Business

TOR Management shuts down critics

Ghana’s only oil refinery, TOR, is not on the verge of collapse, the management has said.

The denial follows media reports that state utility providers Ghana Water Company Limited (GWCL) and the Electricity Company of Ghana (ECG), have cut supplies to Tema Oil Refinery over hefty debts.

GWCL has allegedly cut water supply to the refinery for the past month or more due to TOR’s GHS4 million indebtedness to the utility provider.

TOR is also purported to be reeling under a GHS2.3-million debt owed to ECG.

In a statement, however, TOR said: “We wish to refute what is recently being circulated in the media to suggest that TOR is on the verge of a shutdown”.

“Such publications from anonymous sources create an unwarranted negative impression of the organisation and hinder the progress of our revitalisation and expansion plans as well as the business operations at large”, the management noted.

“We, hereby, state categorically that TOR is not on the verge of a shutdown”, the management insisted.

Rather, it noted, TOR has been “positioned for its effective turnaround and revitalisation through the support of its shareholder”.

Source: classfmonline.com

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