TOR Union urges re-assessment of Torrentco’s credibility

TOR Union urges re-assessment of Torrentco's credibility
Oil Refinery

The Oil Refinery (TOR) Division of the General Transport Petroleum Chemical Workers Union (GTPCWU) has called for the re-evaluation of the credibility of Torrentco and the cessation of the lease agreement process between TOR and Torrentco.

In a statement signed by the Chairpersons of the Junior Staff Union and Professional and Managerial Staff Union of GTPCWU, the union expressed concerns that the ongoing agreement resembled the ECG/PDS Scandal, where an entity lacking capacity and credibility took over the state asset of ECG under the supervision of all state actors.

The union formally requested and reviewed the substance of the leasing agreement, raising reservations about the legitimacy and capacity of TOR's management and Board of Directors.

The statement highlighted a clause in the lease agreement's preamble, indicating that financial and technical support would be provided by a leading global energy company, without evidence to substantiate the alliance.

Upon discovering the due diligence report, the union found confirmation of Torrentco's lack of credibility and capacity. This led to questions regarding the oversight of financial and technical support under the proposed consortium by Torrentco.

The statement addressed issues raised in the due diligence report, expressing doubts about the supposed alignment between the lessee and Vitol for technical and financial support, citing a lack of evidence.

The report also highlighted the lessee's insufficient financial and technical capability, corporate housekeeping, necessary licenses, and qualified partners.

While emphasizing the importance of a public-private partnership for TOR, the union declared that leasing out the refinery without considering capacity, credibility, or value-for-money benchmarks would be unacceptable and should be rejected.

Leave a Reply

Your email address will not be published.