TOR not on the verge of collapse

Management of Tema Oil Refinery (TOR), has refuted claims that it is on the verge of collapse as a result of debts owed some utility providers in the country.

Media reports in some quarters had suggested that the Ghana Water Company Limited (GWCL) had cut water supply to TOR for close to a month because of its inability to pay accumulated water bills that had reached GH¢ 4 million in arrears.

Again, it was also alleged that TOR owed the Electricity Company of Ghana (ECG) about 2.3 million Ghana Cedis in arrears.

However, TOR has in a statement denied all claims, saying the company is currently taking some steps to ensure a strategic turnaround.

“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,” excerpts of the statement said.

Full statement below