The General Transport and Petroleum Chemical Workers Union has voiced apprehensions regarding the management of the Tema Oil Refinery (TOR), alleging mismanagement by the Board of Directors and opposing the proposed lease deal with Torentco Asset Management Group.
In an interview on Citi FM's “Eyewitness News,” the Union's National Chairman, Bernard Owusu, criticized the TOR Board for its failure to secure a “genuine partner” to revitalize the refinery and called for the dissolution of the board.
Owusu expressed frustration with the state of the refinery, blaming the Board for its inability to address critical issues, stating, “A board that has been instituted for almost 2 years has not been able to get a very genuine partner to take over the affairs of the refinery to ensure that the refinery runs smoothly.”
He lamented the current state of TOR, indicating that essential operations have been disrupted due to the Board's ineffectiveness, saying, “The place is a mess as we speak. We are supposed to run TOR efficiently by policy and guidance from the board and management, but as we speak now, the refinery is in limbo.”
Owusu also raised objections to the proposed lease agreement with Torentco Asset Management Group, asserting that Torentco lacks the capacity and technical expertise to manage the refinery effectively. He cited a report indicating that Torentco faced capacity and technical challenges.
Furthermore, Owusu revealed that Torentco had changed its corporate form, becoming Tema Energy Processing Limited, and had distributed shares in a manner that raised concerns among refinery workers.
Under the lease terms, Torentco Asset Management Group is set to pay $22 million to lease the refinery for six years, with expectations of refining up to 8 million barrels annually. The lease agreement also requires an annual rent payment of $1 million, along with an additional monthly rent of $1.067 million.