Professional Web Design

OUTRAGE: OSP stops government’s sale of Tema Oil Refinery to Torrentco rebranded as TEPL

November 23, 2023
Tema Oil Refinery
Tema Oil Refinery

In a shocking turn of events, the () issued a directive to suspend the proposed partnership agreement between Oil Refinery (TOR) and Tema Energy and Processing Limited (TEPL).

The OSP, in a letter dated November 21, 2023, addressed to the Managing Director of TOR, Mr Daniel Osei Appiah, cited concerns over the risk of associated with the deal.

The OSP's letter, signed by Special Prosecutor Kissi Agyebeng, stated: “In pursuance of regulation 31(1)(a) of the Office of the Special Prosecutor (Operations) Regulations, 2018 (L.I. 2374) and the objects of section 2(c) of the Office of the Special Prosecutor Act, 2017 (Act 959), the OSP has commenced analysis of the risk of corruption in respect of the proposed partnership agreement.”

The directive further mandated TOR to suspend ongoing negotiations, operations, and all related activities arising from the proposed partnership agreement until further notice.

Additionally, TOR was instructed to provide the OSP with all necessary documents related to the deal by the close of business on Tuesday, December 5, 2023.

Torrentco to TEPL

This development comes in the wake of concerns raised by IMANI Ghana, particularly by Vice President , who expressed dissatisfaction with the attempt to hand over TOR to Tema Energy and Processing Limited.

Despite IMANI's efforts to highlight the dangers of the deal, TOR was rebranded from Torrentco to TEPL, and the national asset was handed over through executive fiat.

In response to the OSP's directive, Bright Simons remarked, “Despite the serious work IMANI did to show that the attempt to hand over (TOR) to Torrentco was dangerous, they rebranded Torentco to TEPL & by executive fiat handed over the national asset anyway! Forcing Ghana's Special Prosecutor to step in. Aaba!”

IMANI Ghana had previously presented an analysis of the deal, outlining why the Torentco deal was misguided.

They contended that the agreement would shortchange TOR and Ghana, with TOR receiving less than $1.5 per barrel under the proposed lease.

The shady background and operators behind the deal were also highlighted as potential risks to TOR's reputation.

IMANI proposed that the Public Procurement Authority (PPA) reject the single-sourcing arrangement and called for open, competitive bidding.

They emphasized the importance of private participation but insisted that investors with serious capacity should be involved, suggesting a consortium with working capital, crude, and technical expertise.

Leave a Reply

Your email address will not be published.

Latest from Crime