Tema Oil Refinery not on the verge of collapse – Management

The management of Tema Oil Refinery (TOR), has dismissed the widespread reports of the alleged insolvency of the refinery.

Reports were rife that TOR is inundated with financial distress on the back of its mountain of debts to utility providers such as ECG, Ghana Water Company Limited(GWCL) and others.

TOR according to reports owe the Electricity Company of Ghana (ECG) about 2.3 million Ghana Cedis in arrears as well as an accumulated GHC 4 million of water bill in arrears.

But TOR in a press statement has denied claims of being on the brink of collapse.

“We wish to refute what is recently being circulated in the media to suggest that TOR is on the verge of shutdown. Such publications from anonymous sources create an unwarranted negative impression of the organization and hinder the progress of our revitalization and expansion plans as well as the business operations at large.

“We hereby state categorically that TOR is not on the verge of shutdown, but has rather been positioned for its effective turnaround and revitalization through the support of its shareholder,” excerpts of the statement said.

Read statement below: