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.