TOR to get 450 million dollars to pay outstanding debt

The Tema Oil Refinery (TOR) is negotiating with a French Financial Institution for a 450 million dollar loan to enable it pay its outstanding debts.

Mr. Ato Ampiah, Managing Director of TOR who made this known at a media encounter in Tema, said the facility which will be ready by July would help bring the refinery back on its feet.

“We want to take the debt off TOR for it to become clean and effective and so not long from now, Paribas will help clean our balance sheet of all debts and we will be able to put TOR on its feet”, he said.

The Managing Director explained that to facilitate the loan, management has applied to Ministry of Finance and Economic Planning for the release of its recovery fund which would intend be used by TOR as collateral to access the loan.

He said the United Kingdom Branch of Standard Chartered Bank has also agreed to offer TOR 150 million dollar loan facility to be used by the refinery as working capital.

Mr Ampiah said with the working capital, TOR would be able to buy crude at cheaper prices.

He appealed to all stakeholders of the refinery to remain committed and dedicated to its course adding “if we love TOR, we should help it polish its image in order to attract investment”.

He said as at March 31, government has paid as much as GH¢1.450million of the total debt of GH¢1.77 million as at December 31, 2009.

He said currently TOR’s outstanding debt stands at GH¢601 million including interest variation.

Dr Alphonse Dorcoo, General Manager of TOR in charge of Commerce, appealed to staff to remain loyal and committed saying they were the only people who could make it valuable.**