Tema Oil Refinery has initiated moves to clear debts on its books through the issuance of a zero coupon bond for a period of ten years. This is geared towards the accumulation of profits and capital for the refinery operations.
The Ag. Managing Director, made this known during the thanksgiving service held at the refinery on Friday April 29. He indicated that management has been able to reach an agreement with four banks for the bonds to be listed on the Ghana Stock Exchange.
TOR is equipped to process 45,000 barrels of crude oil per stream day and is currently processing under a tolling arrangement with BOST.