Government through the Minister of Finance, has appointed a transaction advisor to coordinate its efforts to resolve the Tema Oil Refinery (TOR) debt issue.

The transaction advisor will find ways to clear the entire TOR debt, including the option of issuing bonds.

“They will have to find money so as to wipe everything out. If you make a mistake and leave them with any other debt the interest payment will still saddle the new management,” Energy Minister Dr. Oteng Agyei disclosed this to newsmen at a staff durbar to interact with staff of TOR.

This is the latest step taken by the four-member committee, put together by the President to determine how to resolve the debt burden of the refinery.

TOR owes a number of companies including Ghana Commercial Bank and there are concerns that the creditors could go after the company any time it resumes refining crude oil and generates some revenue.

The Energy Minister explains that the transaction advisors will also be required to ensure a harmonious relationship between TOR and the firms it owes.

Source: Joy Business/