The Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation Company Limited (BOST) have entered into a strategic partnership aimed at revitalising Ghana’s downstream petroleum sector.
The two state-owned entities signed a Memorandum of Understanding (MoU) on Wednesday, July 23, 2025, in Tema to enhance technical and commercial cooperation.
The agreement marks a significant milestone in the government’s broader efforts to strengthen local refining capacity and reduce dependence on imported petroleum products.
Under the terms of the MoU, TOR and BOST will collaborate on key operational areas including pipeline infrastructure development, tank maintenance, fuel logistics, and the transportation of refined petroleum products.
The partnership also addresses long-standing debt reconciliation obligations between the two institutions, paving the way for improved efficiency and financial transparency.
TOR’s Acting Managing Director, Edmond Kombat, described the collaboration as a critical step toward restarting refinery operations and ensuring long-term sustainability. He noted that TOR would benefit from BOST’s robust distribution network and trading capabilities, while offering technical expertise in return.
BOST’s Managing Director, Afetsi Awonoor, underscored the importance of synergy between the two entities, emphasizing their complementary strengths in trading and engineering.
The agreement is expected to contribute significantly to Ghana’s energy security and aligns with the Mahama administration’s commitment to revamping state energy assets and positioning the country as a competitive player in the sub-regional petroleum market.