Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

TOR to clear debt in 10 yrs – CEO

8885814-Oil-barrels--Stock-Vector-oil-gas-barrelThe Chief Executive Officer (CEO) of the Tema Oil Refinery (TOR), Mr Kwame Awuah Darko, has revealed that the company has laid out plans to settle all its debts within the next decade.


TOR has been crippled by debts which were estimated to be in excess of GHS1.9 billion as at 2015, but Mr Awuah-Darko was confident that revenue from the introduction of the Energy Debt Recovery Levy would help to settle that obligation.

In an interview on Ghana Yensom on Accra100.5FM on Tuesday May 3, the TOR boss said: “So, 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 explained that TOR had further arranged with the banks for those bonds to be listed on the Ghana Stock Exchange (GSE).

Asked what had accounted for the resurgence of the debt-ridden TOR which now refines and exports petroleum products, Mr Awuah-Darko pointed to the unity and understanding among workers, board, and management 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,” he told host Chief Jerry Forson.

He also praised government’s policy to deregulate the oil sector which he said had helped “create a free market for petroleum” and aided the profitability of the firm’s operations.

Source: http://classfmonline.com/1.9032237

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Latest posts by Editor (see all)

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar