Before it all began
Prior to the construction of the refinery, Ghana imported petroleum products from European and American refineries to meet its petroleum needs.
How it began
- Dr. Kwame Nkrumah believed that someday, Ghana would discover crude oil in commercial quantities.
- Osagyefo’s vision reflected in an agreement signed in 1961 in Accra between the Government of Ghana and ENI for the construction of a refinery to spearhead Ghana’s economic growth, industrial, investment and development programmes.
- AGIP Petroli designed the refinery plant, and SNAM Progetti ENI group, were the main contractors.
- The company was originally named the Ghanaian Italian Petroleum (GHAIP) Company, and incorporated as a Limited Liability Company owned by the state on December 12, 1960.
- On September 28, 1963, the hydro skimming processing plant was commissioned making Ghana one of the six largest refineries in Africa in the 60s.
- GHAIP started operations in 1963 as a tolling refinery, processing crude oil from multinational oil companies for a fee.
- The authorized shares capital of the company was £3,400,000 made up of ordinary shares of £ 1 each. The Government of Ghana was entitled to 50% share of the profits on the 11th anniversary of GHAIP.
- It was 100% owned by the ENI (Ente Nazionale Indrocarburi) Group of Italy.
- In 1977, the Government of Ghana bought all the shares making it the sole shareholder.
In 1990, the name changed to the Tema Oil Refinery (TOR) Limited.