Ghana’s Tema Oil Refinery seeks state bailout after lenders say no to loans
Accra — Ghana’s state-owned oil refinery is seeking credit guarantees from the government after lenders declined to issue it loans for crude purchases, according to two people familiar with the matter. The Tema Oil Refinery, 29km east of the capital, Accra, halted production on June 21 after running out of crude stock, said the people, who asked not to be identified because they were not authorised to speak publicly about the matter. The facility asked the finance and energy ministries for $70m in credit guarantees, but had yet to reach an agreement, they said. Kingsley Antwi-Boasiako, a company spokesperson, and MD Isaac Osei did not answer calls for comment. Nana Damoah, a spokesperson for the energy ministry, and Cecilia Akwetey, a spokesperson for the ministry of finance, would not immediately comment when contacted by phone. Demand in Ghana is for 65,000 barrels per day, according to the refinery’s website. The funding shortage is the latest setback for the refinery, which has ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.