TOR to raise $800m from banks to turn fortunes

Tema Oil Refinery (TOR) is working to turn to the banks outside the country to raise $800m.

TOR is planning to use the funds to clear its debts, fix its plants and purchase critical spare parts for its operations. The refinery is hoping to use the TOR recovery levy as a guarantee for the facility.

The move is however subject to the approval of government. The refinery’s debt currently stands at $350m after government managed to clear about a billion Ghana cedis over the past four years.

It currently requires about $650m for their day to day operations.

Meanwhile, TOR has resumed operations. Joy News gathers it has completed repair works on its refinery plant, which broke down in July last year due to some challenges with power supply.

This should help improve supply of petroleum products especially aviation fuel on the market and also address challenges of importation of petroleum products.