The management of Tema Oil Refinery (TOR) has strongly denied any involvement in a questionable proposed partnership agreement with Tema Energy and Processing Limited.
The denial comes in the wake of an order by the Office of the Special Prosecutor (OSP) to TOR’s management to halt the said agreement until a corruption risk analysis is completed.
The OSP, in a letter dated November 21, 2023, addressed to TOR’s Managing Director, Daniel Osei Appiah, announced its initiation of a corruption risk analysis on the proposed partnership and instructed TOR to submit all relevant documents by Tuesday, December 5, 2023.
Board Chairman of TOR, David Adomako, stated that the proposal was thoroughly scrutinized by key stakeholders in the sector.
At a media briefing, he highlighted the competitive tender process, indicating that the TOR board, composed of experienced individuals, evaluated the proposal together with the Ministry of Energy, Ministry of Finance, State Interest and Governance Authority (SIGA), Attorney General, BOST, and the National Petroleum Authority (NPA).
The TOR-Torentco deal has sparked more controversy with allegations from TOR staff against colleagues and board members. Accusations include the secret registration of the ‘TOR Workers’ Charity Fund,’ allegedly designed to facilitate shares in the deal without the knowledge of over 500 workers.
Despite having a refining capacity of 45,000 barrels of oil per day, TOR has faced operational challenges, incurring losses over several years due to various factors.
Adomako declared the board’s commitment to reviving the state-owned company, ensuring transparency in the process.
He explained that the legal identity of the lesser had to change due to prevailing circumstances, but the proposal’s essence remained intact and the stakeholders were informed.
The proposed deal, Adomako said, aims at restoring TOR to profitable and sustainable refining activity, with a focus on rehabilitating and improving TOR’s infrastructure. He emphasized the board’s commitment to enhancing staff morale, working conditions, and benefits as part of the broader strategy to support the company.