The Bulk Oil Storage and Transportation Company Limited (BOST) and Tema Oil Refinery (TOR) have officially signed a Memorandum of Understanding (MoU) to bolster technical and commercial collaboration aimed at revitalising Ghana's downstream petroleum sector.

The agreement, signed on July 22, 2025, in Tema, marks a decisive step toward restarting TOR’s refining activities and enhancing regional fuel infrastructure. TOR's Acting Managing Director, Edmond Kombat, underscored the partnership as a catalyst for long-term sustainability and industry recovery.

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

Kombat highlighted BOST’s extensive distribution network and trading capacity as vital assets to TOR’s resurgence. He further confirmed the MoU resolves longstanding financial reconciliation issues between both 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,” he added.

Echoing this sentiment, BOST Managing Director, Afetsi Awonoor, described TOR and BOST as “two sides of the same coin,” reinforcing the synergy between the two entities.

“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 noted.

The MoU outlines shared goals in pipeline infrastructure development, tank maintenance, fuel logistics, and refined product transportation—all crucial pillars in Ghana’s energy infrastructure roadmap.

This strategic collaboration aligns with the Mahama administration’s broader vision to reduce reliance on fuel imports and bolster domestic refining capacity—positioning Ghana to take greater control of its energy future.