The Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation Company Limited (BOST) have signed a Memorandum of Understanding (MoU) to enhance technical and commercial collaboration.

The agreement, signed on Wednesday, July 22, 2025, in Tema, marks a strategic partnership aimed at revitalising Ghana’s downstream petroleum sector.

Speaking at the signing ceremony, TOR’s Acting Managing Director, Edmond Kombat, said the collaboration is key to restarting refinery operations and ensuring long-term sustainability.

“We believe it is time for us to come together and work together to strengthen Ghana’s downstream sector,” he stated.

Kombat noted that BOST’s strong distribution network and trading expertise would be leveraged to support TOR’s recovery, while TOR would offer technical support in return.

He also confirmed that the MoU includes the resolution of longstanding debt reconciliation obligations between the two institutions.

“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.

Managing Director of BOST, Afetsi Awonoor, echoed the sentiment, describing TOR and BOST as “two sides of the same coin.”

He emphasised the importance of synergy in operations and mutual reliance on each other’s strengths.

“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 stated.

The MoU outlines collaboration in areas such as pipeline infrastructure, tank maintenance, fuel logistics, and refined product transportation.

The agreement is seen as a critical step in supporting Ghana’s energy infrastructure and aligns with the John Mahama government’s strategy to reduce reliance on fuel imports and strengthen local refining capacity.