Business News of Friday, 25 May 2012

Source: myjoyonline

TOR secures $900 million facility

he Tema Oil Refinery (TOR) has secured $900 million to finance its crude imports and clear the refinery’s debts.

The facility arranged by BNP Paribas and StanChart PLC should address the refinery’s difficulty in acquiring crude for its operations. The refinery has been unable to sustain its operations due to the lack of funds to buy crude.

Under the agreement BNP Paribas will provide 750 million dollars, 450 million of which will be used to pay off debts, while Standard Chartered will provide $150 million.

Managing Director of TOR, Ato Ampiah disclosed to JOYBUSINESS after briefing some journalists on the state of the refinery’s operations

Mr. Ampia also talked about some measures being put in place to improve the company’s operations.

Government is also working to assist the refinery with another 56 million dollars for its operations.