 60th anniversary and looks to the future, TOR is steadfast in its commitment to its goal of being a dominant force in Ghana’s energy industry that fosters innovation and acts as a catalyst for progress. TOR is well-positioned to continue influencing the direction of energy in Ghana and beyond, having established a legacy built on integrity, resilience, and innovation.
We wish the refinery many more years of prosperity and accomplishment, and congratulations on reaching this significant milestone. Here’s to 60 years of excellence, growth, and many more to come!
