Saturday, 20 April

We're just poised to revive TOR - Board Chair says Torentco deal clean

Tema Oil Refinery

The proposed leasing of the assets of Tema Oil Refinery to Torentco Asset Management Limited (TAML), which has been renamed as Tema Energy and Processing Limited (TEPL), is a clean deal, Board Chairman David Amoakomhas said.

Both the Attorney General and Office of the Special Prosecutor have raised issues with the deal following petitions from the union.

In a letter dated November 21, 2023, addressed to the Managing Director of TOR, Daniel Osei Appiah, the OSP said: "It has commenced an analysis of the risk of corruption in respect of the proposed partnership”.

The Office thus directed TOR to furnish all the necessary documentation regarding the proposed agreement on or before the close of Tuesday, December 5, 2023.

Also, the AG said in its assessment that Torentco Asset Management Limited lacks the financial and technical capacity to be a lessee of the assets of the Tema Oil Refinery.

It follows the submission of a Due Diligence Report (DDR) for a reassessment of Torentco’s credibility by the General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress (TUC) of Ghana.

According the AG, “TAML has no established affiliation with Vitol or with any other company, which has the needed funds and technical capacity to undertake the Proposed Lease Transaction and without whose support TAML lacks the financial and technical capacity to undertake its obligation under the Proposed Lease Transaction".

However, TOR  Board Chairman David Adomako, told journalists: "We've subjected this deal to competitive tender and evaluated by the TOR board comprised of reputable and highly experienced individuals. The proposal was reviewed by the MoE [Ministry of Energy], MoF [Ministry of Finance], SIGA [State Interest and Governance Authority], Attorney General, BOST and the NPA [National Petroleum Authority]".

He said the "substance of the proposal has remained constant but changes to the legal identity of the lesser was necessitated by prevailing circumstances and with the knowledge of stakeholders".

"The board is just poised to revive the company. We want to restore the morale of the staff and improve on the working conditions and benefits. We are just committed to supporting the company", he added.