The Tema Oil Refinery has succeeded in securing an 80 million dollar credit facility from Ecobank Ghana Limited to discharge the 997,000 barrels of oil ferried into the country from Sahara Oil in Nigeria on Sunday.
This latest development means that the MV Wilhelmina vessel can now discharge the barrels of oil to Tema Oil Refinery .
The under fire Management of the Tema Oil Refinery (TOR) had been talking to ECOBANK Ghana Limited to help it raise the credit to pay Sahara oil, after the Ghana Commercial Bank declined to help, citing shrinking reserves.
As at yesterday, Tuesday, October 27, Ecobank had managed to raise only 40 percent of the credit required. The urgency of the situation compelled the management of ECOBANK to engage the Bank of Ghana for assistance.
Until the current breakthrough, sources say that Sahara Oil was spending about one million dollars in the form of demurrage to keep the imported crude on board its vessel.
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