Contrary to allegations that the Tema Oil Refinery (TOR) is on the verge of failing due to its failure to pay utility bills, the refinery’s managers have denied that the refinery is on the verge of collapse due to indebtedness.
According to the sources, the TOR owed the Electricity Company of Ghana (ECG) nearly 2.3 million Ghana cedis in arrears, the Ghana Water Company Limited (GWCL) had cut water supplies, and the TOR’s Managing Director had been hiring new employees despite the company’s financial difficulties.
In a reaction, the Management denied the claims. Excerpts from a released statement read:
“We wish to refute what is recently being circulated in the media to suggest that TOR is on the verge of shutdown. Such publications from anonymous sources create an unwarranted negative impression of the organization and hinder the progress of our revitalization and expansion plans as well as the business operations at large.”
“We hereby state categorically that TOR is not on the verge of shutdown, but has rather been positioned for its effective turnaround and revitalization through the support of its shareholder.”
TOR is Ghana’s first and only refinery, however, it has been inactive for some time due to several issues. There has been speculation that TOR’s continual redundancy may cause human capital issues.
During a visit to the refinery, Energy Minister Dr Matthew Opoku Prempeh reiterated the government’s commitment to getting the plant up and running as soon as feasible.