By Livingstone Pay Charlie
The authorities at the Tema Oil Refinery (TOR) have not told the whole story about the indebtedness of the oil marketing companies and there must be a reason for this.
According to them, 19 oil marketing companies owe TOR a total or more than ¢300 billion (Gh¢36,711,195.73).
What they have not said is that only four of the oil marketing companies owe 66.36 per cent of this debt at GH¢24,361,001.74 (¢240,361,001,000,074).
The four oil marketing companies are Fraga - GH¢8,409,819.73, Glory GH¢4,167,894.94, Star GH¢8,420,493.19 and Nasona GH¢3,362,793.85.
Although Fraga’s credit limit is only GH¢2,000,000.00, it was allowed to lift oil to the tune of GH¢10,409,819.73 representing an over exposure of more than 500 per cent.
Glory Oil’s credit limit was GH¢2,000,000.00 but was allowed to lift oil to the tune of GH¢6,157,894.97 representing an over exposure of more than 300 per cent.
Star Oil had a credit limit of GH¢2,500,000.00 but was permitted to lift oil to the tune of GH¢10,920,493.19 accounting for an over exposure of more than 400 per cent.
In the case of Nasona, its credit limit was GH¢3,000,000.00 but it was allowed to lift oil to the tune of GH¢3,362,793.85 amounting to 212.09 per cent over exposure.
Interestingly, only Fraga has been completely stopped from lifting oil at the Tema Oil Refinery. The three other companies have been put on “allocation” which means that they may continue to lift only if they make some arranged payments to TOR.
