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Investigate Torentco-Tema Oil Refinery deal – Workers Union to Special Prosecutor

Kissi Agyebeng Corruption League.png Special Prosecutor, Kissi Agyebeng

Mon, 20 Nov 2023 Source: www.ghanaweb.com

The General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress has petitioned the Special Prosecutor, Kissi Agyebeng, to investigate the lease agreement between Tema Oil Refinery (TOR) and Torentco Asset Management Limited.

The union, in its petition, averred that the actions of individuals behind Torentco Asset Management Limited seek to induce workers of Tema Oil Refinery with 20% of its shares through misrepresentation of workers in an entity named TOR Workers Charity Trust.

It said, “We wish to request that your highly esteemed office investigate and intervene in the ongoing lease arrangement of Tema Oil Refinery to Torentco Asset Management Limited, now Tema Energy and Processing Limited, with the same individuals involved.”

“The actions of the individuals behind Tema Energy and Processing Limited seek to induce workers of TOR with 20% of its shares through misrepresentation of workers in an entity by the name TOR Workers Charity Trust that never existed nor heard of at TOR, apart from the five individual directors and direct beneficiaries of this trust,” it added.

But it would be recalled that management of the Tema Oil Refinery declared that the Torentco deal was the best option to revitalize the refinery and ensure its long-term sustainability.

About the Tema Oil Refinery-Torentco deal

In a significant move for Ghana’s oil industry, Tema Oil Refinery (TOR) has recently sought approval from Ghana’s Public Procurement Authority (PPA) to lease its main production assets to a company called Torentco Asset Management.

The proposal involves leasing TOR’s primary production assets to Torentco Asset Management, which would assume control of TOR’s core refining operations for a period of six (6) years.

Under this agreement, Torentco would have the authority to refine up to 8 million barrels of oil annually, paying an annual rent of $1 million.

Following some details of the proposed deal, checks have indicated that Torentco Asset Management (TAM) has no online presence, raising questions of a 'shady' deal by government.

Meanwhile, TAM will also pay $0.5 for each extra barrel if it refines more than 8 million barrels under the deal.

SA/MA

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