TOR to be debt-free in 10 years – Awuah Darko

The Chief Executive Officer (CEO) of the Tema Oil Refinery (TOR), Mr Kwame Awuah Darko, says the company has initiated moves to pay all its debts within the next ten years.

Speaking on Atinka AM Drive hosted by Kwame Adinkra Wednesday, the TOR boss said the institution has arranged with the banks to change the debt into a 10-year bond and explained that the TOR component of the Energy Levy will be used to pay the interest on the bond “so we pay the debt within the next ten years.”

He explained that TOR had further arranged with the banks for those bonds to be listed on the Ghana Stock Exchange (GSE).

Mr Awuah-Darko said Tor is currently performing well due to the commitment by workers and management .

“We have come together and resolved that we will not allow niggling issues to hold us back. Whatever we do, we will remain united and work to ensure progress. That is what is happening,”

He commended praised government’s policy to deregulate the oil sector which has created a free market for petroleum.

TOR owes about GHS1.9 billion as at 2015.