TOR has another $200 million debt

Mr. Albert Kan-Dapaah on Friday said the Tema Oil Refinery (TOR) has an additional 200 million dollar debt. This new debt, he noted, was contracted to finance the recent re-tooling and re-equipping of the refinery that was launched by the President last year.

The minister for Energy said nothing was said about this new debt, "because, on paper they are likely or supposed to get it back through the production of products that will be exported."

Mr Kan-Dapaah said this when he announced new petroleum prices in Accra on Friday. The new price for a gallon of premium petrol is now 20,000 cedis, up from the previous 10,500 cedis, liquefied petroleum gas is 3,800 cedis per kilo, premix and marine fuel, 16,000 cedis per gallon each while kerosene and diesel will now sell at 17,500 cedis a gallon.

"My fears are that with the current rate of consumption pattern in Ghana today, it might come to a point when the anticipated exports could be consumed locally."

He said TOR had the capacity of becoming an efficient plant if its current plans are followed, and with the additional restructuring and injection of a new management envisaged by government.

Mr. Albert Kan-Dapaah on Friday said the Tema Oil Refinery (TOR) has an additional 200 million dollar debt. This new debt, he noted, was contracted to finance the recent re-tooling and re-equipping of the refinery that was launched by the President last year.

The minister for Energy said nothing was said about this new debt, "because, on paper they are likely or supposed to get it back through the production of products that will be exported."

Mr Kan-Dapaah said this when he announced new petroleum prices in Accra on Friday. The new price for a gallon of premium petrol is now 20,000 cedis, up from the previous 10,500 cedis, liquefied petroleum gas is 3,800 cedis per kilo, premix and marine fuel, 16,000 cedis per gallon each while kerosene and diesel will now sell at 17,500 cedis a gallon.

"My fears are that with the current rate of consumption pattern in Ghana today, it might come to a point when the anticipated exports could be consumed locally."

He said TOR had the capacity of becoming an efficient plant if its current plans are followed, and with the additional restructuring and injection of a new management envisaged by government.