Ghana : Tema Refinery Gets LIfeline

The company said that it would “arrange and syndicate” a $300 million facility to finance the debt.  Ecobank’s investment branch, Ecobank Development Corp., has been contracted by the Ghanaian government to advise on the financial restructuring of the refinery. Ecobank's Ghanaian unit will also act as an adviser. The advisers will review the refinery's debt and arrange another facility of $300 million to “strengthen Tema Oil Refinery's balance sheet,” the lending institution said.

The state-owned refinery, based about 30 km (19 miles) from the capital, Accra, has been out of operation since early this year for maintenance and recently because of difficulties it is having in sourcing supplies of crude. The refinery’s lack of supply should come to an end in 2010 as the country is set to begin production from the Jubilee Field Development.

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