The Centre for Environmental Management and Sustainable Energy (CEMSE) has proposed a partnership-driven approach for reviving the Tema Oil Refinery (TOR), advocating for a tolling agreement instead of an outright sale. In a statement released on October 22, 2025, CEMSE highlighted that TOR’s recent performance, which included US$21 million in revenue from terminal operations, demonstrates its potential for substantial income with strategic management.
The organization praised efforts by both former and current boards for improving TOR’s revenue streams through initiatives like a “take-or-pay” storage agreement with Sentuo Oil Refinery, guaranteeing an estimated US$2 million monthly income. CEMSE pointed out that these measures have effectively repositioned TOR as a diversified petroleum logistics hub.
However, the center stressed that long-term sustainability hinges on resuming TOR’s core refining operations while mitigating risks associated with crude procurement and price volatility. The tolling model, where private partners supply crude and assume market risks for a fixed processing fee, is presented as the optimal solution. Citing research from McKinsey & Company, CEMSE noted that such arrangements would provide a stable revenue base, reducing exposure to market fluctuations.
The proposed partnership with Netoil Energy Limited, involving a US$214 million capital investment and a guaranteed processing fee of US$1.5 per barrel for at least 12 million barrels annually, is described as a lifeline rather than a sale. This model would allow the Government of Ghana to retain full ownership of TOR without fiscal exposure or sovereign guarantees.
CEMSE believes that implementing such partnerships could save Ghana over US$2 billion in foreign exchange while enhancing national fuel security. Benjamin Nsiah, Executive Director of CEMSE, urged the current TOR board to build on previous strategic foresight and pursue collaborations that safeguard national interests while leveraging global expertise. He emphasized that the future of TOR lies in pragmatic collaboration rather than political maneuvering or outright divestment.