All about government's 'shady' deal to lease TOR to shadowy group

The Vice President of IMANI Africa, Bright Simons, has stated that the government’s Public Procurement Authority is quietly leasing the Tema Oil Refinery to a shadowy group called Torentco Asset Management (TAM).

He explained that the refinery will be leased to TAM for 6 years where Torentco is allowed to refine up to 8 million barrels of oil a year by paying $1 million every year as annual rent.

He added that the group will also pay an additional rent amount of $1.067 million per month.

Under the deal, according to Bright Simons, will pay $0.5 for each extra barrel if it refines more than 8 million barrels.

He wrote on Twitter on June 16, 2023: “Ghana's PPA is trying to pass the buck of tackling the govt's shady lease of state-owned Tema Oil Refinery to Torentco (TAM). Here is a crude summary of the deal. Many murky issues!”

“$22m is all one needs to take over TOR's assets & exploit? Has TOR been deliberately sabotaged?” he asked.

Find the full details of the deal as presented by Bright Simons below

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