Board Chairman of the Tema Oil Refinery (TOR), David Adomako, has denied claims of engaging in a proposed partnership agreement with the Tema Energy and Processing Limited.
According to him, the proposal had been thoroughly analyzed by key stakeholders within the sector. He explained that the deal being pursued has also been subjected to competitive tender.
Speaking at a media engagement, Mr Adomako noted that the aim of the board is to revive the state-owned company.
“We’ve subjected this deal to competitive tender and evaluated by the TOR board comprised of reputable and highly experienced individual. The proposal was reviewed by the MoE [Ministry of Energy], MoF [Ministry of Finance], SIGA [State Interest and Governance Authority], Attorney General, BOST and the NPA [National Petroleum Authority].”
David Adomako
Furthermore, Mr Adomako contended that the substance of the proposal has remained constant. However, he highlighted that changes to the legal identity was necessitated by prevailing circumstances and with the knowledge of stakeholders.
Additionally, Mr Adomako expressed that the deal is aimed at helping the company to be profitable via sustainable refining activities, emphasizing that the deal is to ensure the rehabilitation and improvement of TOR infrastructure.
“The board is just poised to revive the company. We want to restore the morale of the staff and improve on the working conditions and benefits. We are just committed to supporting the company.”
David Adomako
Calls for investigation into deal
Despite the TOR Board chairman’s assertions, a directive by the Office of the Special Prosecutor to the management to suspend its proposed partnership agreement is well in place.
The OSP, in a letter addressed to the Managing Director of TOR, Daniel Osei Appiah, stated that it has commenced an analysis of the risk of corruption in respect of the proposed partnership.
The Office thus directed TOR to furnish all the necessary documentation regarding the proposed agreement on or before the close of Tuesday, December 5, 2023.
It is unclear what has necessitated this decision by the OSP, but in recent times, the staff of TOR have been up in arms against five of their colleagues and two board members for allegedly registering an entity by the name ‘TOR Workers’ Charity Fund’ to confidentially take up shares in the TOR-Torentco deal without the concerns of the over 500 workers.
Prior to that, the General Transport, Petroleum, and Chemical Workers Union of the Trades Union Congress (TUC) Ghana insisted that the lease agreement between the Tema Oil Refinery (TOR) and Torentco Asset Management Limited is shady.
It stated that it is for that reason it is pleased that the Office of the Special Prosecutor (OSP) has directed the management of TOR to suspend its proposed partnership agreement with Tema Energy and Processing Limited (TEPL).
The union also believes the OSP will unravel a lot if the deal is probed.
On Monday, November 20, 2023, the union petitioned the Special Prosecutor to investigate the lease agreement between TOR and Torentco Asset Management Limited.
In the petition, the Workers Union requested the OSP to 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 Transport Workers Union underscored that 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 that never existed nor heard of at TOR.
READ ALSO: Structural Shift Needed, 24-Hour Economy On Surface Makes Sense
