Management of the Tema Oil Refinery (TOR) says the company's debt stock stood at 517 million dollars as of December 2024.
According to the Acting Managing Director, Edmund Kombat, the debt is attributed to trade liabilities, non-payment for crude oil supplies, and the reclassification of grants from the Finance Ministry as debts, a move linked to the government's agreement with the International Monetary Fund (IMF).
Speaking to journalists after a meeting with Parliament's Energy Committee, Edmund Kombat assured that efforts are underway to restructure and clear the outstanding debt.
He noted that "The debt that we came to meet which is going verification is $517 million as at close of December 2024.
