Tema Oil Refinery top trends as citizens fume over 'shady' sale

The Tema Oil Refinery has been reported to be leased to a group called Torentco Asset Management (TAM) for 6 years at $22 million.

The group is allowed to refine up to 8 million barrels of oil a year by paying $1 million every year as rent.

However, social media users have expressed their displeasure with the details of the deal.

According to them, the Tema Oil Refinery is worth about $700 million but is being leased at $22 million which is a bad deal.

Some have noted that the government is quietly going through the deal in order to sneak in revenue for the incoming political season.

The Vice President of IMANI Africa, Bright Simons 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 them? Has TOR been deliberately sabotaged?” he asked.

The Executive Director of ACEP, Ben Boakye also wrote: “3 weeks ago CSOs were pumped about an illicit sale of GNPC’s assets to PetroSA. It turns out that PetroSA was being bankrolled by a local company for the acquisition. Btw, nothing would happen since the alarm & calls 4 accountability. We've moved on to a new scandal, TOR. #IMF”

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









Check out the reactions below

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? pic.twitter.com/vS931RaiqV

— Bright Simons (@BBSimons) June 16, 2023

Imagine you have a start up that will make $700million in 6years and selling it for $22million.

That it what the government is doing at TOR but we're busy with Yvonne Nelson.

The sector minister is tipped to be Bawumia's running mate. They're building a warchest to buy your votes

— Receipts Guy (@receiptsguy) June 19, 2023

Under the watch of @MatthewOPrempeh , Tema Oil Refinery will be a private man’s property. He will pay $22 million and make a profit of $700 million pic.twitter.com/nVYzo340w6

— Kwaku ???????? (@kwaku_rafiki) June 19, 2023

They are Leasing Tema Oil refinery to a private company for 6 years.

The private company pays 20 million USD to Government while they make over 700 million dollars

Government is doing this as solution to it’s incompetence that has made TOR a corruption hub

Haha Ama Ghana

— Kay???? (@KayPoissonOne) June 20, 2023

Tema Oil Refinery to go private?

This government eh ???? pic.twitter.com/luvHe10CZu

— Beno SarkCess (@BenopaOnyx1) June 20, 2023

them dey come turn Tema oil refinery to a private company? Ei how

— Mempeasem President (@AsieduMends) June 20, 2023

Do you think Tema Oil Refinery is the usual NPP/NDC politics? Ghanaians like you & I have been ‘sucking’ the company dry. & when the company become insolvent; the usual blackmail begins — protests & pickets. So why don't you [staff] stop stealing people’s crude brought to TOR? pic.twitter.com/1UWaY5LA5Y

— yaw abban. (@YAbbanx) June 20, 2023

Tema Oil Refinery over the years had become a cash cow for politicians and some corrupt public servants. Only God knows how many times it has been revived & collapsed in its management. Energy Minister was shocked after learning that $2.5m worth of crude got missing from TOR. pic.twitter.com/eFzLauF5zw

— yaw abban. (@YAbbanx) June 20, 2023

Tema Oil Refinery has a $500m debt sitting in its books. When crude is brought to TOR for refining, losses are recorded every damn time. People who bring their crude charges TOR to pay for the losses as a result of corrupt staff & looters.

— yaw abban. (@YAbbanx) June 20, 2023