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Tema Oil Refinery TOR to clear debt after posting $800,000 profit, MD says

In 2015, TOR's debt was estimated to be in excess of 1.9 billion Ghana Cedis, however, the CEO says the introduction of the Energy Debt Recovery Levy would help to settle the debt.

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 Mr Kwame Awuah Darko play

 Mr Kwame Awuah Darko

The acting Managing Director of Tema Oil Refinery (TOR), Mr Kwame Awuah Darko, has said the company is taking steps to clear its debt within the next 10 years after posting $800,000 profit from its operations from February 16 to April 20, 2016.

In 2015, TOR's debt was estimated to be in excess of 1.9 billion Ghana Cedis, however, the MD says the introduction of the Energy Debt Recovery Levy would help to settle the debt.

 Mr Kwame Awuah Darko play

 Mr Kwame Awuah Darko

 

"We have arranged with the banks and changed the debt into a 10-year bond. So we are going to use the TOR component of the Energy Levy to pay the interest on the bond so we pay the debt within the next ten years,” he said on Accra FM.

He hailed workers of TOR for their sacrifice and holding the unity of the company.

“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,”

Workers of TOR at the May day Parade play

Workers of TOR at the May day Parade

(Daily Graphic)

 

In March, TOR took delivery of a second million barrels of crude oil from BOST as part of the tolling arrangement between the two companies.

The company is expected to make additional $1.6 million from the second consignment to be processed from May to August 2016.

At a thanks giving ceremony last Sunday, Awuah Darko declared that the spiritual battle facing the company was over.

Mr. kwame Awuah Darko, MD of TOR leading the workers to dance to music provided by the Tema Youth Choir play

Mr. kwame Awuah Darko, MD of TOR leading the workers to dance to music provided by the Tema Youth Choir

 

He further noted that government’s policy to deregulate the oil sector has helped in creating a free market for petroleum and supported the profitability of the TOR operations.

On Sunday May 1, Secretary General of the Trade Union Congress (TUC), Kofi Asamoah, commended the President for the tremendous transformation Tema Oil Refinery (TOR) has undergone.

Secretary General of TUC, Kofi Asamoah play

Secretary General of TUC, Kofi Asamoah

 

Speaking at the May day parade in the Upper West Region, he said this transformation is indicative that “strategic national assets can do well when it is placed in the appropriate hands of good management and good leadership.”

“You have done well in resisting all attempts and efforts to have the refinery closed down in the midst of all other ill advice,” Mr. Asamoah said.

The TUC boss further admonished President Mahama not to “listen to ill advice” and warned all those giving the President bad advice to stop.

“Most people do it for their individual interest but in the end you will be blamed so all those ill advising you, sack them!” he said

He relayed the appreciation of TOR and BOST workers to the President saying, “we want to thank you for your efforts in turning round Tema Oil Refinery. The same thing applies to BOST and they have asked me to express their appreciation.”

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