In a recent development, the Minority in Parliament has expressed strong opposition to the lease negotiation between the Tema Oil Refinery (TOR) and Torentco Asset Management Limited (TAML).
The Ministry of Energy had previously confirmed that negotiations were underway, although no final decisions had been reached.
The spokesperson for the Ministry, Kofi Abrefa Afena, issued a press statement on Sunday, June 25, urging critics to verify their suspicions before making them public.
Mr. Afena challenged individuals with contrary documents to provide evidence or cease making baseless accusations. He emphasized the commitment of Energy Minister Dr. Matthew Opoku Prempeh to revive TOR, highlighting the positive interventions made by the Minister as acknowledged by the Company's Board, Management, and Staff.
However, during a media interaction at Parliament on Thursday, July 13, Minority Spokesperson on Energy, John Jinapor, raised concerns about the lease agreement.
Jinapor revealed that the Akufo-Addo government intended to lease the Tema Oil Refinery to Torentco Asset Management for a period of six years.
According to the Minority's findings, Torentco has no prior track record in the oil sector, and its balance sheet raises doubts about its ability to provide the necessary support to TOR.
Highlighting the strategic significance of the Tema Oil Refinery, Jinapor emphasized that it is the sole state refinery capable of refining approximately 45 thousand barrels of oil per day.
He further stated that if properly positioned, TOR could lead to substantial savings through import substitution.
The Minority spokesperson criticized the current government for neglecting the refinery and failing to build upon the progress made by the previous Mahama-led administration.
Jinapor expressed concern over the terms of the contract, noting that Torentco Asset Management would only be required to refine a mere 8 million barrels, which he deemed inadequate.
The Minority strongly believes that the proposed lease agreement will not be in the best interest of the country, or ordinary Ghanaians, or provide value for money.
The Member of Parliament for Yapei-Kusawgu stressed the urgent need for a transparent process to select a new partner for TOR. He called for an immediate halt to the lease agreement and emphasized the importance of conducting a fair and open process that allows equal opportunities for all parties involved.
The ultimate goal, according to Jinapor, is to identify a strategic partner who will not only ensure the refinery's effective utilization but also serve the overall interests of the nation.
