Special Prosecutor orders suspension of proposed TOR partnership deal with Tema Energy Limited

The Office of the Special Prosecutor (OSP) has issued a directive for the suspension of a proposed partnership agreement between the Tema Oil Refinery (TOR) and Tema Energy and Processing Limited (TEPL).

The directive follows an analysis of the corruption risks associated with the proposed partnership by the Special Prosecutor's Office.

In a letter dated November 21, 2023, addressed to TOR's Managing Director, Daniel Osei Appiah, the OSP instructed TOR to provide all necessary documentation related to the agreement by the close of Tuesday, December 5, 2023.

The letter explicitly mandated TOR to immediately halt the proposed partnership agreement, ongoing negotiations, operations, and any other activities linked to the agreement until further notice from the Special Prosecutor.

“You are directed to immediately suspend the proposed partnership agreement, ongoing negotiations, operations and all other ancillary activities arising out of and consequent upon the proposed partnership agreement until you are otherwise advised by the Special Prosecutor,” portions of the letter said.

The exact reasons behind the OSP's decision remain unclear. However, recent discontent among TOR staff has surfaced, particularly regarding five colleagues and two board members.

Allegations suggest that these individuals registered an entity named 'TOR Workers’ Charity Fund' to clandestinely acquire shares in the TOR-Torentco deal without the knowledge of over 500 workers.

The aggrieved workers claim that the TOR Workers’ Charity Trust, registered on August 29 of this year, was intended to support Torentco Asset Management Limited (TAML), now known as Tema Energy and Processing Limited (TEPL), as the new lessee for the proposed transaction.

Accusations include collusion among two Board Members, two management staff, two UNICOF executives, and one junior staff to ensure the TOR-Torentco deal's approval.

Despite having a refining capacity of 45,000 barrels of oil per day, TOR has faced operational inconsistencies, ongoing losses, management crises, political interference, and challenges with outdated equipment.

The Special Prosecutor's intervention adds a new layer of scrutiny to the proposed partnership, further delaying the resolution of TOR's operational challenges.



GA/SARA

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