We’ll resist any attempt to privatize TOR – Minority to Gov’t

The Minority in Parliament has warned the government that they will use every means possible to stop the privatization arrangement with Torrentco for the Tema Oil Refinery.

Vice President for Imani Africa, Bright Simmons was the first to raise issues with the 6 year deal which could fetch Ghana only $3 million dollars.

Addressing the media in parliament, Ranking Member for Committee on Mines and Energy, John Abdulai Jinapor argued the deal is not in the interest of the country.

He asked the government to immediately pull out of the arrangement to allow for a transparent process aimed at finding a suitable strategic partner for the resurrection of TOR.

“The Minority once again has been following yet another emerging scandal in the energy sector. It does appear that even when we decide that we want to take a rest the Akufo-Addo led government will always inundate us with scandals especially in the energy sector.

“We have been keenly following developments at the Tema Oil Refinery. We have become aware by the Akufo-Addo government to lease the Tema Oil Refinery for a six year period to a company known as Torrentco Asset Management Company,” Mr. Jinapor stated.

He continued: “Our checks have indicated that this company has no track record when it comes to oil refineries. It has no track record when it comes to the oil sector and its balance sheet does suggest that it cannot provide the needed support to Tema Oil Refinery.”

The lawmaker further stated that Tema Oil Refinery is a strategic asset and the only State refinery that is capable of refining about 45,000 barrels of oil per day.

“If Tema Oil Refinery is well positioned and strategically positioned it will result in millions if not billions of savings when it comes to import substitution,” he added.