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.
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.
"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.
“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,”
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.
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.
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.
“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.”