Petroleum crisis to improve soon - Dr Donkor

Accra, Sept. 28, GNA - The petroleum crisis will soon be over with the importation of 34,000 metric tonnes of petroleum products over the week-end, Dr Kobena Donkor, Deputy Minister of Energy, said in Accra on Monday.

Addressing a press conference, the Deputy Minister said since the beginning of the year, the management of Tema Oil Refinery (TOR) had liquidity problems and issuing of Letters of Credit (LOC) from Ghana Commercial Bank (GCB) to import petroleum products.

"Since September last year, TOR has not been able to issue LOC to purchase crude oil on the international market," he said. Dr Donkor said management of TOR had accumulated so much debt that the management of GCB refused to raise LOC and ECOBANK was contracted to raise 300 million dollars to help solve the problem. Dr Kwame Ampofo, Acting Managing Director of TOR, said the Refinery currently processed 100 barrels of crude oil daily instead of 45,000 barrels.

He said out of 57 companies which owed TOR, 20 of them had been blacklisted from operating with the company. Dr Ampofo said the companies owed TOR 380 million Ghana cedis and since June this year, it had been reduced to 78 million Ghana cedis.