{
  "id": 9315608,
  "title": "Finance Ministry to write off $120m of TOR’s legacy debt",
  "url": "https://urgent.news/2026/09/23/finance-ministry-to-write-off-120m-of-tors-legacy-debt",
  "topic": "world",
  "section": "World",
  "published": "2026-09-23T10:29:22.000Z",
  "source": {
    "name": "Adom Online",
    "slug": "adom-online",
    "url": "https://www.adomonline.com/finance-ministry-to-write-off-120m-of-tors-legacy-debt/"
  },
  "original_language": "en",
  "account": "The Ministry of Finance is set to eliminate approximately US$120 million of the Tema Oil Refinery's (TOR) legacy debt as part of measures to alleviate the financial strain on the state-owned refinery. TOR's Managing Director, Edmond Kombat, revealed this information during a visit by Parliament's Energy Committee to the refinery as part of their routine operations. Kombat informed the committee that TOR's legacy debt currently stands at around US$400 million, following a prior restructuring process. He explained that the restructuring initially reduced the refinery's outstanding obligations to about US$400 million, with an additional reduction of US$120 million expected if the proposed write-off is approved. According to Kombat, the Ministry of Finance plans to include this write-off in the 2026 Budget. Despite the anticipated relief, Kombat clarified that TOR still faces significant financial obligations to both private and state institutions. He cited Sahara and BP among the refinery's private creditors, indicating that management is actively engaging with them to seek potential discounts on the outstanding amounts. Moreover, Kombat mentioned that TOR owes GNPC and VRA, both state-owned entities, and appealed to the Energy Committee to support management in resolving these debts. He emphasized that while management continues negotiations with private creditors, the support of Parliament would be crucial in addressing the obligations owed to the GNPC and the Volta River Authority (VRA). Kombat believes that the proposed debt write-off will provide additional relief to TOR, thereby improving the refinery's financial position as it strives to tackle its long-standing liabilities.",
  "summary": "The Ministry of Finance is expected to write off about US$120 million of the Tema Oil Refinery’s (TOR) legacy debt as part of efforts to ease the financial burden on the state-owned refinery. TOR Managing Director Edmond Kombat disclosed this when Parliament’s Energy Committee visited the refinery as part of a working engagement. He said […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "3News",
        "title": "Finance Ministry to write off $120m of TOR's legacy debt - MD",
        "url": "https://urgent.news/2026/09/23/finance-ministry-to-write-off-120m-of-tors-legacy-debt-md",
        "published": "2026-09-23T06:34:18.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}