Immediately halt controversial TOR Lease Agreement – Minority demands

The Minority in Parliament has raised red flags of a clandestine attempt by the government to lease the Tema Oil Refinery (TOR) for six years to a virtually unknown company.

The Caucus alleged that the selected company, Torenco Asset Management Company Limited, lacks experience in the oil sector and questions its ability to provide the necessary support for the strategic refinery.

It argued TOR is the only state refinery capable of refining about 45,000 barrels of oil a day, and plays a crucial role in import substitution, potentially resulting in significant savings for the nation.

Ranking Member of the Energy Committee, John Jinapor, who raised the concerns said the current Akufo-Addo-led government has been neglectful, failing to continue the progress made under the previous administration and instead opting to lease the refinery.

The Minority highlighted concerns regarding the lease agreement’s terms.

They argued the proposed refining of approximately 8 million barrels during the lease period falls short of meeting the TOR’s requirements.

“Such a contract will not be advantageous to Ghana and its citizens. We are therefore calling on the Akufo Addo- Bawumia-led government to put a halt to this lease agreement, engage further with stakeholders, and ensure that we find a long-lasting solution to the problems confronting the refinery.”

“We need a transparent process that gives equal opportunities to all stakeholders and identifies a strategic partner who will not only revitalize the refinery but also serve the overall interests of the nation,” the Ranking member said.

The Minority also expressed its concerns regarding the continuous changes in the management of TOR and the lack of seriousness shown in managing and revitalizing the refinery.

A more proactive approach, the side said, is needed to address the challenges faced by the refinery and ensure its efficient operation.

Mr. Jinapor vowed the Minority will employ all legitimate and constitutional means, including parliamentary processes, to ensure the government listens to the concerns raised by the Ghanaian people.

He emphasized the issue is part of a broader pattern of scandals in the energy sector under the current government, urging that corrective action be taken to prevent the exploitation of the nation’s resources.

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lease agreementTema Oil Refinery (TOR)Torenco Asset Management Company Limited