The Tema Oil Refinery (TOR) is negotiating with a French financial institution BNP Paribas for a $450 million loan to enable it pay its outstanding debts.

Mr Ato Ampiah, Managing Director of TOR who made this at a media encounter in Tema, said the facility which will be ready by July would help bring the refinery back into its feet.

“We want to take the debt off TOR for it to become clean and effective and so not long from now, Paribas will help clean our balance sheet of all debts and we will be able to put TOR on its feet”, he said.

The Managing Director explained that to facilitate the loan, management has applied to Ministry of Finance and Economic Planning for the release of its recovery fund which would intend to be used by TOR as collateral to access the loan.

He said Standard Chartered Bank has also agreed to offer TOR $150 million loan facility to be used by the refinery as working capital.

Mr Ampiah said with the working capital, TOR would be able to buy crude at cheaper prices.

He appealed to all stakeholders of the refinery to remain committed and dedicated to its course adding “if we love TOR, we should help it polish its image in order to attract investment”.

Source: GNA

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